10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2023

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____________________________to_____________________________

Commission File Number: 001-33067

SELECTIVE INSURANCE GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

New Jersey	22-2168890
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock, par value $2 per share	SIGI	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value	SIGIP	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2023, there were 60,588,494 shares of common stock, par value $2.00 per share, outstanding. 

	SELECTIVE INSURANCE GROUP, INC.
	Table of Contents
		Page No.
PART I.   FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022	1
	Unaudited Consolidated Statements of Income for the Quarter and Nine Months Ended September 30, 2023 and 2022	2
	Unaudited Consolidated Statements of Comprehensive Income for the Quarter and Nine Months Ended September 30, 2023 and 2022	3
	Unaudited Consolidated Statements of Stockholders' Equity for the Quarter and Nine Months Ended September 30, 2023 and 2022	4
	Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022	5
	Notes to Unaudited Interim Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Forward-Looking Statements	22
	Introduction	22
	Critical Accounting Policies and Estimates	23
	Financial Highlights of Results for Third Quarter and Nine Months 2023 and 2022	24
	Results of Operations and Related Information by Segment	27
	Federal Income Taxes	38
	Liquidity and Capital Resources	38
	Ratings	42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	42
PART II.  OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	44
Signatures		44

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS	Unaudited
($ in thousands, except share amounts)	September 30, 2023		December 31, 2022
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $21,892 – 2023; $29,837 – 2022)	$	23,240	31,157
Less: allowance for credit losses	—		—
Fixed income securities, held-to-maturity, net of allowance for credit losses	23,240		31,157
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $33,538 – 2023 and $45,721 – 2022; amortized cost: $7,689,350 – 2023 and $7,185,754 – 2022)	7,027,104		6,612,107
Commercial mortgage loans – at carrying value (fair value: $171,386 – 2023 and $139,243 – 2022)	186,114		149,305
Less: allowance for credit losses	(181)		(116)
Commercial mortgage loans, net of allowance for credit losses	185,933		149,189
Equity securities – at fair value (cost:  $122,388 – 2023; $167,431 – 2022)	125,618		162,000
Short-term investments	315,026		440,456
Alternative investments	446,805		371,316
Other investments	72,188		71,244
Total investments (Note 4 and 5)	$	8,195,914	7,837,469
Cash	109		26
Restricted cash	13,236		25,183
Accrued investment income	62,172		59,167
Premiums receivable	1,348,948		1,101,787
Less: allowance for credit losses (Note 6)	(18,900)		(16,100)
Premiums receivable, net of allowance for credit losses	1,330,048		1,085,687
Reinsurance recoverable	687,141		784,410
Less: allowance for credit losses (Note 7)	(1,800)		(1,600)
Reinsurance recoverable, net of allowance for credit losses	685,341		782,810
Prepaid reinsurance premiums	205,189		172,371
Current federal income tax	—		3,545
Deferred federal income tax	199,317		172,733
Property and equipment – at cost, net of accumulated depreciation and amortization of: $268,260 – 2023; $251,209 – 2022	81,372		84,306
Deferred policy acquisition costs	425,754		368,624
Goodwill	7,849		7,849
Other assets	221,658		202,491
Total assets	$	11,427,959	10,802,261
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expense (Note 8)	$	5,301,370	5,144,821
Unearned premiums	2,342,196		1,992,781
Long-term debt	504,591		504,676
Current federal income tax	2,538		—
Accrued salaries and benefits	114,239		115,185
Other liabilities	518,602		517,234
Total liabilities	$	8,783,536	8,274,697
Stockholders’ Equity:
Preferred stock of $0 par value per share:	$	200,000	200,000
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2023 and 2022
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,172,002 – 2023; 104,847,111 – 2022	210,344		209,694
Additional paid-in capital	516,854		493,488
Retained earnings	2,928,177		2,749,703
Accumulated other comprehensive income (loss) (Note 11)	(575,869)		(498,042)
Treasury stock – at cost (shares:  44,585,641 – 2023; 44,508,211 – 2022)	(635,083)		(627,279)
Total stockholders’ equity	$	2,644,423	2,527,564
Commitments and contingencies
Total liabilities and stockholders’ equity	$	11,427,959	10,802,261

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

1

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands, except per share amounts)	2023		2022	2023		2022
Revenues:
Net premiums earned	$	981,917	853,879	$	2,826,403	2,500,601
Net investment income earned	100,863		63,889	290,065		206,713
Net realized and unrealized investment gains (losses)	(6,880)		(25,681)	(8,962)		(108,913)
Other income	5,181		2,933	13,919		7,499
Total revenues	1,081,081		895,020	3,121,425		2,605,900
Expenses:
Loss and loss expense incurred	645,897		547,826	1,859,465		1,566,930
Amortization of deferred policy acquisition costs	201,106		179,048	585,660		522,186
Other insurance expenses	108,504		102,806	325,949		298,310
Interest expense	7,186		7,179	21,610		21,599
Corporate expenses	5,871		5,522	27,308		24,442
Total expenses	968,564		842,381	2,819,992		2,433,467
Income before federal income tax	112,517		52,639	301,433		172,433
Federal income tax expense:
Current	24,133		14,813	67,004		41,682
Deferred	(824)		(4,699)	(5,961)		(7,624)
Total federal income tax expense	23,309		10,114	61,043		34,058
Net income	$	89,208	42,525	$	240,390	138,375
Preferred stock dividends	2,300		2,300	6,900		6,900
Net income available to common stockholders	$	86,908	40,225	$	233,490	131,475
Earnings per common share:
Net income available to common stockholders - Basic	$	1.43	0.67	$	3.85	2.18
Net income available to common stockholders - Diluted	$	1.42	0.66	$	3.83	2.16

    

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

2

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Net income	$	89,208	42,525	$	240,390	138,375
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) arising during period	(80,361)		(149,803)	(76,219)		(532,744)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(25,989)		(53,946)	(13,032)		(179,803)
Amounts reclassified into net income:
Held-to-maturity securities	—		1	—		2
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities	3,656		11,246	15,891		38,233
Credit loss (benefit) expense	1,949		3,532	(6,261)		33,214
Total unrealized gains (losses) on investment securities	(100,745)		(188,970)	(79,621)		(641,098)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	598		329	1,794		988
Total defined benefit pension and post-retirement plans	598		329	1,794		988
Other comprehensive income (loss)	(100,147)		(188,641)	(77,827)		(640,110)
Comprehensive income (loss)	$	(10,939)	(146,116)	$	162,563	(501,735)

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

3

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands, except share and per share amounts)	2023		2022	2023		2022
Preferred stock:
Beginning of period	$	200,000	200,000	$	200,000	200,000
Issuance of preferred stock	—		—	—		—
End of period	200,000		200,000	200,000		200,000
Common stock:
Beginning of period	210,296		209,506	209,694		208,902
Dividend reinvestment plan	8		11	27		34
Stock purchase and compensation plans	40		41	623		622
End of period	210,344		209,558	210,344		209,558
Additional paid-in capital:
Beginning of period	512,040		481,380	493,488		464,347
Dividend reinvestment plan	427		438	1,335		1,325
Stock purchase and compensation plans	4,387		4,421	22,031		20,567
End of period	516,854		486,239	516,854		486,239
Retained earnings:
Beginning of period	2,859,569		2,660,584	2,749,703		2,603,472
Net income	89,208		42,525	240,390		138,375
Dividends to preferred stockholders	(2,300)		(2,300)	(6,900)		(6,900)
Dividends to common stockholders	(18,300)		(17,046)	(55,016)		(51,184)
End of period	2,928,177		2,683,763	2,928,177		2,683,763
Accumulated other comprehensive income (loss):
Beginning of period	(475,722)		(336,370)	(498,042)		115,099
Other comprehensive income (loss)	(100,147)		(188,641)	(77,827)		(640,110)
End of period	(575,869)		(525,011)	(575,869)		(525,011)
Treasury stock:
Beginning of period	(634,791)		(621,010)	(627,279)		(608,935)
Acquisition of treasury stock - share repurchase authorization	—		(5,931)	—		(12,423)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(292)		(75)	(7,804)		(5,658)
End of period	(635,083)		(627,016)	(635,083)		(627,016)
Total stockholders’ equity	$	2,644,423	2,427,533	$	2,644,423	2,427,533
Dividends declared per preferred share	$	287.50	287.50	$	862.50	862.50
Dividends declared per common share	$	0.30	0.28	$	0.90	0.84
Preferred stock, shares outstanding:
Beginning of period	8,000		8,000	8,000		8,000
Issuance of preferred stock	—		—	—		—
End of period	8,000		8,000	8,000		8,000
Common stock, shares outstanding:
Beginning of period	60,565,483		60,327,734	60,338,900		60,184,382
Dividend reinvestment plan	4,362		5,647	13,677		17,152
Stock purchase and compensation plan	19,475		20,073	311,214		310,760
Acquisition of treasury stock - share repurchase authorization	—		(79,100)	—		(165,159)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(2,959)		(863)	(77,430)		(73,644)
End of period	60,586,361		60,273,491	60,586,361		60,273,491

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

4

SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS	Nine Months ended September 30,
($ in thousands)	2023		2022
Operating Activities
Net income	$	240,390	138,375
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	23,432		34,350
Stock-based compensation expense	16,374		15,123
Undistributed gains of equity method investments	(16,266)		(12,971)
Distributions in excess of current year income of equity method investments	8,656		33,365
Net realized and unrealized losses	8,962		108,913
Loss (gain) on disposal of fixed assets	(6)		—
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	254,018		271,311
Increase in unearned premiums, net of prepaid reinsurance	316,597		223,332
Decrease (increase) in net federal income taxes	216		(31,607)
Increase in premiums receivable	(244,361)		(168,286)
Increase in deferred policy acquisition costs	(57,130)		(44,010)
Increase in accrued investment income	(3,038)		(5,936)
Decrease in accrued salaries and benefits	(946)		(8,830)
Increase in other assets	(12,496)		(31,241)
Decrease in other liabilities	(12,096)		(36,444)
Net cash provided by (used in) operating activities	522,306		485,444
Investing Activities
Purchases of fixed income securities, held-to-maturity	—		(6,692)
Purchases of fixed income securities, available-for-sale	(1,999,665)		(2,183,013)
Purchases of commercial mortgage loans	(38,281)		(57,289)
Purchases of equity securities	(13,731)		(21,044)
Purchases of alternative investments and other investments	(83,810)		(45,495)
Purchases of short-term investments	(3,483,923)		(3,123,086)
Sales of fixed income securities, available-for-sale	1,115,260		986,367
Proceeds from commercial mortgage loans	1,473		7,875
Sales of short-term investments	3,609,991		3,302,140
Redemption and maturities of fixed income securities, held-to-maturity	7,918		2,508
Redemption and maturities of fixed income securities, available-for-sale	367,495		539,680
Sales of equity securities	53,344		155,670
Sales of other investments	900		2,156
Distributions from alternative investments and other investments	7,765		11,114
Purchases of property and equipment	(14,763)		(21,758)
Net cash provided by (used in) investing activities	(470,027)		(450,867)
Financing Activities
Dividends to preferred stockholders	(6,900)		(6,900)
Dividends to common stockholders	(53,122)		(49,307)
Acquisition of treasury stock	(7,804)		(18,081)
Net proceeds from stock purchase and compensation plans	5,616		5,500
Proceeds from borrowings	20,000		35,000
Repayments of borrowings	(20,000)		(35,000)
Repayments of finance lease obligations	(1,933)		(1,819)
Net cash provided by (used in) financing activities	(64,143)		(70,607)
Net decrease in cash and restricted cash	(11,864)		(36,030)
Cash and restricted cash, beginning of period	25,209		45,063
Cash and restricted cash, end of period	$	13,345	9,033

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

5

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation

The words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the third quarters ended September 30, 2023 (“Third Quarter 2023”) and September 30, 2022 (“Third Quarter 2022”), and the nine-month periods ended September 30, 2023 ("Nine Months 2023") and September 30, 2022 ("Nine Months 2022"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 issued in December 2022. We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate.

Pronouncements to be effective in the future

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of this guidance.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income-housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance.

6

NOTE 3. Statements of Cash Flows

Supplemental cash flow information was as follows:

	Nine Months ended September 30,
($ in thousands)	2023		2022
Cash paid (received) during the period for:
Interest	$	22,712	22,699
Federal income tax	57,000		61,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	5,773		6,096
Operating cash flows from financing leases	41		33
Financing cash flows from finance leases	1,933		1,819
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	18,840		32,546
Conversion of AFS fixed income securities to equity securities	—		1,463
Assets acquired under finance lease arrangements	1,584		650
Assets acquired under operating lease arrangements	5,068		15,514
Non-cash purchase of property and equipment	22		—

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	September 30, 2023		December 31, 2022
Cash	$	109	26
Restricted cash	13,236		25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	13,345	25,209

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments

(a) Information regarding our AFS securities as of September 30, 2023 and December 31, 2022, were as follows:

September 30, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	253,174	—	—	(26,445)	226,729
Foreign government	11,155		(32)	—	(1,807)	9,316
Obligations of states and political subdivisions	672,075		(892)	125	(56,557)	614,751
Corporate securities	2,684,453		(17,765)	2,003	(228,556)	2,440,135
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,819,454		(3,218)	4,144	(106,665)	1,713,715
Residential mortgage-backed securities ("RMBS")	1,548,758		(11,625)	500	(153,174)	1,384,459
Commercial mortgage-backed securities ("CMBS")	700,281		(6)	—	(62,276)	637,999
Total AFS fixed income securities	$	7,689,350	(33,538)	6,772	(635,480)	7,027,104

December 31, 2022	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	209,528	—	37	(20,326)	189,239
Foreign government	11,199		(284)	—	(1,307)	9,608
Obligations of states and political subdivisions	965,231		(1,024)	1,812	(48,001)	918,018
Corporate securities	2,558,655		(30,330)	3,509	(196,809)	2,335,025
CLO and other ABS	1,607,660		(2,375)	2,408	(121,720)	1,485,973
RMBS	1,169,546		(11,597)	1,148	(99,265)	1,059,832
CMBS	663,935		(111)	348	(49,760)	614,412
Total AFS fixed income securities	$	7,185,754	(45,721)	9,262	(537,188)	6,612,107

7

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended September 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	34	—	—	(2)	—	—	32
Obligations of states and political subdivisions	769		96	—	55	(28)	—	892
Corporate securities	16,149		1,939	—	(111)	(212)	—	17,765
CLO and other ABS	2,915		148	—	167	(12)	—	3,218
RMBS	11,550		23	—	154	(102)	—	11,625
CMBS	8		—	—	(1)	(1)	—	6
Total AFS fixed income securities	$	31,425	2,206	—	262	(355)	—	33,538

Quarter ended September 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	265	40	—	15	—	—	320
Obligations of states and political subdivisions	1,206		313	—	(181)	(27)	—	1,311
Corporate securities	35,072		4,061	—	633	(2,733)	(63)	36,970
CLO and other ABS	3,623		35	—	(527)	(17)	—	3,114
RMBS	10,616		35	—	46	(94)	—	10,603
CMBS	18		—	—	1	—	—	19
Total AFS fixed income securities	$	50,800	4,484	—	(13)	(2,871)	(63)	52,337

Nine Months ended September 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(252)	—	—	32
Obligations of states and political subdivisions	1,024		100	—	(120)	(112)	—	892
Corporate securities	30,330		6,078	—	(14,992)	(3,600)	(51)	17,765
CLO and other ABS	2,375		904	—	(40)	(21)	—	3,218
RMBS	11,597		24	—	334	(330)	—	11,625
CMBS	111		1	—	38	(144)	—	6
Total AFS fixed income securities	$	45,721	7,107	—	(15,032)	(4,207)	(51)	33,538

Nine Months ended September 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	46	292	—	(4)	(14)	—	320
Obligations of states and political subdivisions	137		1,371	—	(6)	(191)	—	1,311
Corporate securities	6,682		33,096	—	4,384	(5,925)	(1,267)	36,970
CLO and other ABS	939		1,580	—	623	(28)	—	3,114
RMBS	1,909		225	8,318	473	(322)	—	10,603
CMBS	11		18	—	(10)	—	—	19
Total AFS fixed income securities	$	9,724	36,582	8,318	5,460	(6,480)	(1,267)	52,337

During Nine Months 2023 and Nine Months 2022, we had no write-offs or recoveries of our AFS fixed income securities.

8

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. Accrued interest on AFS securities was $60.7 million as of September 30, 2023, and $56.4 million as of December 31, 2022. We did not record any (i) write-offs of accrued interest during Nine Months 2023, or (ii) material write-offs of accrued interest in Nine Months 2022.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

September 30, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	126,898	(1,428)	99,831	(25,017)	226,729	(26,445)
Foreign government	1,528		(122)	7,788	(1,685)	9,316	(1,807)
Obligations of states and political subdivisions	307,144		(8,921)	282,238	(47,636)	589,382	(56,557)
Corporate securities	808,733		(27,732)	1,392,386	(200,824)	2,201,119	(228,556)
CLO and other ABS	522,941		(13,560)	1,014,419	(93,105)	1,537,360	(106,665)
RMBS	609,952		(28,785)	725,818	(124,389)	1,335,770	(153,174)
CMBS	182,481		(8,363)	455,518	(53,913)	637,999	(62,276)
Total AFS fixed income securities	$	2,559,677	(88,911)	3,977,998	(546,569)	6,537,675	(635,480)

December 31, 2022	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	166,975	(13,658)	16,011	(6,668)	182,986	(20,326)
Foreign government	5,573		(608)	2,456	(699)	8,029	(1,307)
Obligations of states and political subdivisions	681,795		(43,767)	16,618	(4,234)	698,413	(48,001)
Corporate securities	1,889,492		(164,197)	133,223	(32,612)	2,022,715	(196,809)
CLO and other ABS	916,423		(69,155)	411,283	(52,565)	1,327,706	(121,720)
RMBS	887,229		(76,432)	108,041	(22,833)	995,270	(99,265)
CMBS	512,953		(37,815)	77,181	(11,945)	590,134	(49,760)
Total AFS fixed income securities	$	5,060,440	(405,632)	764,813	(131,556)	5,825,253	(537,188)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The increase in gross unrealized losses as of September 30, 2023, compared to December 31, 2022, was primarily driven by an increase in benchmark U.S. Treasury rates, partially offset by a tightening of credit spreads. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of September 30, 2023. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at September 30, 2023, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	428,247	224	223
Due after one year through five years	3,197,277		13,833	13,179
Due after five years through 10 years	2,463,374		9,183	8,490
Due after 10 years	938,206		—	—
Total fixed income securities	$	7,027,104	23,240	21,892

9

(d) The following table summarizes our alternative investment portfolio by strategy:

	September 30, 2023				December 31, 2022
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	306,357	138,325	444,682	280,980	134,676	415,656
Private credit	102,373		89,809	192,182	54,866	89,481	144,347
Real assets	38,075		19,161	57,236	35,470	21,945	57,415
Total alternative investments	$	446,805	247,295	694,100	371,316	246,102	617,418

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2023 or 2022.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for the three- and nine-month periods ended June 30:

Income Statement Information	Quarter ended September 30,			Nine Months ended September 30,
($ in millions)	2023		2022	2023		2022
Net investment income (loss)	$	74.3	205.6	$	(66.9)	612.0
Realized gains	1,108.5		1,983.5	3,752.8		10,964.9
Net change in unrealized appreciation (depreciation)	2,216.3		(3,188.9)	7,414.1		(1,973.0)
Net income	$	3,399.1	(999.8)	$	11,100.0	9,603.9
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	6.5	(5.6)	$	25.6	22.8

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at September 30, 2023 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at September 30, 2023:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	18.7	18.7
Obligations of states and political subdivisions	—		—	3.5	3.5
RMBS	61.7		24.7	—	86.4
CMBS	2.5		8.5	—	11.0
Total pledged as collateral	$	64.2	33.2	22.2	119.6

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of September 30, 2023, or December 31, 2022.

(g) The components of pre-tax net investment income earned were as follows:

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Fixed income securities	$	90,013	68,236	$	254,016	184,305
Commercial mortgage loans ("CMLs")	2,516		1,600	6,680		3,762
Equity securities	2,083		2,604	5,524		7,661
Short-term investments	3,941		1,152	11,483		1,660
Alternative investments	6,473		(5,581)	25,637		22,821
Other investments	284		112	515		75
Investment expenses	(4,447)		(4,234)	(13,790)		(13,571)
Net investment income earned	$	100,863	63,889	$	290,065	206,713

10

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Gross gains on sales	$	367	7,094	$	5,307	23,843
Gross losses on sales	(5,264)		(19,668)	(30,146)		(52,573)
Net realized gains (losses) on disposals	(4,897)		(12,574)	(24,839)		(28,730)
Net unrealized gains (losses) on equity securities	489		(7,777)	8,662		(31,791)
Net credit loss benefit (expense) on fixed income securities, AFS	(2,468)		(4,471)	7,925		(42,042)
Net credit loss benefit (expense) on fixed income securities, HTM	—		54	—		62
Net credit loss (expense) on CMLs	(4)		—	(65)		—
Losses on securities for which we have the intent to sell	—		(913)	(645)		(6,412)
Net realized and unrealized investment gains (losses)	$	(6,880)	(25,681)	$	(8,962)	(108,913)

Net realized and unrealized investment losses decreased $18.8 million in Third Quarter 2023 compared to Third Quarter 2022, primarily due to (i) an increase in valuations reflecting the current public equities market, and (ii) a decrease in net realized losses on disposals from our AFS fixed income securities portfolio.

Net realized and unrealized investment losses decreased $100.0 million in Nine Months 2023 compared to Nine Months 2022, primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in Nine Months 2023 compared to credit loss expense recorded in Nine Months 2022, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in Nine Months 2023 reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	200	(5,832)	$	2,744	(16,334)
On securities sold in period	289		(1,945)	5,918		(15,457)
Total unrealized gains (losses) recognized in income on equity securities	$	489	(7,777)	$	8,662	(31,791)

NOTE 5. Fair Value Measurements

The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of September 30, 2023, and December 31, 2022:

	September 30, 2023			December 31, 2022
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,925	50,293	49,921	51,705
6.70% Senior Notes	99,559		98,175	99,542	99,264
5.375% Senior Notes	294,497		254,421	294,424	258,459
3.03% borrowings from FHLBI	60,000		56,580	60,000	57,175
Subtotal long-term debt	503,981		459,469	503,887	466,603
Unamortized debt issuance costs	(2,759)			(2,929)
Finance lease obligations	3,369			3,718
Total long-term debt	$	504,591		504,676

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

11

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at September 30, 2023, and December 31, 2022:

September 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	226,729	67,185	159,544	—
Foreign government	9,316		—	9,316	—
Obligations of states and political subdivisions	614,751		—	608,108	6,643
Corporate securities	2,440,135		—	2,179,656	260,479
CLO and other ABS	1,713,715		—	1,503,308	210,407
RMBS	1,384,459		—	1,384,459	—
CMBS	637,999		—	637,655	344
Total AFS fixed income securities	7,027,104		67,185	6,482,046	477,873
Equity securities:
Common stock1	123,942		19,041	—	933
Preferred stock	1,676		1,676	—	—
Total equity securities	125,618		20,717	—	933
Short-term investments	315,026		303,193	11,833	—
Total assets measured at fair value	$	7,467,748	391,095	6,493,879	478,806

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	189,239	109,240	79,999	—
Foreign government	9,608		—	9,608	—
Obligations of states and political subdivisions	918,018		—	911,357	6,661
Corporate securities	2,335,025		—	2,147,045	187,980
CLO and other ABS	1,485,973		—	1,332,631	153,342
RMBS	1,059,832		—	1,059,832	—
CMBS	614,412		—	614,037	375
Total AFS fixed income securities	6,612,107		109,240	6,154,509	348,358
Equity securities:
Common stock1	160,355		55,846	—	897
Preferred stock	1,645		1,645	—	—
Total equity securities	162,000		57,491	—	897
Short-term investments	440,456		418,199	22,257	—
Total assets measured at fair value	$	7,214,563	584,930	6,176,766	349,255

1Investments amounting to $104.0 million at September 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

12

The following tables provide a summary of Level 3 changes in Nine Months 2023 and Nine Months 2022:

September 30, 2023
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(80)		(517)	(2,433)	35	—	(2,995)
Net realized and unrealized gains (losses)	62		289	(110)	—	(157)	84
Net investment income earned	—		359	(12)	(264)	—	83
Purchases	—		77,567	60,015	—	—	137,582
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(7,437)	(4,343)	(24)	—	(11,804)
Transfers into Level 3	—		2,238	14,148	2,848	193	19,427
Transfers out of Level 3	—		—	(10,200)	(2,626)	—	(12,826)
Fair value, September 30, 2023	$	6,643	260,479	210,407	344	933	478,806
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		289	(110)	—	(157)	84
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(80)		(528)	(2,433)	35	—	(3,006)

September 30, 2022
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Total
Fair value, December 31, 2021	$	7,745	114,127	124,909	245	4,256	251,282
Total net gains (losses) for the period included in:
OCI	(879)		(23,847)	(11,436)	(17)	(477)	(36,656)
Net realized and unrealized gains (losses)	(155)		(2,345)	(771)	—	(7)	(3,278)
Net investment income earned	—		49	127	—	46	222
Purchases	—		74,327	44,167	—	—	118,494
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(8,663)	(6,678)	(11)	(15)	(15,367)
Transfers into Level 3	—		19,214	—	—	—	19,214
Transfers out of Level 3	—		(7,038)	(24,646)	(217)	(3,430)	(35,331)
Fair value, September 30, 2022	$	6,711	165,824	125,672	—	373	298,580
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(155)		(2,330)	(771)	—	(7)	(3,263)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(879)		(23,852)	(11,395)	(17)	(477)	(36,620)

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at September 30, 2023, and December 31, 2022:

September 30, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	121,401	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	2.1%
CLO and other ABS	98,801		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.6%
Total internal valuations	220,202
Other1	258,604
Total Level 3 securities	$	478,806

13

December 31, 2022
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	81,867	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.3%
CLO and other ABS	59,452		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	141,319
Other1	207,936
Total Level 3 securities	$	349,255

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at September 30, 2023, and December 31, 2022:

September 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	21,892	—	21,892	—
Total HTM fixed income securities	21,892		—	21,892	—
CMLs	$	171,386	—	—	171,386
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	50,293	—	50,293	—
6.70% Senior Notes	98,175		—	98,175	—
5.375% Senior Notes	254,421		—	254,421	—
3.03% borrowings from FHLBI	56,580		—	56,580	—
Total long-term debt	$	459,469	—	459,469	—

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Obligations of states and political subdivisions	$	3,405	—	3,405	—
Corporate securities	26,432		—	26,432	—
Total HTM fixed income securities	$	29,837	—	29,837	—
CMLs	$	139,243	—	—	139,243
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,705	—	51,705	—
6.70% Senior Notes	99,264		—	99,264	—
5.375% Senior Notes	258,459		—	258,459	—
3.03% borrowings from FHLBI	57,175		—	57,175	—
Total long-term debt	$	466,603	—	466,603	—

14

NOTE 6. Allowance for Credit Losses on Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

	Quarter ended September 30,				Nine Months ended September 30,
($ in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	17,900	$	14,900	$	16,100	$	13,600
Current period change for expected credit losses	1,973		2,250		5,398		4,335
Write-offs charged against the allowance for credit losses	(1,257)		(2,349)		(3,468)		(3,787)
Recoveries	284		399		870		1,052
Allowance for credit losses, end of period	$	18,900	$	15,200	$	18,900	$	15,200

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

NOTE 7. Reinsurance

We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of September 30, 2023, and December 31, 2022:

	September 30, 2023
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	87,295	$	20	$	87,315
A+	377,078		4,876		381,954
A	116,903		1,981		118,884
A-	3,669		89		3,758
Total rated reinsurers	$	584,945	$	6,966	$	591,911
Non-rated reinsurers
Federal and state pools	$	88,777	$	16	$	88,793
Other than federal and state pools	6,227		210		6,437
Total non-rated reinsurers	$	95,004	$	226	$	95,230
Total reinsurance recoverable, gross	$	679,949	$	7,192	$	687,141
Less: allowance for credit losses					(1,800)
Total reinsurance recoverable, net					$	685,341

	December 31, 2022
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	46,282	$	1	$	46,283
A+	425,395		3,191		428,586
A	106,102		1,315		107,417
A-	7,148		89		7,237
Total rated reinsurers	$	584,927	$	4,596	$	589,523
Non-rated reinsurers
Federal and state pools	$	180,794	$	—	$	180,794
Other than federal and state pools	13,678		415		14,093
Total non-rated reinsurers	$	194,472	$	415	$	194,887
Total reinsurance recoverable, gross	$	779,399	$	5,011	$	784,410
Less: allowance for credit losses					(1,600)
Total reinsurance recoverable, net					$	782,810

The $92.0 million decrease in "Federal and state pools" as of September 30, 2023, compared to December 31, 2022, was

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primarily due to a decrease in the NFIP reserves recorded as of December 31, 2022, for flood losses in Florida and surrounding states as a result of Hurricane Ian, which are 100% ceded to the NFIP and continue to be paid as the associated claims are settled.

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

($ in thousands)	Quarter ended September 30,			Nine Months ended September 30,
	2023		2022	2023		2022
Balance at beginning of period	$	1,800	1,600	$	1,600	1,600
Current period change for expected credit losses	—		—	200		—
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,800	1,600	$	1,800	1,600

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Premiums written:
Direct	$	1,214,444	1,037,612	$	3,579,700	3,089,166
Assumed	9,087		9,531	20,058		23,398
Ceded	(165,206)		(143,749)	(456,758)		(388,631)
Net	$	1,058,325	903,394	$	3,143,000	2,723,933
Premiums earned:
Direct	$	1,123,444	984,981	$	3,229,170	2,872,008
Assumed	8,916		8,514	21,174		21,523
Ceded	(150,443)		(139,616)	(423,941)		(392,930)
Net	$	981,917	853,879	$	2,826,403	2,500,601
Loss and loss expense incurred:
Direct	$	741,288	732,568	$	2,053,511	1,821,069
Assumed	8,182		6,443	19,115		15,846
Ceded	(103,573)		(191,185)	(213,161)		(269,985)
Net	$	645,897	547,826	$	1,859,465	1,566,930

NOTE 8. Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

	Nine Months ended September 30,
($ in thousands)	2023		2022
Gross reserve for loss and loss expense, at beginning of period	$	5,144,821	4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513		578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308		4,002,262
Incurred loss and loss expense for claims occurring in the:
Current year	1,865,247		1,610,940
Prior years	(5,782)		(44,010)
Total incurred loss and loss expense	1,859,465		1,566,930
Paid loss and loss expense for claims occurring in the:
Current year	607,595		513,118
Prior years	988,859		779,438
Total paid loss and loss expense	1,596,454		1,292,556
Net reserve for loss and loss expense, at end of period	4,650,319		4,276,636
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	651,051		688,641
Gross reserve for loss and loss expense, at end of period	$	5,301,370	4,965,277

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Prior year reserve development in Nine Months 2023 was favorable by $5.8 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $10.7 million of unfavorable property reserve development. The favorable casualty reserve development included $24.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $9.0 million of unfavorable casualty reserve development in our personal automobile line of business and $4.0 million in our commercial automobile line of business.

Prior year reserve development in Nine Months 2022 was favorable by $44.0 million, consisting of $48.0 million of favorable casualty reserve development, partially offset by $4.0 million of unfavorable property reserve development. The favorable casualty reserve development included $40.0 million in our workers compensation line of business, $10.0 million in our bonds line of business, $8.0 million in our businessowners' policies line of business, and $5.0 million in our general liability line of business, partially offset by $15.0 million of unfavorable casualty reserve development in our commercial automobile line of business.

NOTE 9. Segment Information

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by Segment	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Standard Commercial Lines:
Net premiums earned:
General liability	$	261,551	225,302	$	759,410	667,912
Commercial automobile	234,622		207,129	677,060		599,340
Commercial property	152,495		128,268	429,135		371,892
Workers compensation	81,672		81,996	254,602		250,178
Businessowners' policies	36,016		32,130	103,572		93,682
Bonds	11,715		11,094	34,731		32,136
Other	7,257		6,518	21,142		19,003
Miscellaneous income	4,606		2,444	12,355		6,141
Total Standard Commercial Lines revenue	789,934		694,881	2,292,007		2,040,284
Standard Personal Lines:
Net premiums earned:
Personal automobile	51,906		40,746	145,050		120,414
Homeowners	40,175		32,619	112,090		95,436
Other	3,088		2,273	7,069		5,768
Miscellaneous income	575		489	1,564		1,358
Total Standard Personal Lines revenue	95,744		76,127	265,773		222,976
E&S Lines:
Net premiums earned:
Casualty lines	67,718		59,640	190,686		170,305
Property lines	33,702		26,164	91,856		74,535
Total E&S Lines revenue	101,420		85,804	282,542		244,840
Investments:
Net investment income earned	100,863		63,889	290,065		206,713
Net realized and unrealized investment gains (losses)	(6,880)		(25,681)	(8,962)		(108,913)
Total Investments revenue	93,983		38,208	281,103		97,800
Total revenues	$	1,081,081	895,020	$	3,121,425	2,605,900

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Income Before and After Federal Income Tax	Quarter ended September 30,				Nine Months ended September 30,
($ in thousands)	2023			2022	2023		2022
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	41,339		22,501	$	102,406	111,593
Underwriting income (loss), after federal income tax	32,658			17,776	80,901		88,158
Combined ratio	94.7		%	96.8	95.5		94.5
ROE contribution	5.4			3.1	4.4		4.7
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(26,099)		(1,385)	$	(62,232)	(7,232)
Underwriting income (loss), after federal income tax	(20,618)			(1,094)	(49,163)		(5,713)
Combined ratio	127.4		%	101.8	123.6		103.3
ROE contribution	(3.4)			(0.2)	(2.7)		(0.3)
E&S Lines:
Underwriting income (loss), before federal income tax	$	16,351		6,016	$	29,074	16,313
Underwriting income (loss), after federal income tax	12,917			4,753	22,968		12,887
Combined ratio	83.9		%	93.0	89.7		93.3
ROE contribution	2.1			0.8	1.3		0.7
Investments:
Net investment income earned	$	100,863		63,889	$	290,065	206,713
Net realized and unrealized investment gains (losses)	(6,880)			(25,681)	(8,962)		(108,913)
Total investments segment income, before federal income tax	93,983			38,208	281,103		97,800
Tax on investments segment income	19,191			6,964	57,092		17,136
Total investments segment income, after federal income tax	$	74,792		31,244	$	224,011	80,664
ROE contribution of after-tax net investment income earned	13.1			8.9	12.7		8.9

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Underwriting income
Standard Commercial Lines	$	41,339	22,501	$	102,406	111,593
Standard Personal Lines	(26,099)		(1,385)	(62,232)		(7,232)
E&S Lines	16,351		6,016	29,074		16,313
Investment income	93,983		38,208	281,103		97,800
Total all segments	125,574		65,340	350,351		218,474
Interest expense	(7,186)		(7,179)	(21,610)		(21,599)
Corporate expenses	(5,871)		(5,522)	(27,308)		(24,442)
Income, before federal income tax	$	112,517	52,639	$	301,433	172,433
Preferred stock dividends	(2,300)		(2,300)	(6,900)		(6,900)
Income available to common stockholders, before federal income tax	$	110,217	50,339	$	294,533	165,533

NOTE 10. Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,867	2,486	$	11,599	7,458
Expected return on plan assets	(5,774)		(5,537)	(17,319)		(16,611)
Amortization of unrecognized net actuarial loss	750		366	2,251		1,099
Total net periodic pension cost (benefit)1	$	(1,157)	(2,685)	$	(3,469)	(8,054)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

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	Pension Plan
	Nine Months ended September 30,
	2023		2022
Weighted-Average Expense Assumptions:
Discount rate	5.21	%	2.98	%
Effective interest rate for calculation of interest cost	5.09		2.48
Expected return on plan assets	6.90		5.00

NOTE 11. Comprehensive Income

The components of comprehensive income, both gross and net of tax, for Third Quarter 2023 and Nine Months 2023 and Third Quarter 2022 and Nine Months 2022 were as follows:

Third Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	112,517	23,309	89,208
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(101,722)		(21,361)	(80,361)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(32,898)		(6,909)	(25,989)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	4,628		972	3,656
Credit loss (benefit) expense	2,468		519	1,949
Total unrealized gains (losses) on investment securities	(127,524)		(26,779)	(100,745)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	756		158	598
Total defined benefit pension and post-retirement plans	756		158	598
Other comprehensive income (loss)	(126,768)		(26,621)	(100,147)
Comprehensive income (loss)	$	(14,251)	(3,312)	(10,939)
Third Quarter 2022
($ in thousands)	Gross		Tax	Net
Net income	$	52,639	10,114	42,525
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(189,622)		(39,819)	(149,803)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(68,287)		(14,341)	(53,946)
Amounts reclassified into net income:
HTM securities	1		—	1
Net realized (gains) losses on disposals and intent-to-sell AFS securities	14,235		2,989	11,246
Credit loss (benefit) expense	4,471		939	3,532
Total unrealized gains (losses) on investment securities	(239,202)		(50,232)	(188,970)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	417		88	329
Total defined benefit pension and post-retirement plans	417		88	329
Other comprehensive income (loss)	(238,785)		(50,144)	(188,641)
Comprehensive income (loss)	$	(186,146)	(40,030)	(146,116)

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Nine Months 2023
($ in thousands)	Gross		Tax	Net
Net income	$	301,433	61,043	240,390
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(96,478)		(20,259)	(76,219)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(16,497)		(3,465)	(13,032)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	20,115		4,224	15,891
Credit loss (benefit) expense	(7,925)		(1,664)	(6,261)
Total unrealized gains (losses) on investment securities	(100,785)		(21,164)	(79,621)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	2,270		476	1,794
Total defined benefit pension and post-retirement plans	2,270		476	1,794
Other comprehensive income (loss)	(98,515)		(20,688)	(77,827)
Comprehensive income (loss)	$	202,918	40,355	162,563
Nine Months 2022
($ in thousands)	Gross		Tax	Net
Net income	$	172,433	34,058	138,375
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(674,357)		(141,613)	(532,744)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(227,599)		(47,796)	(179,803)
Amounts reclassified into net income:
HTM securities	2		—	2
Net realized (gains) losses on disposals and intent-to-sell AFS securities	48,396		10,163	38,233
Credit loss (benefit) expense	42,042		8,828	33,214
Total unrealized gains (losses) on investment securities	(811,516)		(170,418)	(641,098)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	1,251		263	988
Total defined benefit pension and post-retirement plans	1,251		263	988
Other comprehensive income (loss)	(810,265)		(170,155)	(640,110)
Comprehensive income (loss)	$	(637,832)	(136,097)	(501,735)

The balances of, and changes in, each component of accumulated other comprehensive income ("AOCI") (net of taxes) as of September 30, 2023, were as follows:

September 30, 2023	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2022	$	(121,838)	(295,197)	(417,035)	(81,007)	(498,042)
OCI before reclassifications	(13,032)		(76,219)	(89,251)	—	(89,251)
Amounts reclassified from AOCI	(6,261)		15,891	9,630	1,794	11,424
Net current period OCI	(19,293)		(60,328)	(79,621)	1,794	(77,827)
Balance, September 30, 2023	$	(141,131)	(355,525)	(496,656)	(79,213)	(575,869)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

20

The reclassifications out of AOCI were as follows:

	Quarter ended September 30,			Nine Months ended September 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2023		2022	2023		2022
HTM related
Unrealized (gains) losses on HTM disposals	$	—	1	$	—	1	Net realized and unrealized investment gains (losses)
Amortization of net unrealized (gains) losses on HTM securities	—		—	—		1	Net investment income earned
	—		1	—		2	Income before federal income tax
	—		—	—		—	Total federal income tax expense
	—		1	—		2	Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses on disposals and intent-to-sell AFS securities	4,628		14,235	20,115		48,396	Net realized and unrealized investment gains (losses)
	4,628		14,235	20,115		48,396	Income before federal income tax
	(972)		(2,989)	(4,224)		(10,163)	Total federal income tax expense
	3,656		11,246	15,891		38,233	Net income
Credit loss related
Credit loss (benefit) expense	2,468		4,471	(7,925)		42,042	Net realized and unrealized investment gains (losses)
	2,468		4,471	(7,925)		42,042	Income before federal income tax
	(519)		(939)	1,664		(8,828)	Total federal income tax expense
	1,949		3,532	(6,261)		33,214	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	173		90	521		270	Loss and loss expense incurred
	583		327	1,749		981	Other insurance expenses
Total defined benefit pension and post-retirement life	756		417	2,270		1,251	Income before federal income tax
	(158)		(88)	(476)		(263)	Total federal income tax expense
	598		329	1,794		988	Net income
Total reclassifications for the period	$	6,203	15,108	$	11,424	72,437	Net income

NOTE 12. Earnings per Common Share

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

	Quarter ended September 30,			Nine Months ended September 30,
(in thousands, except per share amounts)	2023		2022	2023	2022
Net income available to common stockholders:	$	86,908	40,225	233,490	131,475
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,676		60,404	60,609	60,409
Effect of dilutive securities - stock compensation plans	340		431	339	420
Weighted average common shares outstanding - diluted	61,016		60,835	60,948	60,829
EPS:
Basic	$	1.43	0.67	3.85	2.18
Diluted	1.42		0.66	3.83	2.16

NOTE 13. Litigation

As of September 30, 2023, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial

21

condition, results of operations, or cash flows.

All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion is also the subject of first-party coverage litigation against some insurers, including us. To date, insurers (including us) have prevailed in the majority of these suits, with most decisions holding that COVID-19 does not cause physical loss of or damage to property and the Virus Exclusion is valid. Nonetheless, these two matters continue to be litigated in trial courts, are subject to review by state and federal appellate courts, and their ultimate outcome cannot be assured.

From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe that we have valid defenses to these allegations, and we account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. As litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate, adverse outcomes could potentially have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent"), and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions, and we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.

Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements are discussed in further detail in Item 1A. “Risk Factors.” in Part II. “Other Information” of this Form 10-Q. These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge at anytime. We can neither predict these new risk factors nor assess their impact, if any, on our businesses or the extent any factor or combination of factors may cause actual results to differ materially from any forward-looking statements. Given these risks, uncertainties, and assumptions, the forward-looking events we discuss in this report might not occur.

Introduction

We classify our business into four reportable segments:

•Standard Commercial Lines;

•Standard Personal Lines;

•Excess and Surplus Lines ("E&S Lines"); and

•Investments.

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For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 Annual Report").

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally-authorized non-admitted platform for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."

The following is Management’s Discussion and Analysis (“MD&A”) of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2022 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

In the MD&A, we will discuss and analyze the following:

•Critical Accounting Policies and Estimates;

•Financial Highlights of Results for the third quarters ended September 30, 2023 (“Third Quarter 2023”) and September 30, 2022 (“Third Quarter 2022”); and the nine-month periods ended September 30, 2023 ("Nine Months 2023") and September 30, 2022 ("Nine Months 2022");

•Results of Operations and Related Information by Segment;

•Federal Income Taxes;

•Liquidity and Capital Resources; and

•Ratings.

Critical Accounting Policies and Estimates

Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2022 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserves for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require the use of assumptions about highly uncertain matters, making them subject to change as facts and circumstances develop. If different estimates and judgments had been applied, materially different amounts might have been reported in the financial statements. For additional information regarding our critical accounting policies and estimates, refer to pages 37 through 45 of our 2022 Annual Report.

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Financial Highlights of Results for Third Quarter and Nine Months 2023 and Third Quarter and Nine Months 20221

($ and shares in thousands, except per share amounts)	Quarter ended September 30,				Change % or Points		Nine Months ended September 30,				Change % or Points
	2023			2022			2023			2022
Financial Data:
Revenues	$	1,081,081		895,020	21	%	$	3,121,425		2,605,900	20	%
After-tax net investment income	80,227			51,533	56		231,091			166,706	39
After-tax underwriting income	24,957			21,434	16		54,706			95,333	(43)
Net income before federal income tax	112,517			52,639	114		301,433			172,433	75
Net income	89,208			42,525	110		240,390			138,375	74
Net income available to common stockholders	86,908			40,225	116		233,490			131,475	78
Key Metrics:
Combined ratio	96.8		%	96.8	—	pts	97.5		%	95.2	2.3	pts
Invested assets per dollar of common stockholders' equity	$	3.35		3.38	(1)	%	$	3.35		3.38	(1)	%
Annualized after-tax yield on investment portfolio	3.9		%	2.7	1.2	pts	3.8		%	2.9	0.9	pts
Return on common equity ("ROE")	14.1			7.0	7.1		12.8			7.0	5.8
Net premiums written ("NPW") to statutory surplus ratio	1.53		x	1.45	0.08		1.53		x	1.45	0.08
Per Common Share Amounts:
Diluted net income per share	$	1.42		0.66	115	%	$	3.83		2.16	77	%
Book value per share	40.35			36.96	9		40.35			36.96	9
Dividends declared per share to common stockholders	0.30			0.28	7		0.90			0.84	7
Non-GAAP Information:
Non-GAAP operating income2	$	92,343		60,514	53	%	$	240,570		217,517	11	%
Non-GAAP operating income per diluted common share2	1.51			0.99	53		3.95			3.57	11
Non-GAAP operating ROE2	15.0		%	10.5	4.5	pts	13.2		%	11.6	1.6	pts
Adjusted book value per common share2	$	48.54		44.59	9	%	$	48.54		44.59	9	%

1Refer to the Glossary of Terms attached to our 2022 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.

2Non-GAAP operating income, non-GAAP operating income per diluted common share, and non-GAAP operating ROE are measures comparable to net income available to common stockholders, net income available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income. Adjusted book value per common share is a measure comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive (loss) income. These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

Reconciliations of our GAAP to non-GAAP measures are provided in the tables below:

Reconciliation of net income available to common stockholders to non-GAAP operating income	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Net income available to common stockholders	$	86,908	40,225	$	233,490	131,475
Net realized and unrealized investment (gains) losses included in net income, before tax	6,880		25,681	8,962		108,913
Tax on reconciling items	(1,445)		(5,392)	(1,882)		(22,871)
Non-GAAP operating income	$	92,343	60,514	$	240,570	217,517

Reconciliation of net income available to common stockholders per diluted common share to non-GAAP operating income per diluted common share	Quarter ended September 30,			Nine Months ended September 30,
	2023		2022	2023		2022
Net income available to common stockholders per diluted common share	$	1.42	0.66	$	3.83	2.16
Net realized and unrealized investment (gains) losses included in net income, before tax	0.11		0.42	0.15		1.79
Tax on reconciling items	(0.02)		(0.09)	(0.03)		(0.38)
Non-GAAP operating income per diluted common share	$	1.51	0.99	$	3.95	3.57

Reconciliation of ROE to non-GAAP operating ROE	Quarter ended September 30,			Nine Months ended September 30,
	2023		2022	2023		2022
ROE	14.1	%	7.0	12.8	%	7.0
Net realized and unrealized investment (gains) losses included in net income, before tax	1.1		4.4	0.5		5.8
Tax on reconciling items	(0.2)		(0.9)	(0.1)		(1.2)
Non-GAAP operating ROE	15.0	%	10.5	13.2	%	11.6

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Reconciliation of book value per common share to adjusted book value per common share	Quarter ended September 30,			Nine Months ended September 30,
	2023		2022	2023		2022
Book value per common share	$	40.35	36.96	$	40.35	36.96
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax	10.38		9.67	10.38		9.67
Tax on reconciling items	(2.19)		(2.04)	(2.19)		(2.04)
Adjusted book value per common share	$	48.54	44.59	$	48.54	44.59

The components of our ROE and non-GAAP operating ROE are as follows:

ROE and non-GAAP operating ROE Components	Quarter ended September 30,			Change Points	Nine Months ended September 30,			Change Points
	2023		2022		2023		2022
Standard Commercial Lines Segment	5.4	%	3.1	2.3	4.4	%	4.7	(0.3)
Standard Personal Lines Segment	(3.4)		(0.2)	(3.2)	(2.7)		(0.3)	(2.4)
E&S Lines Segment	2.1		0.8	1.3	1.3		0.7	0.6
Total insurance operations	4.1		3.7	0.4	3.0		5.1	(2.1)
Investment income	13.1		8.9	4.2	12.7		8.9	3.8
Net realized and unrealized investment gains (losses)	(0.9)		(3.5)	2.6	(0.4)		(4.6)	4.2
Total investments segment	12.2		5.4	6.8	12.3		4.3	8.0
Other	(2.2)		(2.1)	(0.1)	(2.5)		(2.4)	(0.1)
ROE	14.1		7.0	7.1	12.8		7.0	5.8
Net realized and unrealized investment (gains) losses, after tax	0.9		3.5	(2.6)	0.4		4.6	(4.2)
Non-GAAP operating ROE	15.0		10.5	4.5	13.2		11.6	1.6

Our non-GAAP operating ROE in both Third Quarter 2023 and Nine Months 2023 was above our full-year 2023 target non-GAAP operating ROE of 12%, and above our non-GAAP operating ROE in the same prior-year periods.

The increase in our non-GAAP operating ROE in Third Quarter 2023 of 4.5 points and Nine Months 2023 of 1.6 points, compared to the same prior-year periods was primarily driven by an increase in after-tax net investment income of $28.7 million, or 4.2-points, in Third Quarter 2023 and $64.4 million, or 3.8-points, in Nine Months 2023, compared to the same prior-year periods. The increase in both periods resulted from greater after-tax net investment income earned on our fixed income securities portfolio due to higher book yields received from the investment of operating and investing cash flows over the past year in the higher interest rate environment.

The increase in after-tax net investment income in Nine Months 2023 compared to Nine Months 2022 was partially offset by a a $40.6 million, or 2.1-point, reduction in after-tax underwriting income, primarily resulting from (i) an increase in net catastrophe losses in Nine Months 2023 compared to Nine Months 2022, and (ii) lower favorable prior year casualty reserve development in Nine Months 2023 compared to Nine Months 2022. Pre-tax net catastrophe losses in Nine Months 2023 were $219.9 million, or 7.8 points on the combined ratio, compared to $100.2 million, or 4.0 points, in Nine Months 2022. We were impacted by 60 Property Claim Services ("PCS") named events in Nine Months 2023, mostly in our Midwest, Southern, and East Coast footprint states. None of these events were large enough to attach to our catastrophe reinsurance treaty. Nine Months 2022 included 45 PCS named events, mostly in our Midwest, Southern, and East Coast footprint states.

In addition, a decrease in net realized and unrealized investment losses in Third Quarter 2023 and Nine Months 2023 compared to the same prior-year periods drove the increase in our ROE of 2.6 points in Third Quarter 2023 and 4.2 points in Nine Months 2023 compared to the same prior-year periods. The decrease in Third Quarter 2023 compared to Third Quarter 2022 was primarily due to (i) an increase in valuations reflecting the current public equities market, and (ii) a decrease in net realized losses on disposals from our AFS fixed income securities portfolio. The decrease in Nine Months 2023 compared to Nine Months 2022 was primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in Nine Months 2023 compared to credit loss expense recorded in Nine Months 2022, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in Nine Months 2023 reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

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Outlook

We entered 2023 well positioned to navigate the on-going challenges of elevated economic and social inflation, increased interest rates, and financial market volatility. Our overall Nine Months 2023 financial results were strong with 15% NPW growth and a 13.2% non-GAAP operating ROE, which was above our full-year target of 12%.

We continue to focus on several foundational areas to position us for ongoing success:

•Delivering on our strategy for continued disciplined and profitable growth by:

◦Executing our distribution model strategy that emphasizes franchise value, meaning we focus on appointing and having meaningful, close business relationships with high-quality, independent distribution partners who value our relationships and provide us the opportunity to grow profitably with them;

◦Continuing to provide our teams with sophisticated tools and technologies to inform underwriting decisions at a granular level, which contributes to strong and stable underwriting performance over time. We are actively working towards deploying our new underwriting platform in our E&S segment, which also improves agents' ease of interactions with us;

◦Achieving Standard Commercial Lines and E&S Lines renewal pure price increases that reflect our current profitability and forward loss trend expectations;

◦Continuing to expand our Standard Commercial Lines market share by (i) increasing our share towards our 12% target of our agents' premiums, (ii) strategically appointing new agents, and (iii) maximizing new business growth in the small business market through utilization of our enhanced small business platform;

◦Expanding our geographic footprint. In 2022, we began writing Standard Commercial Lines business in Vermont, Alabama, and Idaho. We expect to write new business in West Virginia and Maine in early 2024, and Washington, Oregon, and Nevada in late 2024. We plan to expand our Standard Commercial Lines footprint into most of the contiguous U.S. over time;

◦Increasing customer retention by delivering a superior omnichannel experience and offering value-added technologies and services;

◦Aggressively managing our Standard Personal Lines segment by prioritizing additional rate filings on a state-by-state basis and refining pricing for both catastrophe and non-catastrophe perils. These filed rate increases began to take effect on a written basis during the first quarter of 2023 and continued to take effect through Third Quarter 2023. We expect our overall written renewal rate to be 9% in the fourth quarter of 2023 and in the range of approximately 20% to 25% in 2024, subject to regulatory approvals. In addition, other underwriting actions include the following:

▪Seeking to improve our homeowners’ line of business profitability through the introduction of new policy terms and conditions, including (i) coverage for actual cash value based on a schedule of factors rather than replacement cost on older roofs, and (ii) implementing mandatory wind/hail deductibles in states exposed to severe convective storms; and

▪Accelerating the migration of our Standard Personal Lines products and services towards customers in the mass affluent market, where we believe we can be more competitive with the strong coverage and servicing capabilities that we offer.

•Continuing to further develop our culture centered on the values of diversity, equity, and inclusion that fosters innovation, idea generation, and the development of a group of specially trained leaders who can guide us successfully into the future.

For 2023, our full-year expectations are as follows:

•A GAAP combined ratio of 96.5%, unchanged from last quarter, including net catastrophe losses of 6.5 points, up from prior guidance of 6.0 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;

•After-tax net investment income of $310 million, up from prior guidance of $300 million. After-tax net investment income includes $20 million of after-tax net investment income from our alternative investments, down from prior guidance of $30 million;

•An overall effective tax rate of approximately 21.0%, which assumes an effective tax rate of 20.0% for net investment income and 21.0% for all other items; and

•Weighted average shares of 61.0 million on a fully diluted basis, which assumes no additional share repurchases we may make under our authorization.

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Results of Operations and Related Information by Segment

Insurance Operations

The following table provides quantitative information for analyzing the combined ratio:

All Lines	Quarter ended September 30,				Change % or Points		Nine Months ended September 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Operations Results:
Net premiums written	$	1,058,325		903,394	17	%	$	3,143,000		2,723,933	15	%
Net premiums earned (“NPE”)	981,917			853,879	15		2,826,403			2,500,601	13
Less:
Loss and loss expense incurred	645,897			547,826	18		1,859,465			1,566,930	19
Net underwriting expenses incurred	303,076			277,988	9		892,716			809,455	10
Dividends to policyholders	1,353			933	45		4,974			3,542	40
Underwriting income	$	31,591		27,132	16	%	$	69,248		120,674	(43)	%
Combined Ratios:
Loss and loss expense ratio	65.8		%	64.1	1.7	pts	65.7		%	62.7	3.0	pts
Underwriting expense ratio	30.9			32.6	(1.7)		31.6			32.4	(0.8)
Dividends to policyholders ratio	0.1			0.1	—		0.2			0.1	0.1
Combined ratio	96.8			96.8	—		97.5			95.2	2.3

The NPW growth of 17% in Third Quarter 2023 and 15% in Nine Months 2023 compared to the same prior-year periods reflected (i) overall renewal pure price increases, and (ii) higher direct new business, as shown in the following table:

	Quarter ended September 30,				Nine Months ended September 30,
($ in millions)	2023			2022	2023			2022
Direct new business premiums	$	232.3		184.3	$	690.8		543.5
Renewal pure price increases	7.0		%	5.3	6.6		%	5.0

Our NPW growth in Third Quarter 2023 and Nine Months 2023 also benefited from strong retention and exposure growth on renewal policies.

The increase in NPE in Third Quarter 2023 and Nine Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

Loss and Loss Expenses

The loss and loss expense ratio increased 1.7 points in Third Quarter 2023 and 3.0 points in Nine Months 2023 compared to the same prior-year periods, primarily due to the following:

	Third Quarter 2023				Third Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Change in Ratio
Net catastrophe losses	$	64.6	6.6	pts	$	34.1	4.0	pts	2.6	pts
(Favorable) prior year casualty reserve development	—		—		(16.0)		(1.9)		1.9
Non-catastrophe property loss and loss expenses	172.8		17.6		167.5		19.6		(2.0)
Total	$	237.4	24.2		$	185.6	21.7		2.5

	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Change in Ratio
Net catastrophe losses	$	219.9	7.8	pts	$	100.2	4.0	pts	3.8	pts
(Favorable) prior year casualty reserve development	(16.5)		(0.6)		(48.0)		(1.9)		1.3
Non-catastrophe property loss and loss expenses	478.2		16.9		456.4		18.3		(1.4)
Total	$	681.6	24.1		$	508.6	20.4		3.7

We had higher net catastrophe losses in Third Quarter 2023 and Nine Months 2023 compared to the same prior-year periods. In Third Quarter 2023, 23 wind and thunderstorm PCS named events impacted our footprint, compared to 15 PCS named events

27

impacting our footprint in Third Quarter 2022. Nine Months 2023 included 60 PCS named events compared to 45 PCS named events in Nine Months 2022. In Third Quarter 2023 and Nine Months 2023, net catastrophe losses primarily impacted our commercial property line of business, homeowners line of business, and E&S Lines. In Third Quarter 2022 and Nine Months 2022, net catastrophe losses primarily impacted our commercial property and homeowners lines of business.

Details of the prior year casualty reserve development were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development	Quarter ended September 30,				Nine Months ended September 30,
($ in millions)	2023			2022	2023			2022
General liability	$	—		—	$	—		(5.0)
Commercial automobile	4.0			15.0	4.0			15.0
Workers compensation	(7.0)			(20.0)	(24.5)			(40.0)
Businessowners' policies	—			(8.0)	—			(8.0)
Bonds	—			(3.0)	—			(10.0)
Total Standard Commercial Lines	(3.0)			(16.0)	(20.5)			(48.0)
Homeowners	—			—	—			—
Personal automobile	3.0			—	9.0			—
Total Standard Personal Lines	3.0			—	9.0			—
E&S	—			—	(5.0)			—
Total (favorable) prior year casualty reserve development	$	—		(16.0)	$	(16.5)		(48.0)
(Favorable) impact on loss ratio	—		pts	(1.9)	(0.6)		pts	(1.9)

In addition, the loss and loss expense ratio was impacted by a decrease in current year casualty loss costs of 0.8 points in Third Quarter 2023 and 0.6 points in Nine Months 2023, compared to the same prior-year periods, primarily due to (i) the mix of business from the impact of premium growth in both current-year periods compared to the same prior-year periods, partially offset by (ii) an increase in current year casualty loss costs in our commercial and personal automobile line of business.

For additional qualitative discussion on prior year casualty reserve development, current year casualty loss costs, and non-catastrophe property loss and loss expenses, refer to the insurance segment sections below.

Underwriting Expenses

The underwriting expense ratio decreased 1.7 points in Third Quarter 2023 and 0.8 points in Nine Months 2023, compared to the same prior-year periods, primarily due to premium growth outpacing the growth in underwriting expenses in both current-year periods compared to the same prior-year periods.

Standard Commercial Lines Segment

	Quarter ended September 30,				Change % or Points		Nine Months ended September 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Segments Results:
NPW	$	833,576		727,463	15	%	$	2,517,037		2,225,395	13	%
NPE	785,328			692,437	13		2,279,652			2,034,143	12
Less:
Loss and loss expense incurred	493,771			438,264	13		1,436,604			1,244,639	15
Net underwriting expenses incurred	248,865			230,739	8		735,668			674,369	9
Dividends to policyholders	1,353			933	45		4,974			3,542	40
Underwriting income	41,339			22,501	84		$	102,406		111,593	(8)
Combined Ratios:
Loss and loss expense ratio	62.8		%	63.4	(0.6)	pts	63.0		%	61.1	1.9	pts
Underwriting expense ratio	31.7			33.3	(1.6)		32.3			33.2	(0.9)
Dividends to policyholders ratio	0.2			0.1	0.1		0.2			0.2	—
Combined ratio	94.7			96.8	(2.1)		95.5			94.5	1.0

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NPW growth of 15% in Third Quarter 2023 and 13% in Nine Months 2023 compared to the same prior-year periods reflected (i) renewal pure price increases, (ii) higher direct new business, and (iii) strong retention as shown in the table below. In addition, NPW growth in both current-year periods benefited from strong exposure growth on renewal policies.

	Quarter ended September 30,			Nine Months ended September 30,
($ in millions)	2023		2022	2023		2022
Direct new business premiums	$	145.5	128.2	$	452.3	385.6
Retention	86		86	85		85
Renewal pure price increases	7.1		5.8	6.9		5.3

The increase in NPE in Third Quarter 2023 and Nine Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio decreased 0.6 points in Third Quarter 2023 and increased 1.9 points in Nine Months 2023 compared to the same prior-year periods, primarily driven by the following:

	Third Quarter 2023				Third Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	36.7	4.7	pts	$	18.2	2.6	2.1	pts
Non-catastrophe property loss and loss expenses	122.8		15.6		129.8		18.7	(3.1)
(Favorable) prior year casualty reserve development	(3.0)		(0.4)		(16.0)		(2.3)	1.9
Total	156.5		19.9		132.0		19.0	0.9

	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	134.4	5.9	pts	$	55.4	2.7	3.2	pts
Non-catastrophe property loss and loss expenses	339.6		14.9		344.7		16.9	(2.0)
(Favorable) prior year casualty reserve development	(20.5)		(0.9)		(48.0)		(2.4)	1.5
Total	453.5		19.9		352.1		17.2	2.7

Third Quarter 2023 and Nine Months 2023 experienced elevated net catastrophe losses compared to the same prior-year periods as discussed in the "Insurance Operations" section above. Refer to the line of business sections below for qualitative discussion on non-catastrophe property loss and loss expenses and the significant drivers of favorable prior year casualty reserve development.

In addition, the loss and loss expense ratio was impacted by a decrease in current year casualty loss costs of 1.2 points in Third Quarter 2023 and 0.8 points in Nine Months 2023 compared to the same prior-year periods, primarily due to (i) the mix of business from the impact of premium growth in Third Quarter 2023 and Nine Months 2023, partially offset by (ii) an increase in current year casualty loss costs in our commercial automobile line of business. Refer to the "Commercial Automobile" section below for qualitative discussion on these current year loss costs.

The underwriting expense ratio decreased 1.6 points in Third Quarter 2023 and 0.9 points in Nine Months 2023, compared to the same prior-year periods, primarily due to premium growth outpacing the growth in underwriting expenses in both current-year periods compared to the same prior-year periods.

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The following is a discussion of our most significant Standard Commercial Lines of business:

General Liability
	Quarter ended September 30,				Change  % or Points1		Nine Months ended September 30,				Change  % or Points1
($ in thousands)	2023			2022			2023			2022
NPW	$	273,880		234,975	17	%	$	838,852		736,561	14	%
Direct new business	42,015			38,537	n/a		135,155			112,700	n/a
Retention	86		%	86	n/a		85		%	85	n/a
Renewal pure price increases	5.5			4.9	n/a		5.4			4.4	n/a
NPE	$	261,551		225,302	16	%	$	759,410		667,912	14	%
Underwriting income	34,326			21,943	56		94,078			75,765	24
Combined ratio	86.9		%	90.3	(3.4)	pts	87.6		%	88.7	(1.1)	pts
% of total Standard Commercial Lines NPW	33			32			33			33

1n/a: not applicable.

NPW growth of 17% in Third Quarter 2023 and 14% in Nine Months 2023, compared to the same prior-year periods benefited from exposure growth on renewal policies, strong retention, renewal pure price increases, and higher direct new business.

The combined ratio decreased by 3.4 points in Third Quarter 2023 and 1.1 points in Nine Months 2023, compared to the same prior-year periods, primarily driven by a decrease in the underwriting expense ratio of 2.3 points in Third Quarter 2023 and 1.5 points in Nine Months 2023, compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

In addition, while there was no prior year casualty reserve development in Third Quarter 2023 and Third Quarter 2022, Nine Months 2023 was impacted by less favorable prior year casualty reserve development as follows:

	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) prior year casualty reserve development	$	—	—	pts	$	(5.0)	(0.7)	0.7	pts

This line of business has experienced a long-term historical trend of meaningful severity increases, which have been largely offset by decreases in claim frequencies. In response to potential social inflationary impacts, we have been embedding higher severity assumptions in our initial loss ratio estimates in recent years, which we are seeing materialize in actual results. As the trend of lower frequencies has continued, those initial estimates have remained reasonable. However, if the favorable frequency trend moderates and severities emerge higher than expected, we could see additional pressure on this line.

The favorable prior year casualty reserve development in Nine Months 2022 was primarily attributable to improved loss severities in accident years 2019 and prior.

Commercial Automobile
	Quarter ended September 30,				Change  % or Points1		Nine Months ended September 30,				Change  % or Points1
($ in thousands)	2023			2022			2023			2022
NPW	$	252,688		223,809	13	%	$	750,137		659,251	14	%
Direct new business	36,635			31,503	n/a		113,517			92,795	n/a
Retention	86		%	87	n/a		85		%	86	n/a
Renewal pure price increases	9.6			8.7	n/a		9.7			8.0	n/a
NPE	$	234,622		207,129	13	%	$	677,060		599,340	13	%
Underwriting (loss) income	(12,348)			(30,612)	60		(28,271)			(45,790)	38
Combined ratio	105.3		%	114.8	(9.5)	pts	104.2		%	107.6	(3.4)	pts
% of total Standard Commercial Lines NPW	30			31			30			30

1n/a: not applicable.

NPW growth of 13% in Third Quarter 2023 and 14% in Nine Months 2023 compared to the same prior-year periods benefited from renewal pure price increases, higher direct new business, and strong retention. This higher new business and strong retention contributed to a 4% growth of in-force vehicle counts as of September 30, 2023, compared to September 30, 2022.

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The combined ratio decreased 9.5 points in Third Quarter 2023 and 3.4 points in Nine Months 2023, compared to the same prior-year periods, primarily driven by the following:

	Third Quarter 2023				Third Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	2.1	0.9	pts	$	1.4	0.7	0.2	pts
Non-catastrophe property loss and loss expenses	43.8		18.7		46.2		22.3	(3.6)
Unfavorable prior year casualty reserve development	4.0		1.7		15.0		7.2	(5.5)
Total	$	49.9	21.3		$	62.6	30.2	(8.9)

	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	4.2	0.6	pts	$	2.3	0.4	0.2	pts
Non-catastrophe property loss and loss expenses	133.0		19.6		124.0		20.7	(1.1)
Unfavorable prior year casualty reserve development	4.0		0.6		15.0		2.5	(1.9)
Total	$	141.2	20.8		$	141.3	23.6	(2.8)

Compared to the same prior-year periods, Third Quarter 2023 and Nine Months 2023 experienced (i) elevated net catastrophe losses, as discussed in the "Insurance Operations" section above, and (ii) lower non-catastrophe property loss and loss expenses, primarily due to lower claim frequencies.

The unfavorable prior year casualty reserve development in Third Quarter 2023 and Nine Months 2023 was primarily due to increased loss expenses in accident years 2022 and prior. The unfavorable prior year casualty reserve development in Third Quarter 2022 and Nine Months 2022 was primarily due to increased severities in the 2021 accident year.

In addition, the combined ratio was impacted by:

•A 1.6-point decrease in the underwriting expense ratio in Third Quarter 2023 and a 1.1-point decrease in Nine Months 2023 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above; and

•A 1.1-point increase in current year casualty loss costs in Third Quarter 2023 and a 0.3-point increase in Nine Months 2023, compared to the same prior-year periods, reflecting (i) elevated prior-year severities, which influenced our current-year severity estimates, and (ii) increased claim frequencies in the current year.

Commercial Property1
	Quarter ended September 30,				Change  % or Points2		Nine Months ended September 30,				Change  % or Points2
($ in thousands)	2023			2022			2023			2022
NPW	$	174,559		143,117	22	%	$	493,828		414,170	19	%
Direct new business	37,875			30,691	n/a		109,949			89,826	n/a
Retention	85		%	85	n/a		84		%	84	n/a
Renewal pure price increases	10.1			6.2	n/a		9.7			6.1	n/a
NPE	$	152,495		128,268	19	%	$	429,135		371,892	15	%
Underwriting income	950			(2,385)	140		(13,382)			608	(2,301)
Combined ratio	99.4		%	101.9	(2.5)	pts	103.1		%	99.8	3.3	pts
% of total Standard Commercial Lines NPW	21			20			20			19

1includes Inland Marine.

2n/a: not applicable.

NPW growth of 22% in Third Quarter 2023 and 19% in Nine Months 2023, compared to the same prior-year periods benefited from renewal pure price increases, strong retention, exposure growth on renewal policies, and higher direct new business.

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The combined ratio decreased 2.5 points in Third Quarter 2023 and increased 3.3 points in Nine Months 2023, compared to the same prior-year periods, primarily driven by the following:

	Third Quarter 2023				Third Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred	Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	30.3	19.8	pts	13.3	10.4	9.4	pts
Non-catastrophe property loss and loss expenses	66.2		43.4		69.4	54.1	(10.7)
Total	$	96.5	63.2		82.7	64.5	(1.3)

	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred	Impact on Combined Ratio	Change in Ratio
Net catastrophe losses	$	114.1	26.6	pts	45.4	12.2	14.4	pts
Non-catastrophe property loss and loss expenses	170.3		39.7		188.0	50.6	(10.9)
Total	$	284.4	66.3		233.4	62.8	3.5

Third Quarter 2023 and Nine Months 2023 experienced elevated net catastrophe losses as discussed in the "Insurance Operations" section above. We had lower non-catastrophe property loss and loss expense ratios in Third Quarter 2023 and Nine Months 2023 compared to the same prior-year periods. While this change continues to reflect the variability from period to period that is normally associated with the commercial property line of business, we have also seen a decline in claim frequencies in the current year. We continue to manage our long-term profitability through (i) price increases, and (ii) targeted underwriting actions, including an ongoing focus on appropriate policy terms and conditions and achieving accurate insurance to value ratios.

The combined ratio was also impacted by a decrease in the underwriting expense ratio of 1.4 points in Third Quarter 2023 and 0.3 points in Nine Months 2023, compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Workers Compensation
	Quarter ended September 30,				Change  % or Points1		Nine Months ended September 30,				Change  % or Points1
($ in thousands)	2023			2022			2023			2022
NPW	$	75,553		74,698	1	%	$	264,587		260,557	2	%
Direct new business	14,448			13,597	n/a		49,387			47,552	n/a
Retention	85		%	85	n/a		84		%	86	n/a
Renewal pure price increases (decreases)	(1.7)			(0.1)	n/a		(1.3)			(0.4)	n/a
NPE	$	81,672		81,996	—	%	$	254,602		250,178	2	%
Underwriting income	13,915			23,220	(40)		41,087			54,756	(25)
Combined ratio	83.0		%	71.7	11.3	pts	83.9		%	78.1	5.8	pts
% of total Standard Commercial Lines NPW	9			10			11			12

1n/a: not applicable.

NPW increased 1% in Third Quarter 2023 and 2% in Nine Months 2023, compared to the same prior-year periods, primarily due to higher direct new business, strong retention, and exposure growth on renewal policies.

The combined ratio increased 11.3 points in Third Quarter 2023 and 5.8 points in Nine Months 2023, compared to the same prior-year periods, primarily driven by less favorable prior year casualty reserve development as follows:

	Third Quarter 2023				Third Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) prior year casualty reserve development	$	(7.0)	(8.6)	pts	$	(20.0)	(24.4)	15.8	pts

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	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
(Favorable) prior year casualty reserve development	$	(24.5)	(9.6)	pts	$	(40.0)	(16.0)	6.4	pts

The favorable prior year casualty reserve development in Third Quarter 2023 and Nine Months 2023 was primarily due to improved loss severities in accident years 2020 and prior. The favorable prior year casualty reserve development in Third Quarter 2022 and Nine Months 2022 was primarily due to improved loss severities in accident years 2019 and prior.

In addition, the combined ratio was impacted by a decrease in the underwriting expense ratio of 1.2 points in Third Quarter 2023 and 0.1 points in Nine Months 2023, compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Standard Personal Lines Segment

	Quarter ended September 30,				Change % or Points		Nine Months ended September 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Segments Results:
NPW	$	113,160		86,844	30	%	$	307,541		234,465	31	%
NPE	95,169			75,638	26		264,209			221,618	19
Less:
Loss and loss expense incurred	99,496			57,263	74		260,646			172,396	51
Net underwriting expenses incurred	21,772			19,760	10		65,795			56,454	17
Underwriting income (loss)	$	(26,099)		(1,385)	(1,784)		$	(62,232)		(7,232)	(761)
Combined Ratios:
Loss and loss expense ratio	104.5		%	75.7	28.8	pts	98.7		%	77.8	20.9	pts
Underwriting expense ratio	22.9			26.1	(3.2)		24.9			25.5	(0.6)
Combined ratio	127.4			101.8	25.6		123.6			103.3	20.3

NPW increased 30% in Third Quarter 2023 and 31% in Nine Months 2023, compared to the same prior-year periods, due to (i) higher direct new business, (ii) stronger retention, (iii) renewal pure price increases, (iv) higher homeowners coverage amounts due to inflation, and (v) higher average policy sizes from our mass affluent market strategy. In the third quarter of 2021, we transitioned our personal lines strategy to target customers in the mass affluent market where we believe our strong coverage and servicing capabilities will be more competitive.

	Quarter ended September 30,				Nine Months ended September 30,
($ in millions)	2023			2022	2023			2022
Direct new business premiums1	$	31.6		17.4	$	90.5		40.5
Retention	88		%	85	87		%	85
Renewal pure price increases	6.1			0.5	3.9			0.6

1Excludes our Flood direct premiums written, which is 100% ceded to the NFIP and therefore, has no impact on our NPW.

The increase in NPE in Third Quarter 2023 and Nine Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio increased 28.8 points in Third Quarter 2023 and 20.9 points in Nine Months 2023, compared to the same prior-year periods, driven by the following:

	Third Quarter 2023				Third Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred	Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	24.4	25.6	pts	11.3	14.9	10.7	pts
Non-catastrophe property loss and loss expenses	42.5		44.7		29.0	38.4	6.3
Unfavorable prior year casualty reserve development	3.0		3.2		—	—	3.2
Flood claims handling fee reimbursement	(1.2)		(1.2)		(2.7)	(3.6)	2.4
Total	$	68.7	72.3		37.6	49.7	22.6

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	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred	Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	60.2	22.8	pts	36.7	16.5	6.3	pts
Non-catastrophe property loss and loss expenses	114.1		43.2		81.5	36.8	6.4
Unfavorable prior year casualty reserve development	9.0		3.4		—	—	3.4
Flood claims handling fee reimbursement	(2.9)		(1.1)		(4.0)	(1.8)	0.7
Total	$	180.4	68.3		114.2	51.5	16.8

Net catastrophe losses in both current- and prior-year periods exceeded our 10-year historical average, with Third Quarter 2023 and Nine Months 2023 being elevated over the comparable prior year periods, as discussed in the "Insurance Operations" section above.

We experienced elevated non-catastrophe property loss and loss expenses in Third Quarter 2023 and Nine Months 2023, driven by higher personal automobile physical damage and homeowners property losses. The higher automobile damage losses resulted from increasing claim frequencies, as well as greater severities from inflationary and supply chain impacts that have increased labor and repair costs, and claim duration. Higher homeowners property losses were attributable to elevated severities due to (i) higher construction costs impacted by economic inflation, and (ii) increasing home values resulting from higher average policy sizes from our mass affluent market strategy. The likely continuation of elevated non-catastrophe property loss and loss expenses, coupled with renewal pure price increases below loss trend, will put pressure on this segment's profitability in the near-term, while our filed rate increases approach current loss cost levels.

The unfavorable prior year casualty reserve development in Third Quarter 2023 and Nine Months 2023 was primarily due to increased loss severities in accident year 2022. There was no prior year casualty reserve development in Third Quarter 2022 or Nine Months 2022.

In addition, the loss and loss expense ratio was impacted by an increase in current year casualty loss costs of 8.7 points in Third Quarter 2023, and 4.8 points in Nine Months 2023, compared to the same prior-year periods, in response to (i) elevated prior- year severities, which influenced our current-year severity estimates, and (ii) increased claim frequencies in the current year.

The underwriting expense ratio decreased 3.2 points in Third Quarter 2023 compared to Third Quarter 2022, and 0.6 points in Nine Months 2023 compared to Nine Months 2022, primarily due to premium growth outpacing the growth in underwriting expenses.

To address profitability challenges in this segment and position us for ongoing success, we are aggressively managing this business by continuing to prioritize rate filings on a state-by-state basis to mitigate these inflationary impacts, and refining pricing for both catastrophe and non-catastrophe perils. These filed rate increases began to take effect on a written basis during the first quarter of 2023 and continued to take effect through Third Quarter 2023. We expect the number of rate filings and their rate impacts to continue to increase in the fourth quarter of 2023 and throughout 2024. In addition, we are seeking to improve profitability within our homeowners' line of business by introducing new policy terms and conditions, including (i) coverage for actual cash value based on a schedule of factors rather than replacement cost on older roofs, and (ii) implementing mandatory wind/hail deductibles in states exposed to severe convective storms.

E&S Lines Segment

	Quarter ended September 30,				Change % or Points		Nine Months ended September 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Insurance Segments Results:
NPW	$	111,589		89,087	25	%	$	318,422		264,073	21	%
NPE	101,420			85,804	18		282,542			244,840	15
Less:
Loss and loss expense incurred	52,630			52,299	1		162,215			149,895	8
Net underwriting expenses incurred	32,439			27,489	18		91,253			78,632	16
Underwriting income (loss)	16,351			6,016	172		$	29,074		16,313	78
Combined Ratios:
Loss and loss expense ratio	51.9		%	61.0	(9.1)	pts	57.4		%	61.2	(3.8)	pts
Underwriting expense ratio	32.0			32.0	—		32.3			32.1	0.2
Combined ratio	83.9			93.0	(9.1)		89.7			93.3	(3.6)

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NPW growth of 25% in Third Quarter 2023 and 21% in Nine Months 2023, compared to the same prior-year periods, reflected renewal pure price increases and higher direct new business as shown in the table below. In addition, NPW growth in Third Quarter 2023 and Nine Months 2023 benefited from both property and casualty exposure growth on renewal policies driven by higher rates and increased construction costs resulting from economic inflation.

	Quarter ended September 30,				Nine Months ended September 30,
($ in millions)	2023			2022	2023			2022
Direct new business premiums	$	55.2		38.6	$	148.1		117.3
Renewal pure price increases	6.6		%	6.7	7.1		%	7.1

The increase in NPE in Third Quarter 2023 and Nine Months 2023 compared to the same prior-year periods resulted from the same impacts to NPW described above.

The loss and loss expense ratio decreased 9.1 points in Third Quarter 2023 and 3.8 points in Nine Months 2023, compared to the same prior-year periods, primarily driven by the following:

	Third Quarter 2023				Third Quarter 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	3.5	3.5	pts	$	4.6	5.4	(1.9)	pts
Non-catastrophe property loss and loss expenses	7.5		7.4		8.7		10.1	(2.7)
Total	$	11.0	10.9		$	13.3	15.5	(4.6)

	Nine Months 2023				Nine Months 2022
($ in millions)	Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio		Loss and Loss Expense Incurred		Impact on Loss and Loss Expense Ratio	Change in Ratio
Net catastrophe losses	$	25.4	9.0	pts	$	8.1	3.3	5.7	pts
Non-catastrophe property loss and loss expenses	24.6		8.7		30.2		12.4	(3.7)
(Favorable) prior year casualty reserve development	(5.0)		(1.8)		—		—	(1.8)
Total	$	45.0	15.9		$	38.3	15.7	0.2

We experienced elevated net catastrophe losses in Nine Months 2023 compared to Nine Months 2022, as discussed in the "Insurance Operations" section above.

The favorable prior year casualty reserve development in Nine Months 2023 was primarily due to improved loss severities in accident years 2021 and prior. There was no prior year casualty reserve development in Third Quarter 2022 and Nine Months 2022.

In addition, the loss and loss expense ratio was favorably impacted by a decrease in current year casualty loss costs of 4.5 points in Third Quarter 2023 and 4.0 points in Nine Months 2023, compared to the same prior-year periods. Our E&S casualty lines results have improved over recent years from several underwriting and claims initiatives and strong rate increases. The decrease in current year casualty loss costs reflected the impacts of these actions.

Reinsurance

We successfully completed negotiations of our July 1, 2023 excess of loss treaties, which cover our Standard Commercial Lines, Standard Personal Lines, and E&S Lines.

We renewed the Casualty Excess of Loss Treaty ("Casualty Treaty") with substantially the same structure as the expiring treaty. The treaty year 2023 deposit premium increased $28.3 million, or 33%, reflecting (i) higher projected subject earned premium due to growth in our book of business, including pure renewal rate increases; (ii) a modest reinsurance rate increase; and (iii) additional reinstatement coverage in the first three layers.

We renewed the Property Excess of Loss Treaty (“Property Treaty”) and elected to increase the first layer retention from $3.0 million to $5.0 million. We elected to increase our retention in recognition of the growing overall size of our book of business and to manage our overall reinsurance cost while maintaining an appropriate level of capital and earnings protection. In addition, the first layer reinstatement provision was revised to 15 free reinstatements, from the expiring treaty's unlimited free reinstatements. The attachment points and limits for the subsequent layers remained the same. The treaty year deposit

35

premium decreased $5.6 million, or 11%, reflecting the premium reduction associated with the aforementioned first layer retention increase, partially offset by a risk-adjusted rate increase and an increase in exposure.

The following table summarizes the Property Treaty and Casualty Treaty arrangements covering our Insurance Subsidiaries:

Treaty Name	Reinsurance Coverage	Terrorism Coverage
Property Excess of Loss (covers all insurance operations)	There are three layers covering 100% of $65 million in excess of $5 million. Losses other than Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA") certified losses are subject to the following reinstatements and annual aggregate limits: - $5 million in excess of $5 million layer provides 15         reinstatements, $80 million in aggregate limits; - $20 million in excess of $10 million layer provides three         reinstatements, $80 million in aggregate limits; and - $40 million in excess of $30 million layer provides two         reinstatements, $120 million in aggregate limits.	All nuclear, biological, chemical, and radioactive ("NBCR") losses are excluded regardless of whether or not they are certified under the TRIPRA. For non-NBCR losses, the treaty distinguishes between acts committed on behalf of foreign persons or foreign interests ("Foreign Terrorism") and those that are not. The treaty provides annual aggregate limits for Foreign Terrorism (other than NBCR) acts of $15 million for the first layer, $60 million for the second layer, and $40 million for the third layer. Non-Foreign Terrorism losses (other than NBCR) are covered to the same extent as non-terrorism losses.
Casualty Excess of Loss (covers all insurance operations)	There are six layers covering 100% of $88 million in excess of $2 million. Losses other than terrorism losses are subject to the following: - $3 million in excess of $2 million layer provides 48       reinstatements, $147 million annual aggregate limit; - $7 million in excess of $5 million layer provides eight       reinstatements, $63 million annual aggregate limit; - $9 million in excess of $12 million layer provides three       reinstatements, $36 million annual aggregate limit; - $9 million in excess of $21 million layer provides one       reinstatement, $18 million annual aggregate limit; - $20 million in excess of $30 million layer provides one       reinstatement, $40 million annual aggregate limit; and - $40 million in excess of $50 million layer provides one       reinstatement, $80 million annual aggregate limit.	All NBCR losses are excluded. All other losses stemming from the acts of terrorism are subject to the following: - $3 million in excess of $2 million layer with $15 million net        annual terrorism aggregate limit; - $7 million in excess of $5 million layer with $28 million net       annual terrorism aggregate limit; - $9 million in excess of $12 million layer with $27 million net       annual terrorism aggregate limit; - $9 million in excess of $21 million layer with $18 million net       annual terrorism aggregate limit; - $20 million in excess of $30 million layer with $40 million       net annual terrorism aggregate limit; and  - $40 million in excess of $50 million layer with $80 million       net annual terrorism aggregate limit.

Investments

Our investment portfolio's objectives are to maximize after-tax net investment income and generate long-term growth in book value per share by maximizing the overall total return of the portfolio by investing the premiums we receive from our insurance operations and the amounts generated through our capital management strategies, which may include debt and equity security issuances. We balance those objectives against prevailing market conditions, capital preservation considerations, and our enterprise risk-taking appetite. We maintain (i) a well-diversified portfolio across issuers, sectors, and asset classes; and (ii) a high credit quality fixed income securities portfolio with a duration and maturity profile at an acceptable risk level that provides ample liquidity.

The effective duration of the fixed income securities portfolio, including short-term investments, was 4.1 years as of September 30, 2023. The effective duration is monitored and managed to maximize yield while managing interest rate risk at an acceptable level. Purchases and sales are made with the intent of maximizing investment returns in the current market environment while balancing capital preservation.

Our fixed income and short-term investments represented 92% of our invested assets at September 30, 2023 and December 31, 2022. Our fixed income and short-term investments portfolio had a weighted average credit rating of "A+" as of September 30, 2023 and "AA-" as of December 31, 2022, with investment grade holdings representing 96% of the total portfolio on both dates. The weighted average credit rating decline reflects the impact from the recent Fitch Ratings ("Fitch") downgrade of the U.S. sovereign ratings in Third Quarter 2023. This downgrade impacted the credit ratings of our U.S. government and government agency securities and agency mortgage-backed securities, which represented about 17% of our fixed income and short-term investments portfolio as of September 30, 2023.

For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk.” of our 2022 Annual Report.

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Total Invested Assets
($ in thousands)	September 30, 2023		December 31, 2022	Change
Total invested assets	$	8,195,914	7,837,469	5		%
Invested assets per dollar of common stockholders' equity	3.35		3.37	(1)
Components of unrealized gains (losses) – before tax:
Fixed income securities	(628,678)		(527,892)	19	%
Equity securities	3,231		(5,431)	(159)	%
Net unrealized gains (losses) – before tax	(625,447)		(533,323)	17	%
Components of unrealized gains (losses) – after tax:
Fixed income securities	(496,655)		(417,035)	19	%
Equity securities	2,552		(4,290)	(159)	%
Net unrealized gains (losses) – after tax	(494,103)		(421,325)	17	%

Invested assets increased $358.4 million at September 30, 2023, compared to December 31, 2022, reflecting our active investment of operating and investing cash flows in 2023. Operating cash flows during Nine Months 2023 were 17% of NPW. The increase in invested assets was partially offset by a $92.1 million increase in pre-tax unrealized losses during Nine Months 2023. The increase in pre-tax unrealized losses was primarily driven by an increase in benchmark U.S. Treasury rates, partially offset by a tightening of credit spreads.

Net Investment Income

The components of net investment income earned were as follows:

	Quarter ended September 30,				Change % or Points		Nine Months ended September 30,				Change % or Points
($ in thousands)	2023			2022			2023			2022
Fixed income securities	$	90,013		68,236	32	%	$	254,016		184,305	38	%
Commercial mortgage loans ("CMLs")	2,516			1,600	57		6,680			3,762	78
Equity securities	2,083			2,604	(20)		5,524			7,661	(28)
Short-term investments	3,941			1,152	242		11,483			1,660	592
Alternative investments	6,473			(5,581)	(216)		25,637			22,821	12
Other investments	284			112	154		515			75	587
Investment expenses	(4,447)			(4,234)	5		(13,790)			(13,571)	2
Net investment income earned – before tax	100,863			63,889	58		290,065			206,713	40
Net investment income tax expense	(20,636)			(12,356)	67		(58,974)			(40,007)	47
Net investment income earned – after tax	$	80,227		51,533	56		$	231,091		166,706	39
Effective tax rate	20.5		%	19.3	1.2	pts	20.3		%	19.4	0.9	pts
Annualized after-tax yield on fixed income investments	4.1			3.4	0.7		4.0			3.0	1.0
Annualized after-tax yield on investment portfolio	3.9			2.7	1.2		3.8			2.9	0.9

After-tax net investment income earned increased 56% in Third Quarter 2023 and 39% in Nine Months 2023, compared to the same prior-year periods, primarily driven by an increase in income earned on our fixed income securities portfolio due to higher book yields received from the investment of operating and investing cash flows over the past year in the higher interest rate environment.

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Realized and Unrealized Gains and Losses

When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to opportunistically trade for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

	Quarter ended September 30,			Change %		Nine Months ended September 30,			Change %
($ in thousands)	2023		2022			2023		2022
Net realized gains (losses) on disposals	$	(4,897)	(12,574)	(61)	%	$	(24,839)	(28,730)	(14)	%
Net unrealized gains (losses) on equity securities	489		(7,777)	(106)		8,662		(31,791)	(127)
Net credit loss benefit (expense) on fixed income securities, AFS	(2,468)		(4,471)	(45)		7,925		(42,042)	(119)
Net credit loss benefit (expense) on fixed income securities, held-to-maturity	—		54	(100)		—		62	(100)
Net credit loss benefit (expense) on CMLs	(4)		—	—		(65)		—	—
Losses on securities for which we have the intent to sell	—		(913)	(100)		(645)		(6,412)	(90)
Total net realized and unrealized investment gains (losses)	$	(6,880)	(25,681)	(73)		$	(8,962)	(108,913)	(92)

Net realized and unrealized investment losses decreased 73% in Third Quarter 2023 compared to Third Quarter 2022, primarily due to (i) an increase in valuations reflecting the current public equities market, and (ii) a decrease in net realized losses on disposals from our AFS fixed income securities portfolio.

Net realized and unrealized investment losses decreased 92% in Nine Months 2023 compared to Nine Months 2022, primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in Nine Months 2023 compared to credit loss expense recorded in Nine Months 2022, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in Nine Months 2023 reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

Federal Income Taxes

The following table provides information regarding federal income taxes and reconciles federal income tax at the corporate rate to the effective tax rate:

	Quarter ended September 30,				Nine Months ended September 30,
($ in thousands)	2023			2022	2023			2022
Tax at statutory rate	$	23,629		11,054	$	63,301		36,211
Tax-advantaged interest	(508)			(981)	(1,766)			(3,097)
Dividends received deduction	(38)			(95)	(174)			(355)
Executive compensation	617			598	1,886			1,340
Stock-based compensation	(51)			(25)	(1,775)			(812)
Other	(340)			(437)	(429)			771
Federal income tax expense	$	23,309		10,114	$	61,043		34,058
Income before federal income tax, less preferred stock dividends	$	110,217		50,339	$	294,533		165,533
Effective tax rate	21.1		%	20.1	20.7		%	20.6

Liquidity and Capital Resources

Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity

We manage liquidity by generating sufficient cash flows to meet the short-term and long-term cash requirements of our business operations. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.

Sources of Liquidity

Sources of cash for the Parent historically have consisted of dividends from the Insurance Subsidiaries, the investment portfolio held at the Parent, borrowings under third-party lines of credit, loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

The Parent's investment portfolio includes (i) short-term investments that have historically been maintained in “AAA” rated

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money market funds, (ii) high-quality, highly liquid government and corporate fixed income securities, (iii) equity securities, (iv) alternative investments, and (v) a cash balance. In the aggregate, Parent cash and total investments amounted to $486 million at September 30, 2023, and $484 million at December 31, 2022.

The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. Our target is for the Parent to maintain highly liquid investments of at least twice its expected annual net cash outflow needs, or $180 million.

Insurance Subsidiary Dividends

The Insurance Subsidiaries generate liquidity through insurance float, which is created by collecting premiums and earning investment income before paying claims. The period of float can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

The Insurance Subsidiaries paid $80 million in total dividends to the Parent in Nine Months 2023. The Insurance Subsidiaries' Boards of Directors did not declare a dividend payable to the Parent during Third Quarter 2023 and do not intend to declare a dividend in the fourth quarter of 2023 to support the continued growth of the Insurance Subsidiaries. As of December 31, 2022, our allowable ordinary maximum dividend is $283 million for 2023. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator, and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators historically have approved dividends, there is no assurance they will approve future Insurance Subsidiary dividends.

New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business, or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. “Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

Line of Credit

On November 7, 2022, the Parent entered into a Credit Agreement with the lenders named therein (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $50 million revolving credit facility that can be increased to $125 million with the Lenders' consent. No borrowings were made under the Line of Credit in Nine Months 2023. The Line of Credit will mature on November 7, 2025, and has a variable interest rate based on the Parent’s debt ratings. We expect to continue to maintain a credit facility for liquidity purposes. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, refer to Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. We met all covenants under our Line of Credit as of September 30, 2023.

Four of the Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

Branch	Insurance Subsidiary Member
FHLBI	Selective Insurance Company of South Carolina ("SICSC")1 Selective Insurance Company of the Southeast ("SICSE")1
FHLBNY	Selective Insurance Company of America ("SICA") Selective Insurance Company of New York ("SICNY")

1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.

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The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. As SICNY is domiciled in New York, its FHLBNY borrowings are limited by New York insurance regulations to the lower of 5% of admitted assets for the most recently completed fiscal quarter, or 10% of admitted assets for the previous year-end. As of September 30, 2023, we had remaining capacity of $470.7 million for FHLB borrowings, with a $18.7 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.

Short-term Borrowings

On April 6, 2023, SICA borrowed $20 million from the FHLBNY at an interest rate of 5.00% that was repaid on May 8, 2023. These funds were used for general corporate purposes.

Intercompany Loan Agreements

The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Similar to the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $40.0 million as of both September 30, 2023, and December 31, 2022. The remaining capacity under these intercompany loan agreements was $121.5 million as of both September 30, 2023, and December 31, 2022. Additionally, we have other insurance regulator-approved intercompany agreements in place that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities

The Parent had no private or public stock issuances during Nine Months 2023. In addition, we had no common stock share repurchases during Nine Months 2023 under our existing share repurchase program. We had $84.2 million of remaining capacity under our share repurchase program as of September 30, 2023. For additional information on the share repurchase program, refer to Note 17. “Equity” in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

Uses of Liquidity

The Parent's liquidity generated from the sources discussed above is used, among other things, to pay dividends to our stockholders. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. On November 1, 2023, our Board declared:

•A 17% increase in the quarterly cash dividend on common stock, to $0.35 per common share, that is payable December 1, 2023, to holders of record on November 15, 2023; and

•A cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depository share) payable on December 15, 2023, to holders of record as of November 30, 2023.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.

Restrictions on the ability of the Insurance Subsidiaries to declare and pay dividends, without alternative liquidity options, could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources

Capital resources ensure we can pay policyholder claims, furnish the financial strength to support the business of underwriting insurance risks, and facilitate continued business growth. At September 30, 2023, we had GAAP stockholders' equity and statutory surplus of $2.6 billion. With total debt of $504.6 million at September 30, 2023, our debt-to-capital ratio was 16%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

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The following table summarizes certain contractual obligations we had at September 30, 2023, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions)	Amount of Obligation
Alternative and other investments	$	247.3
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio	95.2
Non-publicly traded common stock within our equity portfolio	24.4
CMLs	1.3
Privately-placed corporate securities	32.0
Total	$	400.2

There is no certainty (i) that any such additional investments will be required, and (ii) of the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves, (ii) contractual obligations under operating and financing leases for office space and equipment, and (iii) notes payable, funded primarily with operating cash flows, have not materially changed since December 31, 2022. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.1 years at December 31, 2022.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of September 30, 2023, and December 31, 2022, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. “Related Party Transactions” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

We continually monitor our cash requirements and the capital resources we maintain at the holding company and operating subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and increasing common stockholders’ dividends.

Our capital management strategy is intended to protect the interests of the policyholders of the Insurance Subsidiaries and our stockholders while enhancing our financial strength and underwriting capacity. We have a profitable book of business and solid capital base, positioning us well to take advantage of potential market opportunities.

Book value per common share increased 5% to $40.35 as of September 30, 2023, from $38.57 as of December 31, 2022, driven by $3.83 in net income available to common stockholders per diluted common share, partially offset by a $1.31 increase in unrealized losses on our fixed income securities portfolio and $0.90 in dividends to our common stockholders. The increase in net unrealized losses on our fixed income securities was primarily driven by an increase in benchmark U.S. Treasury rates, partially offset by a tightening of credit spreads. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $48.54 as of September 30, 2023, from $45.49 as of December 31, 2022.

Cash Flows

Net cash provided by operating activities increased to $522.3 million in Nine Months 2023, compared to $485.4 million in Nine Months 2022, primarily driven by higher levels of cash received for premiums.

Net cash used in investing activities increased to $470.0 million in Nine Months 2023, compared to $450.9 million in Nine Months 2022, as a result of investing more cash from operating activities. Operating cash flows during Nine Months 2023 were 17% of NPW.

Net cash used in financing activities decreased to $64.1 million in Nine Months 2023, compared to $70.6 million in Nine

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Months 2022, primarily due to decreased activity in our share repurchase program in Nine Months 2023, partially offset by increased dividends to our common stockholders in Nine Months 2023.

Ratings

Our ratings are as follows:

Nationally Recognized Statistical Rating Organizations	Financial Strength Rating	Outlook
AM Best Company	A+	Stable
Moody's Investors Services ("Moody's")	A2	Positive
Fitch Ratings	A+	Stable
Standard & Poor's Global Ratings ("S&P")	A	Stable

On May 25, 2023, Fitch reaffirmed our "A+" rating with a "stable" outlook. In taking this rating action, Fitch cited our (i) business profile as a regional commercial lines writer with strong independent agency relationships, (ii) strong capitalization, and (iii) strong financial performance with stable underwriting results and return metrics that have remained favorable compared to peers.

On July 18, 2023, Moody's reaffirmed our "A2" rating and changed our rating outlook to "positive" from "stable." In taking this rating action, Moody's cited our (i) long record of consistent underwriting profitability and measured geographic expansion while maintaining a sound balance sheet, (ii) strong regional market presence with strong independent agency relationships, and (iii) conservative investment portfolio.

On October 9, 2023, S&P reaffirmed our "A" rating with a "stable" outlook. In taking this rating action, S&P cited our (i) strong financial and business risk profiles, (ii) sound underwriting process that produces profitable operating performance, and (iii) very strong and stable capital adequacy.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2022 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. In performing this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions about required disclosure. No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during Third Quarter 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Incidental to our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 13. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. “Risk Factors.” below in Part II. “Other Information.” As of September 30, 2023, we have no material pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

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ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all of the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at anytime. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. There have been no material changes from the risk factors disclosed in Item 1A. “Risk Factors.” in our 2022 Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in Third Quarter 2023:

Period	Total Number of Shares Purchased1	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs2	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Announced Programs (in millions)2
July 1-31, 2023	659	$	97.45	—	$	84.2
August 1-31, 2023	105	103.30		—	84.2
September 1-30, 2023	2,195	98.66		—	84.2
Total	2,959	$	98.55	—	$	84.2

1We purchased these shares from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.

2On December 2, 2020, we announced our Board of Directors authorized a $100 million share repurchase program with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management will determine the timing and amount of any share repurchases under the authorization at its discretion based on market conditions and other considerations.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During the three months ended September 30, 2023, no director or officer of the Company adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement") or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

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ITEM 6. EXHIBITS.

Exhibit No.
*31.1	Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2	Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
**32.1	Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**32.2	Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101	The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104	The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in iXBRL.

* Filed herewith.

** Furnished and not filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.

Registrant 

Date:	November 2, 2023	By: /s/ John J. Marchioni
		John J. Marchioni
		Chairman of the Board, President and Chief Executive Officer
		(principal executive officer)
Date:	November 2, 2023	By: /s/ Mark A. Wilcox
		Mark A. Wilcox
		Executive Vice President and Chief Financial Officer
		(principal financial officer)

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EX-31.1

Exhibit 31.1

Certification pursuant to Rule 13a-14(a), as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 2, 2023	By: /s/ John J. Marchioni
		John J. Marchioni
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification pursuant to Rule 13a-14(a), as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, MARK A. WILCOX, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	November 2, 2023	By: /s/ Mark A. Wilcox
		Mark A. Wilcox
		Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended September 30, 2023 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	November 2, 2023	By: /s/ John J. Marchioni
		John J. Marchioni
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, MARK A. WILCOX, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended September 30, 2023 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	November 2, 2023	By: /s/ Mark A. Wilcox
		Mark A. Wilcox
		Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-33067
Entity Registrant Name	SELECTIVE INSURANCE GROUP, INC
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2168890
Entity Address, Address Line One	40 Wantage Avenue
Entity Address, City or Town	Branchville
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07890
City Area Code	(973)
Local Phone Number	948-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,588,494
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000230557
Current Fiscal Year End Date	--12-31
Noncumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value
Trading Symbol	SIGIP
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $2 per share
Trading Symbol	SIGI
Security Exchange Name	NASDAQ

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Fixed income securities, held-to-maturity - at carrying value	$ 23,240	$ 31,157
Less: allowance for credit losses	0	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	23,240	31,157
Fixed income securities, available-for-sale - at fair value	7,027,104	6,612,107
Commercial mortgage loans - at carrying value	186,114	149,305
Less: allowance for credit losses	(181)	(116)
Commercial mortgage loans, net of allowance for credit losses	185,933	149,189
Equity securities - at fair value	125,618	162,000
Short-term investments	315,026	440,456
Alternative investments	446,805	371,316
Other investments	72,188	71,244
Total investments (Note 4 and 5)	8,195,914	7,837,469
Cash	109	26
Restricted cash	13,236	25,183
Accrued investment income	62,172	59,167
Premiums receivable	1,348,948	1,101,787
Less: allowance for credit losses (Note 6)	(18,900)	(16,100)
Premiums receivable, net of allowance for credit losses	1,330,048	1,085,687
Reinsurance recoverable, gross	687,141	784,410
Less: allowance for credit losses (Note 7)	(1,800)	(1,600)
Reinsurance recoverable, net of allowance for credit losses	685,341	782,810
Prepaid reinsurance premiums	205,189	172,371
Current federal income tax	0	3,545
Deferred federal income tax	199,317	172,733
Property and equipment - at cost, net of accumulated depreciation and amortization	81,372	84,306
Deferred policy acquisition costs	425,754	368,624
Goodwill	7,849	7,849
Other assets	221,658	202,491
Total assets	11,427,959	10,802,261
Liabilities:
Reserve for loss and loss expense (Note 8)	5,301,370	5,144,821
Unearned premiums	2,342,196	1,992,781
Long-term debt	504,591	504,676
Current federal income tax	2,538	0
Accrued salaries and benefits	114,239	115,185
Other liabilities	518,602	517,234
Total liabilities	8,783,536	8,274,697
Stockholders' Equity:
Preferred stock of $0 par value per share: Authorized shares 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2023 and 2022	200,000	200,000
Common stock of $2 par value per share: Authorized shares 360,000,000; Issued: 105,172,002 - 2023; 104,847,111 - 2022	210,344	209,694
Additional paid-in capital	516,854	493,488
Retained earnings	2,928,177	2,749,703
Accumulated other comprehensive income (loss) (Note 11)	(575,869)	(498,042)
Treasury stock, at cost (shares: 44,585,641 - 2023; 44,508,211 - 2022)	(635,083)	(627,279)
Total stockholders' equity	2,644,423	2,527,564
Commitments and contingencies
Total liabilities and stockholders' equity	$ 11,427,959	$ 10,802,261

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Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Net premiums earned	$ 981,917	$ 853,879	$ 2,826,403	$ 2,500,601
Net investment income earned	100,863	63,889	290,065	206,713
Net realized and unrealized investment gains (losses)	(6,880)	(25,681)	(8,962)	(108,913)
Other income	5,181	2,933	13,919	7,499
Total revenues	1,081,081	895,020	3,121,425	2,605,900
Expenses:
Loss and loss expense incurred	645,897	547,826	1,859,465	1,566,930
Amortization of deferred policy acquisition costs	201,106	179,048	585,660	522,186
Other insurance expenses	108,504	102,806	325,949	298,310
Interest expense	7,186	7,179	21,610	21,599
Corporate expenses	5,871	5,522	27,308	24,442
Total expenses	968,564	842,381	2,819,992	2,433,467
Income before federal income tax	112,517	52,639	301,433	172,433
Federal income tax expense:
Current	24,133	14,813	67,004	41,682
Deferred	(824)	(4,699)	(5,961)	(7,624)
Total federal income tax expense	23,309	10,114	61,043	34,058
Net income	89,208	42,525	240,390	138,375
Preferred stock dividends	2,300	2,300	6,900	6,900
Net income available to common stockholders	$ 86,908	$ 40,225	$ 233,490	$ 131,475
Earnings per common share (in dollars per share):
Earnings per common share - net income available to common stockholders - Basic	$ 1.43	$ 0.67	$ 3.85	$ 2.18
Earnings per common share - net income available to common stockholders - Diluted	$ 1.42	$ 0.66	$ 3.83	$ 2.16

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 89,208	$ 42,525	$ 240,390	$ 138,375
Unrealized holding gains (losses) arising during period	(80,361)	(149,803)	(76,219)	(532,744)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(25,989)	(53,946)	(13,032)	(179,803)
Amounts reclassified into net income: Held-to-maturity securities	0	1	0	2
Amounts reclassified into net income: Net realized (gains) losses on disposals and losses on intent-to-sell AFS securities	3,656	11,246	15,891	38,233
Amounts reclassified into net income: Credit loss (benefit) expense	1,949	3,532	(6,261)	33,214
Total unrealized gains (losses) on investment securities	(100,745)	(188,970)	(79,621)	(641,098)
Amount reclassified into net income: Net actuarial loss	598	329	1,794	988
Total defined benefit pension and post-retirement plans, Net	598	329	1,794	988
Other comprehensive income (loss)	(100,147)	(188,641)	(77,827)	(640,110)
Comprehensive income (loss)	$ (10,939)	$ (146,116)	$ 162,563	$ (501,735)

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Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional paid-in capital [Member]	Retained Earnings [Member]	Accumulated other comprehensive income (loss) [Member]	Treasury Stock, Common
Preferred stock, shares outstanding	8,000
Beginning of period at Dec. 31, 2021		$ 200,000	$ 208,902	$ 464,347	$ 2,603,472	$ 115,099	$ (608,935)
Issuance of preferred stock		0
Dividend reinvestment plan			34	1,325
Stock purchase and compensation plans			622	20,567
Net income	$ 138,375				138,375
Dividends to preferred stockholders					(6,900)
Dividends to common stockholders					(51,184)
Other comprehensive income (loss)	(640,110)					(640,110)
Acquisition of treasury stock - share repurchase authorization							(12,423)
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(5,658)
End of period at Sep. 30, 2022	$ 2,427,533	$ 200,000	209,558	486,239	2,683,763	(525,011)	(627,016)
Dividends declared per preferred share (in dollars per share)	$ 862.50
Dividends declared per common share (in dollars per share)	$ 0.84
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Dec. 31, 2021	60,184,382
Dividend reinvestment plan, shares	17,152
Stock purchase and compensation plan, shares	310,760
Acquisition of treasury stock, share repurchase authorization, shares	(165,159)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(73,644)
Common stock, shares outstanding, end of period at Sep. 30, 2022	60,273,491
Preferred stock, shares outstanding	8,000
Beginning of period at Jun. 30, 2022		$ 200,000	209,506	481,380	2,660,584	(336,370)	(621,010)
Issuance of preferred stock		0
Dividend reinvestment plan			11	438
Stock purchase and compensation plans			41	4,421
Net income	$ 42,525				42,525
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(17,046)
Other comprehensive income (loss)	(188,641)					(188,641)
Acquisition of treasury stock - share repurchase authorization							(5,931)
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(75)
End of period at Sep. 30, 2022	$ 2,427,533	$ 200,000	209,558	486,239	2,683,763	(525,011)	(627,016)
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.28
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Jun. 30, 2022	60,327,734
Dividend reinvestment plan, shares	5,647
Stock purchase and compensation plan, shares	20,073
Acquisition of treasury stock, share repurchase authorization, shares	(79,100)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(863)
Common stock, shares outstanding, end of period at Sep. 30, 2022	60,273,491
Preferred stock, shares outstanding	8,000
Preferred stock, shares outstanding	8,000
Beginning of period at Dec. 31, 2022	$ 2,527,564	$ 200,000	209,694	493,488	2,749,703	(498,042)	(627,279)
Issuance of preferred stock		0
Dividend reinvestment plan			27	1,335
Stock purchase and compensation plans			623	22,031
Net income	240,390				240,390
Dividends to preferred stockholders					(6,900)
Dividends to common stockholders					(55,016)
Other comprehensive income (loss)	(77,827)					(77,827)
Acquisition of treasury stock - share repurchase authorization							0
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(7,804)
End of period at Sep. 30, 2023	$ 2,644,423	$ 200,000	210,344	516,854	2,928,177	(575,869)	(635,083)
Dividends declared per preferred share (in dollars per share)	$ 862.50
Dividends declared per common share (in dollars per share)	$ 0.90
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Dec. 31, 2022	60,338,900
Dividend reinvestment plan, shares	13,677
Stock purchase and compensation plan, shares	311,214
Acquisition of treasury stock, share repurchase authorization, shares	0
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(77,430)
Common stock, shares outstanding, end of period at Sep. 30, 2023	60,586,361
Preferred stock, shares outstanding	8,000
Beginning of period at Jun. 30, 2023		$ 200,000	210,296	512,040	2,859,569	(475,722)	(634,791)
Issuance of preferred stock		0
Dividend reinvestment plan			8	427
Stock purchase and compensation plans			40	4,387
Net income	$ 89,208				89,208
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(18,300)
Other comprehensive income (loss)	(100,147)					(100,147)
Acquisition of treasury stock - share repurchase authorization							0
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans							(292)
End of period at Sep. 30, 2023	$ 2,644,423	$ 200,000	$ 210,344	$ 516,854	$ 2,928,177	$ (575,869)	$ (635,083)
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.30
Issuance of preferred stock, shares		0
Common stock, shares outstanding, beginning of period at Jun. 30, 2023	60,565,483
Dividend reinvestment plan, shares	4,362
Stock purchase and compensation plan, shares	19,475
Acquisition of treasury stock, share repurchase authorization, shares	0
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares	(2,959)
Common stock, shares outstanding, end of period at Sep. 30, 2023	60,586,361
Preferred stock, shares outstanding	8,000

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net income	$ 240,390	$ 138,375
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	23,432	34,350
Stock-based compensation expense	16,374	15,123
Undistributed gains of equity method investments	(16,266)	(12,971)
Distributions in excess of current year income of equity method investments	8,656	33,365
Net realized and unrealized (gains) losses	8,962	108,913
Loss (gain) on disposal of fixed assets	(6)	0
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	254,018	271,311
Increase in unearned premiums, net of prepaid reinsurance	316,597	223,332
Decrease (increase) in net federal income taxes	216	(31,607)
Increase in premiums receivable	(244,361)	(168,286)
Increase in deferred policy acquisition costs	(57,130)	(44,010)
Increase in accrued investment income	(3,038)	(5,936)
Decrease in accrued salaries and benefits	(946)	(8,830)
Increase in other assets	(12,496)	(31,241)
Decrease in other liabilities	(12,096)	(36,444)
Net cash provided by (used in) operating activities	522,306	485,444
Investing Activities
Purchases of fixed income securities, held-to-maturity	0	(6,692)
Purchases of fixed income securities, available-for-sale	(1,999,665)	(2,183,013)
Purchases of commercial mortgage loans	(38,281)	(57,289)
Purchases of equity securities	(13,731)	(21,044)
Purchases of alternative investments and other investments	(83,810)	(45,495)
Purchases of short-term investments	(3,483,923)	(3,123,086)
Sales of fixed income securities, available-for-sale	1,115,260	986,367
Proceeds from commercial mortgage loans	1,473	7,875
Sales of short-term investments	3,609,991	3,302,140
Redemption and maturities of fixed income securities, held-to-maturity	7,918	2,508
Redemption and maturities of fixed income securities, available-for-sale	367,495	539,680
Sales of equity securities	53,344	155,670
Sales of other investments	900	2,156
Distributions from alternative investments and other investments	7,765	11,114
Purchases of property and equipment	(14,763)	(21,758)
Net cash provided by (used in) investing activities	(470,027)	(450,867)
Financing Activities
Dividends to preferred stockholders	(6,900)	(6,900)
Dividends to common stockholders	(53,122)	(49,307)
Acquisition of treasury stock	(7,804)	(18,081)
Net proceeds from stock purchase and compensation plans	5,616	5,500
Proceeds from borrowings	20,000	35,000
Repayments of borrowings	(20,000)	(35,000)
Repayments of finance lease obligations	(1,933)	(1,819)
Net cash provided by (used in) financing activities	(64,143)	(70,607)
Net increase (decrease) in cash and restricted cash	(11,864)	(36,030)
Cash and restricted cash, beginning of period	25,209	45,063
Cash and restricted cash, end of period	$ 13,345	$ 9,033

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed income securities, held-to-maturity, fair value	$ 21,892	$ 29,837
Fixed income securities, available-for-sale, allowance for credit loss	33,538	45,721
Fixed income securities, available-for-sale, amortized cost	7,689,350	7,185,754
Commercial mortgage loans, fair value	171,386	139,243
Equity securities, cost	122,388	167,431
Property and equipment, accumulated depreciation and amortization	$ 268,260	$ 251,209
Preferred stock, par or stated value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	8,000	8,000
Preferred stock, shares outstanding	8,000	8,000
Preferred stock, liquidation preference (in dollars per share)	$ 25,000	$ 25,000
Common stock, par or stated value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized	360,000,000	360,000,000
Common stock, shares issued	105,172,002	104,847,111
Treasury stock, common, shares	44,585,641	44,508,211

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Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Basis of Presentation And Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the third quarters ended September 30, 2023 (“Third Quarter 2023”) and September 30, 2022 (“Third Quarter 2022”), and the nine-month periods ended September 30, 2023 ("Nine Months 2023") and September 30, 2022 ("Nine Months 2022"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”) filed with the SEC.

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Accounting Pronouncements

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Accounting Pronouncements

Adoption of Accounting Pronouncements 

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 issued in December 2022. We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate.

Pronouncements to be effective in the future

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of this guidance.

In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income-housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance.

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Statements of Cash Flows

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Statements of Cash Flows

Statements of Cash Flows

Supplemental cash flow information was as follows:

	Nine Months ended September 30,
($ in thousands)	2023		2022
Cash paid (received) during the period for:
Interest	$	22,712	22,699
Federal income tax	57,000		61,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	5,773		6,096
Operating cash flows from financing leases	41		33
Financing cash flows from finance leases	1,933		1,819
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	18,840		32,546
Conversion of AFS fixed income securities to equity securities	—		1,463
Assets acquired under finance lease arrangements	1,584		650
Assets acquired under operating lease arrangements	5,068		15,514
Non-cash purchase of property and equipment	22		—

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets that equate to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)	September 30, 2023		December 31, 2022
Cash	$	109	26
Restricted cash	13,236		25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	13,345	25,209

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

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Investments

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Investments

Investments

(a) Information regarding our AFS securities as of September 30, 2023 and December 31, 2022, were as follows:

September 30, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	253,174	—	—	(26,445)	226,729
Foreign government	11,155		(32)	—	(1,807)	9,316
Obligations of states and political subdivisions	672,075		(892)	125	(56,557)	614,751
Corporate securities	2,684,453		(17,765)	2,003	(228,556)	2,440,135
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,819,454		(3,218)	4,144	(106,665)	1,713,715
Residential mortgage-backed securities ("RMBS")	1,548,758		(11,625)	500	(153,174)	1,384,459
Commercial mortgage-backed securities ("CMBS")	700,281		(6)	—	(62,276)	637,999
Total AFS fixed income securities	$	7,689,350	(33,538)	6,772	(635,480)	7,027,104

December 31, 2022	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	209,528	—	37	(20,326)	189,239
Foreign government	11,199		(284)	—	(1,307)	9,608
Obligations of states and political subdivisions	965,231		(1,024)	1,812	(48,001)	918,018
Corporate securities	2,558,655		(30,330)	3,509	(196,809)	2,335,025
CLO and other ABS	1,607,660		(2,375)	2,408	(121,720)	1,485,973
RMBS	1,169,546		(11,597)	1,148	(99,265)	1,059,832
CMBS	663,935		(111)	348	(49,760)	614,412
Total AFS fixed income securities	$	7,185,754	(45,721)	9,262	(537,188)	6,612,107

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended September 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	34	—	—	(2)	—	—	32
Obligations of states and political subdivisions	769		96	—	55	(28)	—	892
Corporate securities	16,149		1,939	—	(111)	(212)	—	17,765
CLO and other ABS	2,915		148	—	167	(12)	—	3,218
RMBS	11,550		23	—	154	(102)	—	11,625
CMBS	8		—	—	(1)	(1)	—	6
Total AFS fixed income securities	$	31,425	2,206	—	262	(355)	—	33,538

Quarter ended September 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	265	40	—	15	—	—	320
Obligations of states and political subdivisions	1,206		313	—	(181)	(27)	—	1,311
Corporate securities	35,072		4,061	—	633	(2,733)	(63)	36,970
CLO and other ABS	3,623		35	—	(527)	(17)	—	3,114
RMBS	10,616		35	—	46	(94)	—	10,603
CMBS	18		—	—	1	—	—	19
Total AFS fixed income securities	$	50,800	4,484	—	(13)	(2,871)	(63)	52,337

Nine Months ended September 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(252)	—	—	32
Obligations of states and political subdivisions	1,024		100	—	(120)	(112)	—	892
Corporate securities	30,330		6,078	—	(14,992)	(3,600)	(51)	17,765
CLO and other ABS	2,375		904	—	(40)	(21)	—	3,218
RMBS	11,597		24	—	334	(330)	—	11,625
CMBS	111		1	—	38	(144)	—	6
Total AFS fixed income securities	$	45,721	7,107	—	(15,032)	(4,207)	(51)	33,538

Nine Months ended September 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	46	292	—	(4)	(14)	—	320
Obligations of states and political subdivisions	137		1,371	—	(6)	(191)	—	1,311
Corporate securities	6,682		33,096	—	4,384	(5,925)	(1,267)	36,970
CLO and other ABS	939		1,580	—	623	(28)	—	3,114
RMBS	1,909		225	8,318	473	(322)	—	10,603
CMBS	11		18	—	(10)	—	—	19
Total AFS fixed income securities	$	9,724	36,582	8,318	5,460	(6,480)	(1,267)	52,337

During Nine Months 2023 and Nine Months 2022, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. Accrued interest on AFS securities was $60.7 million as of September 30, 2023, and $56.4 million as of December 31, 2022. We did not record any (i) write-offs of accrued interest during Nine Months 2023, or (ii) material write-offs of accrued interest in Nine Months 2022.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

September 30, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	126,898	(1,428)	99,831	(25,017)	226,729	(26,445)
Foreign government	1,528		(122)	7,788	(1,685)	9,316	(1,807)
Obligations of states and political subdivisions	307,144		(8,921)	282,238	(47,636)	589,382	(56,557)
Corporate securities	808,733		(27,732)	1,392,386	(200,824)	2,201,119	(228,556)
CLO and other ABS	522,941		(13,560)	1,014,419	(93,105)	1,537,360	(106,665)
RMBS	609,952		(28,785)	725,818	(124,389)	1,335,770	(153,174)
CMBS	182,481		(8,363)	455,518	(53,913)	637,999	(62,276)
Total AFS fixed income securities	$	2,559,677	(88,911)	3,977,998	(546,569)	6,537,675	(635,480)

December 31, 2022	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	166,975	(13,658)	16,011	(6,668)	182,986	(20,326)
Foreign government	5,573		(608)	2,456	(699)	8,029	(1,307)
Obligations of states and political subdivisions	681,795		(43,767)	16,618	(4,234)	698,413	(48,001)
Corporate securities	1,889,492		(164,197)	133,223	(32,612)	2,022,715	(196,809)
CLO and other ABS	916,423		(69,155)	411,283	(52,565)	1,327,706	(121,720)
RMBS	887,229		(76,432)	108,041	(22,833)	995,270	(99,265)
CMBS	512,953		(37,815)	77,181	(11,945)	590,134	(49,760)
Total AFS fixed income securities	$	5,060,440	(405,632)	764,813	(131,556)	5,825,253	(537,188)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The increase in gross unrealized losses as of September 30, 2023, compared to December 31, 2022, was primarily driven by an increase in benchmark U.S. Treasury rates, partially offset by a tightening of credit spreads. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of September 30, 2023. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at September 30, 2023, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	428,247	224	223
Due after one year through five years	3,197,277		13,833	13,179
Due after five years through 10 years	2,463,374		9,183	8,490
Due after 10 years	938,206		—	—
Total fixed income securities	$	7,027,104	23,240	21,892

(d) The following table summarizes our alternative investment portfolio by strategy:

	September 30, 2023				December 31, 2022
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	306,357	138,325	444,682	280,980	134,676	415,656
Private credit	102,373		89,809	192,182	54,866	89,481	144,347
Real assets	38,075		19,161	57,236	35,470	21,945	57,415
Total alternative investments	$	446,805	247,295	694,100	371,316	246,102	617,418

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2023 or 2022.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for the three- and nine-month periods ended June 30:

Income Statement Information	Quarter ended September 30,			Nine Months ended September 30,
($ in millions)	2023		2022	2023		2022
Net investment income (loss)	$	74.3	205.6	$	(66.9)	612.0
Realized gains	1,108.5		1,983.5	3,752.8		10,964.9
Net change in unrealized appreciation (depreciation)	2,216.3		(3,188.9)	7,414.1		(1,973.0)
Net income	$	3,399.1	(999.8)	$	11,100.0	9,603.9
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	6.5	(5.6)	$	25.6	22.8

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at September 30, 2023 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at September 30, 2023:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	18.7	18.7
Obligations of states and political subdivisions	—		—	3.5	3.5
RMBS	61.7		24.7	—	86.4
CMBS	2.5		8.5	—	11.0
Total pledged as collateral	$	64.2	33.2	22.2	119.6

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of September 30, 2023, or December 31, 2022.

(g) The components of pre-tax net investment income earned were as follows:

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Fixed income securities	$	90,013	68,236	$	254,016	184,305
Commercial mortgage loans ("CMLs")	2,516		1,600	6,680		3,762
Equity securities	2,083		2,604	5,524		7,661
Short-term investments	3,941		1,152	11,483		1,660
Alternative investments	6,473		(5,581)	25,637		22,821
Other investments	284		112	515		75
Investment expenses	(4,447)		(4,234)	(13,790)		(13,571)
Net investment income earned	$	100,863	63,889	$	290,065	206,713

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Gross gains on sales	$	367	7,094	$	5,307	23,843
Gross losses on sales	(5,264)		(19,668)	(30,146)		(52,573)
Net realized gains (losses) on disposals	(4,897)		(12,574)	(24,839)		(28,730)
Net unrealized gains (losses) on equity securities	489		(7,777)	8,662		(31,791)
Net credit loss benefit (expense) on fixed income securities, AFS	(2,468)		(4,471)	7,925		(42,042)
Net credit loss benefit (expense) on fixed income securities, HTM	—		54	—		62
Net credit loss (expense) on CMLs	(4)		—	(65)		—
Losses on securities for which we have the intent to sell	—		(913)	(645)		(6,412)
Net realized and unrealized investment gains (losses)	$	(6,880)	(25,681)	$	(8,962)	(108,913)

Net realized and unrealized investment losses decreased $18.8 million in Third Quarter 2023 compared to Third Quarter 2022, primarily due to (i) an increase in valuations reflecting the current public equities market, and (ii) a decrease in net realized losses on disposals from our AFS fixed income securities portfolio.

Net realized and unrealized investment losses decreased $100.0 million in Nine Months 2023 compared to Nine Months 2022, primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in Nine Months 2023 compared to credit loss expense recorded in Nine Months 2022, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in Nine Months 2023 reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates.

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	200	(5,832)	$	2,744	(16,334)
On securities sold in period	289		(1,945)	5,918		(15,457)
Total unrealized gains (losses) recognized in income on equity securities	$	489	(7,777)	$	8,662	(31,791)

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Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of September 30, 2023, and December 31, 2022:

	September 30, 2023			December 31, 2022
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,925	50,293	49,921	51,705
6.70% Senior Notes	99,559		98,175	99,542	99,264
5.375% Senior Notes	294,497		254,421	294,424	258,459
3.03% borrowings from FHLBI	60,000		56,580	60,000	57,175
Subtotal long-term debt	503,981		459,469	503,887	466,603
Unamortized debt issuance costs	(2,759)			(2,929)
Finance lease obligations	3,369			3,718
Total long-term debt	$	504,591		504,676

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at September 30, 2023, and December 31, 2022:

September 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	226,729	67,185	159,544	—
Foreign government	9,316		—	9,316	—
Obligations of states and political subdivisions	614,751		—	608,108	6,643
Corporate securities	2,440,135		—	2,179,656	260,479
CLO and other ABS	1,713,715		—	1,503,308	210,407
RMBS	1,384,459		—	1,384,459	—
CMBS	637,999		—	637,655	344
Total AFS fixed income securities	7,027,104		67,185	6,482,046	477,873
Equity securities:
Common stock1	123,942		19,041	—	933
Preferred stock	1,676		1,676	—	—
Total equity securities	125,618		20,717	—	933
Short-term investments	315,026		303,193	11,833	—
Total assets measured at fair value	$	7,467,748	391,095	6,493,879	478,806

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	189,239	109,240	79,999	—
Foreign government	9,608		—	9,608	—
Obligations of states and political subdivisions	918,018		—	911,357	6,661
Corporate securities	2,335,025		—	2,147,045	187,980
CLO and other ABS	1,485,973		—	1,332,631	153,342
RMBS	1,059,832		—	1,059,832	—
CMBS	614,412		—	614,037	375
Total AFS fixed income securities	6,612,107		109,240	6,154,509	348,358
Equity securities:
Common stock1	160,355		55,846	—	897
Preferred stock	1,645		1,645	—	—
Total equity securities	162,000		57,491	—	897
Short-term investments	440,456		418,199	22,257	—
Total assets measured at fair value	$	7,214,563	584,930	6,176,766	349,255

1Investments amounting to $104.0 million at September 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

The following tables provide a summary of Level 3 changes in Nine Months 2023 and Nine Months 2022:

September 30, 2023
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(80)		(517)	(2,433)	35	—	(2,995)
Net realized and unrealized gains (losses)	62		289	(110)	—	(157)	84
Net investment income earned	—		359	(12)	(264)	—	83
Purchases	—		77,567	60,015	—	—	137,582
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(7,437)	(4,343)	(24)	—	(11,804)
Transfers into Level 3	—		2,238	14,148	2,848	193	19,427
Transfers out of Level 3	—		—	(10,200)	(2,626)	—	(12,826)
Fair value, September 30, 2023	$	6,643	260,479	210,407	344	933	478,806
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		289	(110)	—	(157)	84
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(80)		(528)	(2,433)	35	—	(3,006)

September 30, 2022
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Total
Fair value, December 31, 2021	$	7,745	114,127	124,909	245	4,256	251,282
Total net gains (losses) for the period included in:
OCI	(879)		(23,847)	(11,436)	(17)	(477)	(36,656)
Net realized and unrealized gains (losses)	(155)		(2,345)	(771)	—	(7)	(3,278)
Net investment income earned	—		49	127	—	46	222
Purchases	—		74,327	44,167	—	—	118,494
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(8,663)	(6,678)	(11)	(15)	(15,367)
Transfers into Level 3	—		19,214	—	—	—	19,214
Transfers out of Level 3	—		(7,038)	(24,646)	(217)	(3,430)	(35,331)
Fair value, September 30, 2022	$	6,711	165,824	125,672	—	373	298,580
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(155)		(2,330)	(771)	—	(7)	(3,263)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(879)		(23,852)	(11,395)	(17)	(477)	(36,620)

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at September 30, 2023, and December 31, 2022:

September 30, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	121,401	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	2.1%
CLO and other ABS	98,801		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.6%
Total internal valuations	220,202
Other1	258,604
Total Level 3 securities	$	478,806

December 31, 2022
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	81,867	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.3%
CLO and other ABS	59,452		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	141,319
Other1	207,936
Total Level 3 securities	$	349,255

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in our determination of fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at September 30, 2023, and December 31, 2022:

September 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	21,892	—	21,892	—
Total HTM fixed income securities	21,892		—	21,892	—
CMLs	$	171,386	—	—	171,386
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	50,293	—	50,293	—
6.70% Senior Notes	98,175		—	98,175	—
5.375% Senior Notes	254,421		—	254,421	—
3.03% borrowings from FHLBI	56,580		—	56,580	—
Total long-term debt	$	459,469	—	459,469	—

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Obligations of states and political subdivisions	$	3,405	—	3,405	—
Corporate securities	26,432		—	26,432	—
Total HTM fixed income securities	$	29,837	—	29,837	—
CMLs	$	139,243	—	—	139,243
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,705	—	51,705	—
6.70% Senior Notes	99,264		—	99,264	—
5.375% Senior Notes	258,459		—	258,459	—
3.03% borrowings from FHLBI	57,175		—	57,175	—
Total long-term debt	$	466,603	—	466,603	—

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Allowance for Credit Losses on Premiums Receivable (Notes)

9 Months Ended

Sep. 30, 2023

Premiums Receivable Disclosure [Abstract]

Premiums Receivable Note [Text Block]

Premiums Receivable

The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

	Quarter ended September 30,				Nine Months ended September 30,
($ in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	17,900	$	14,900	$	16,100	$	13,600
Current period change for expected credit losses	1,973		2,250		5,398		4,335
Write-offs charged against the allowance for credit losses	(1,257)		(2,349)		(3,468)		(3,787)
Recoveries	284		399		870		1,052
Allowance for credit losses, end of period	$	18,900	$	15,200	$	18,900	$	15,200

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

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Reinsurance

9 Months Ended

Sep. 30, 2023

Reinsurance Disclosures [Abstract]

Reinsurance

Reinsurance

We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of September 30, 2023, and December 31, 2022:

	September 30, 2023
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	87,295	$	20	$	87,315
A+	377,078		4,876		381,954
A	116,903		1,981		118,884
A-	3,669		89		3,758
Total rated reinsurers	$	584,945	$	6,966	$	591,911
Non-rated reinsurers
Federal and state pools	$	88,777	$	16	$	88,793
Other than federal and state pools	6,227		210		6,437
Total non-rated reinsurers	$	95,004	$	226	$	95,230
Total reinsurance recoverable, gross	$	679,949	$	7,192	$	687,141
Less: allowance for credit losses					(1,800)
Total reinsurance recoverable, net					$	685,341

	December 31, 2022
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	46,282	$	1	$	46,283
A+	425,395		3,191		428,586
A	106,102		1,315		107,417
A-	7,148		89		7,237
Total rated reinsurers	$	584,927	$	4,596	$	589,523
Non-rated reinsurers
Federal and state pools	$	180,794	$	—	$	180,794
Other than federal and state pools	13,678		415		14,093
Total non-rated reinsurers	$	194,472	$	415	$	194,887
Total reinsurance recoverable, gross	$	779,399	$	5,011	$	784,410
Less: allowance for credit losses					(1,600)
Total reinsurance recoverable, net					$	782,810

The $92.0 million decrease in "Federal and state pools" as of September 30, 2023, compared to December 31, 2022, was

primarily due to a decrease in the NFIP reserves recorded as of December 31, 2022, for flood losses in Florida and surrounding states as a result of Hurricane Ian, which are 100% ceded to the NFIP and continue to be paid as the associated claims are settled.

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

($ in thousands)	Quarter ended September 30,			Nine Months ended September 30,
	2023		2022	2023		2022
Balance at beginning of period	$	1,800	1,600	$	1,600	1,600
Current period change for expected credit losses	—		—	200		—
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,800	1,600	$	1,800	1,600

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Premiums written:
Direct	$	1,214,444	1,037,612	$	3,579,700	3,089,166
Assumed	9,087		9,531	20,058		23,398
Ceded	(165,206)		(143,749)	(456,758)		(388,631)
Net	$	1,058,325	903,394	$	3,143,000	2,723,933
Premiums earned:
Direct	$	1,123,444	984,981	$	3,229,170	2,872,008
Assumed	8,916		8,514	21,174		21,523
Ceded	(150,443)		(139,616)	(423,941)		(392,930)
Net	$	981,917	853,879	$	2,826,403	2,500,601
Loss and loss expense incurred:
Direct	$	741,288	732,568	$	2,053,511	1,821,069
Assumed	8,182		6,443	19,115		15,846
Ceded	(103,573)		(191,185)	(213,161)		(269,985)
Net	$	645,897	547,826	$	1,859,465	1,566,930

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Reserve for Loss and Loss Expense

9 Months Ended

Sep. 30, 2022

Insurance Loss Reserves [Abstract]

Reserve for Loss and Loss Expense

Reserve for Loss and Loss Expense

The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

	Nine Months ended September 30,
($ in thousands)	2023		2022
Gross reserve for loss and loss expense, at beginning of period	$	5,144,821	4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513		578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308		4,002,262
Incurred loss and loss expense for claims occurring in the:
Current year	1,865,247		1,610,940
Prior years	(5,782)		(44,010)
Total incurred loss and loss expense	1,859,465		1,566,930
Paid loss and loss expense for claims occurring in the:
Current year	607,595		513,118
Prior years	988,859		779,438
Total paid loss and loss expense	1,596,454		1,292,556
Net reserve for loss and loss expense, at end of period	4,650,319		4,276,636
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	651,051		688,641
Gross reserve for loss and loss expense, at end of period	$	5,301,370	4,965,277

Prior year reserve development in Nine Months 2023 was favorable by $5.8 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $10.7 million of unfavorable property reserve development. The favorable casualty reserve development included $24.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $9.0 million of unfavorable casualty reserve development in our personal automobile line of business and $4.0 million in our commercial automobile line of business.

Prior year reserve development in Nine Months 2022 was favorable by $44.0 million, consisting of $48.0 million of favorable casualty reserve development, partially offset by $4.0 million of unfavorable property reserve development. The favorable casualty reserve development included $40.0 million in our workers compensation line of business, $10.0 million in our bonds line of business, $8.0 million in our businessowners' policies line of business, and $5.0 million in our general liability line of business, partially offset by $15.0 million of unfavorable casualty reserve development in our commercial automobile line of business.

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Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments:

Revenue by Segment	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Standard Commercial Lines:
Net premiums earned:
General liability	$	261,551	225,302	$	759,410	667,912
Commercial automobile	234,622		207,129	677,060		599,340
Commercial property	152,495		128,268	429,135		371,892
Workers compensation	81,672		81,996	254,602		250,178
Businessowners' policies	36,016		32,130	103,572		93,682
Bonds	11,715		11,094	34,731		32,136
Other	7,257		6,518	21,142		19,003
Miscellaneous income	4,606		2,444	12,355		6,141
Total Standard Commercial Lines revenue	789,934		694,881	2,292,007		2,040,284
Standard Personal Lines:
Net premiums earned:
Personal automobile	51,906		40,746	145,050		120,414
Homeowners	40,175		32,619	112,090		95,436
Other	3,088		2,273	7,069		5,768
Miscellaneous income	575		489	1,564		1,358
Total Standard Personal Lines revenue	95,744		76,127	265,773		222,976
E&S Lines:
Net premiums earned:
Casualty lines	67,718		59,640	190,686		170,305
Property lines	33,702		26,164	91,856		74,535
Total E&S Lines revenue	101,420		85,804	282,542		244,840
Investments:
Net investment income earned	100,863		63,889	290,065		206,713
Net realized and unrealized investment gains (losses)	(6,880)		(25,681)	(8,962)		(108,913)
Total Investments revenue	93,983		38,208	281,103		97,800
Total revenues	$	1,081,081	895,020	$	3,121,425	2,605,900

Income Before and After Federal Income Tax	Quarter ended September 30,				Nine Months ended September 30,
($ in thousands)	2023			2022	2023		2022
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	41,339		22,501	$	102,406	111,593
Underwriting income (loss), after federal income tax	32,658			17,776	80,901		88,158
Combined ratio	94.7		%	96.8	95.5		94.5
ROE contribution	5.4			3.1	4.4		4.7
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(26,099)		(1,385)	$	(62,232)	(7,232)
Underwriting income (loss), after federal income tax	(20,618)			(1,094)	(49,163)		(5,713)
Combined ratio	127.4		%	101.8	123.6		103.3
ROE contribution	(3.4)			(0.2)	(2.7)		(0.3)
E&S Lines:
Underwriting income (loss), before federal income tax	$	16,351		6,016	$	29,074	16,313
Underwriting income (loss), after federal income tax	12,917			4,753	22,968		12,887
Combined ratio	83.9		%	93.0	89.7		93.3
ROE contribution	2.1			0.8	1.3		0.7
Investments:
Net investment income earned	$	100,863		63,889	$	290,065	206,713
Net realized and unrealized investment gains (losses)	(6,880)			(25,681)	(8,962)		(108,913)
Total investments segment income, before federal income tax	93,983			38,208	281,103		97,800
Tax on investments segment income	19,191			6,964	57,092		17,136
Total investments segment income, after federal income tax	$	74,792		31,244	$	224,011	80,664
ROE contribution of after-tax net investment income earned	13.1			8.9	12.7		8.9

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Underwriting income
Standard Commercial Lines	$	41,339	22,501	$	102,406	111,593
Standard Personal Lines	(26,099)		(1,385)	(62,232)		(7,232)
E&S Lines	16,351		6,016	29,074		16,313
Investment income	93,983		38,208	281,103		97,800
Total all segments	125,574		65,340	350,351		218,474
Interest expense	(7,186)		(7,179)	(21,610)		(21,599)
Corporate expenses	(5,871)		(5,522)	(27,308)		(24,442)
Income, before federal income tax	$	112,517	52,639	$	301,433	172,433
Preferred stock dividends	(2,300)		(2,300)	(6,900)		(6,900)
Income available to common stockholders, before federal income tax	$	110,217	50,339	$	294,533	165,533

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Retirement Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,867	2,486	$	11,599	7,458
Expected return on plan assets	(5,774)		(5,537)	(17,319)		(16,611)
Amortization of unrecognized net actuarial loss	750		366	2,251		1,099
Total net periodic pension cost (benefit)1	$	(1,157)	(2,685)	$	(3,469)	(8,054)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

	Pension Plan
	Nine Months ended September 30,
	2023		2022
Weighted-Average Expense Assumptions:
Discount rate	5.21	%	2.98	%
Effective interest rate for calculation of interest cost	5.09		2.48
Expected return on plan assets	6.90		5.00

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Comprehensive Income

9 Months Ended

Sep. 30, 2023

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Income

Comprehensive Income

The components of comprehensive income, both gross and net of tax, for Third Quarter 2023 and Nine Months 2023 and Third Quarter 2022 and Nine Months 2022 were as follows:

Third Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	112,517	23,309	89,208
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(101,722)		(21,361)	(80,361)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(32,898)		(6,909)	(25,989)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	4,628		972	3,656
Credit loss (benefit) expense	2,468		519	1,949
Total unrealized gains (losses) on investment securities	(127,524)		(26,779)	(100,745)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	756		158	598
Total defined benefit pension and post-retirement plans	756		158	598
Other comprehensive income (loss)	(126,768)		(26,621)	(100,147)
Comprehensive income (loss)	$	(14,251)	(3,312)	(10,939)
Third Quarter 2022
($ in thousands)	Gross		Tax	Net
Net income	$	52,639	10,114	42,525
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(189,622)		(39,819)	(149,803)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(68,287)		(14,341)	(53,946)
Amounts reclassified into net income:
HTM securities	1		—	1
Net realized (gains) losses on disposals and intent-to-sell AFS securities	14,235		2,989	11,246
Credit loss (benefit) expense	4,471		939	3,532
Total unrealized gains (losses) on investment securities	(239,202)		(50,232)	(188,970)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	417		88	329
Total defined benefit pension and post-retirement plans	417		88	329
Other comprehensive income (loss)	(238,785)		(50,144)	(188,641)
Comprehensive income (loss)	$	(186,146)	(40,030)	(146,116)

Nine Months 2023
($ in thousands)	Gross		Tax	Net
Net income	$	301,433	61,043	240,390
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(96,478)		(20,259)	(76,219)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(16,497)		(3,465)	(13,032)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	20,115		4,224	15,891
Credit loss (benefit) expense	(7,925)		(1,664)	(6,261)
Total unrealized gains (losses) on investment securities	(100,785)		(21,164)	(79,621)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	2,270		476	1,794
Total defined benefit pension and post-retirement plans	2,270		476	1,794
Other comprehensive income (loss)	(98,515)		(20,688)	(77,827)
Comprehensive income (loss)	$	202,918	40,355	162,563
Nine Months 2022
($ in thousands)	Gross		Tax	Net
Net income	$	172,433	34,058	138,375
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(674,357)		(141,613)	(532,744)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(227,599)		(47,796)	(179,803)
Amounts reclassified into net income:
HTM securities	2		—	2
Net realized (gains) losses on disposals and intent-to-sell AFS securities	48,396		10,163	38,233
Credit loss (benefit) expense	42,042		8,828	33,214
Total unrealized gains (losses) on investment securities	(811,516)		(170,418)	(641,098)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	1,251		263	988
Total defined benefit pension and post-retirement plans	1,251		263	988
Other comprehensive income (loss)	(810,265)		(170,155)	(640,110)
Comprehensive income (loss)	$	(637,832)	(136,097)	(501,735)

The balances of, and changes in, each component of accumulated other comprehensive income ("AOCI") (net of taxes) as of September 30, 2023, were as follows:

September 30, 2023	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2022	$	(121,838)	(295,197)	(417,035)	(81,007)	(498,042)
OCI before reclassifications	(13,032)		(76,219)	(89,251)	—	(89,251)
Amounts reclassified from AOCI	(6,261)		15,891	9,630	1,794	11,424
Net current period OCI	(19,293)		(60,328)	(79,621)	1,794	(77,827)
Balance, September 30, 2023	$	(141,131)	(355,525)	(496,656)	(79,213)	(575,869)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

The reclassifications out of AOCI were as follows:

	Quarter ended September 30,			Nine Months ended September 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2023		2022	2023		2022
HTM related
Unrealized (gains) losses on HTM disposals	$	—	1	$	—	1	Net realized and unrealized investment gains (losses)
Amortization of net unrealized (gains) losses on HTM securities	—		—	—		1	Net investment income earned
	—		1	—		2	Income before federal income tax
	—		—	—		—	Total federal income tax expense
	—		1	—		2	Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses on disposals and intent-to-sell AFS securities	4,628		14,235	20,115		48,396	Net realized and unrealized investment gains (losses)
	4,628		14,235	20,115		48,396	Income before federal income tax
	(972)		(2,989)	(4,224)		(10,163)	Total federal income tax expense
	3,656		11,246	15,891		38,233	Net income
Credit loss related
Credit loss (benefit) expense	2,468		4,471	(7,925)		42,042	Net realized and unrealized investment gains (losses)
	2,468		4,471	(7,925)		42,042	Income before federal income tax
	(519)		(939)	1,664		(8,828)	Total federal income tax expense
	1,949		3,532	(6,261)		33,214	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	173		90	521		270	Loss and loss expense incurred
	583		327	1,749		981	Other insurance expenses
Total defined benefit pension and post-retirement life	756		417	2,270		1,251	Income before federal income tax
	(158)		(88)	(476)		(263)	Total federal income tax expense
	598		329	1,794		988	Net income
Total reclassifications for the period	$	6,203	15,108	$	11,424	72,437	Net income

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Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Common Share

The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

	Quarter ended September 30,			Nine Months ended September 30,
(in thousands, except per share amounts)	2023		2022	2023	2022
Net income available to common stockholders:	$	86,908	40,225	233,490	131,475
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,676		60,404	60,609	60,409
Effect of dilutive securities - stock compensation plans	340		431	339	420
Weighted average common shares outstanding - diluted	61,016		60,835	60,948	60,829
EPS:
Basic	$	1.43	0.67	3.85	2.18
Diluted	1.42		0.66	3.83	2.16

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Litigation

9 Months Ended

Sep. 30, 2023

Loss Contingency, Information about Litigation Matters [Abstract]

Litigation

Litigation

As of September 30, 2023, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial

condition, results of operations, or cash flows.

All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion is also the subject of first-party coverage litigation against some insurers, including us. To date, insurers (including us) have prevailed in the majority of these suits, with most decisions holding that COVID-19 does not cause physical loss of or damage to property and the Virus Exclusion is valid. Nonetheless, these two matters continue to be litigated in trial courts, are subject to review by state and federal appellate courts, and their ultimate outcome cannot be assured.

From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe that we have valid defenses to these allegations, and we account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. As litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate, adverse outcomes could potentially have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 89,208	$ 42,525	$ 240,390	$ 138,375

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Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Statements of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

	Nine Months ended September 30,
($ in thousands)	2023		2022
Cash paid (received) during the period for:
Interest	$	22,712	22,699
Federal income tax	57,000		61,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	5,773		6,096
Operating cash flows from financing leases	41		33
Financing cash flows from finance leases	1,933		1,819
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	18,840		32,546
Conversion of AFS fixed income securities to equity securities	—		1,463
Assets acquired under finance lease arrangements	1,584		650
Assets acquired under operating lease arrangements	5,068		15,514
Non-cash purchase of property and equipment	22		—

1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

Schedule of Cash and Restricted Cash

($ in thousands)	September 30, 2023		December 31, 2022
Cash	$	109	26
Restricted cash	13,236		25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	13,345	25,209

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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Line Items]

Schedule of Available-for-sale Securities

September 30, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	253,174	—	—	(26,445)	226,729
Foreign government	11,155		(32)	—	(1,807)	9,316
Obligations of states and political subdivisions	672,075		(892)	125	(56,557)	614,751
Corporate securities	2,684,453		(17,765)	2,003	(228,556)	2,440,135
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,819,454		(3,218)	4,144	(106,665)	1,713,715
Residential mortgage-backed securities ("RMBS")	1,548,758		(11,625)	500	(153,174)	1,384,459
Commercial mortgage-backed securities ("CMBS")	700,281		(6)	—	(62,276)	637,999
Total AFS fixed income securities	$	7,689,350	(33,538)	6,772	(635,480)	7,027,104

December 31, 2022	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	209,528	—	37	(20,326)	189,239
Foreign government	11,199		(284)	—	(1,307)	9,608
Obligations of states and political subdivisions	965,231		(1,024)	1,812	(48,001)	918,018
Corporate securities	2,558,655		(30,330)	3,509	(196,809)	2,335,025
CLO and other ABS	1,607,660		(2,375)	2,408	(121,720)	1,485,973
RMBS	1,169,546		(11,597)	1,148	(99,265)	1,059,832
CMBS	663,935		(111)	348	(49,760)	614,412
Total AFS fixed income securities	$	7,185,754	(45,721)	9,262	(537,188)	6,612,107

Debt Securities, Available-for-sale, Allowance for Credit Loss

Quarter ended September 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	34	—	—	(2)	—	—	32
Obligations of states and political subdivisions	769		96	—	55	(28)	—	892
Corporate securities	16,149		1,939	—	(111)	(212)	—	17,765
CLO and other ABS	2,915		148	—	167	(12)	—	3,218
RMBS	11,550		23	—	154	(102)	—	11,625
CMBS	8		—	—	(1)	(1)	—	6
Total AFS fixed income securities	$	31,425	2,206	—	262	(355)	—	33,538

Quarter ended September 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	265	40	—	15	—	—	320
Obligations of states and political subdivisions	1,206		313	—	(181)	(27)	—	1,311
Corporate securities	35,072		4,061	—	633	(2,733)	(63)	36,970
CLO and other ABS	3,623		35	—	(527)	(17)	—	3,114
RMBS	10,616		35	—	46	(94)	—	10,603
CMBS	18		—	—	1	—	—	19
Total AFS fixed income securities	$	50,800	4,484	—	(13)	(2,871)	(63)	52,337

Nine Months ended September 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(252)	—	—	32
Obligations of states and political subdivisions	1,024		100	—	(120)	(112)	—	892
Corporate securities	30,330		6,078	—	(14,992)	(3,600)	(51)	17,765
CLO and other ABS	2,375		904	—	(40)	(21)	—	3,218
RMBS	11,597		24	—	334	(330)	—	11,625
CMBS	111		1	—	38	(144)	—	6
Total AFS fixed income securities	$	45,721	7,107	—	(15,032)	(4,207)	(51)	33,538

Nine Months ended September 30, 2022	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	46	292	—	(4)	(14)	—	320
Obligations of states and political subdivisions	137		1,371	—	(6)	(191)	—	1,311
Corporate securities	6,682		33,096	—	4,384	(5,925)	(1,267)	36,970
CLO and other ABS	939		1,580	—	623	(28)	—	3,114
RMBS	1,909		225	8,318	473	(322)	—	10,603
CMBS	11		18	—	(10)	—	—	19
Total AFS fixed income securities	$	9,724	36,582	8,318	5,460	(6,480)	(1,267)	52,337

Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities by Length of Time, AFS

September 30, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	126,898	(1,428)	99,831	(25,017)	226,729	(26,445)
Foreign government	1,528		(122)	7,788	(1,685)	9,316	(1,807)
Obligations of states and political subdivisions	307,144		(8,921)	282,238	(47,636)	589,382	(56,557)
Corporate securities	808,733		(27,732)	1,392,386	(200,824)	2,201,119	(228,556)
CLO and other ABS	522,941		(13,560)	1,014,419	(93,105)	1,537,360	(106,665)
RMBS	609,952		(28,785)	725,818	(124,389)	1,335,770	(153,174)
CMBS	182,481		(8,363)	455,518	(53,913)	637,999	(62,276)
Total AFS fixed income securities	$	2,559,677	(88,911)	3,977,998	(546,569)	6,537,675	(635,480)

December 31, 2022	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	166,975	(13,658)	16,011	(6,668)	182,986	(20,326)
Foreign government	5,573		(608)	2,456	(699)	8,029	(1,307)
Obligations of states and political subdivisions	681,795		(43,767)	16,618	(4,234)	698,413	(48,001)
Corporate securities	1,889,492		(164,197)	133,223	(32,612)	2,022,715	(196,809)
CLO and other ABS	916,423		(69,155)	411,283	(52,565)	1,327,706	(121,720)
RMBS	887,229		(76,432)	108,041	(22,833)	995,270	(99,265)
CMBS	512,953		(37,815)	77,181	(11,945)	590,134	(49,760)
Total AFS fixed income securities	$	5,060,440	(405,632)	764,813	(131,556)	5,825,253	(537,188)

Schedule of Fixed Maturity Securities By Contractual Maturities

	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	428,247	224	223
Due after one year through five years	3,197,277		13,833	13,179
Due after five years through 10 years	2,463,374		9,183	8,490
Due after 10 years	938,206		—	—
Total fixed income securities	$	7,027,104	23,240	21,892

Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy

	September 30, 2023				December 31, 2022
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	306,357	138,325	444,682	280,980	134,676	415,656
Private credit	102,373		89,809	192,182	54,866	89,481	144,347
Real assets	38,075		19,161	57,236	35,470	21,945	57,415
Total alternative investments	$	446,805	247,295	694,100	371,316	246,102	617,418

Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio

Income Statement Information	Quarter ended September 30,			Nine Months ended September 30,
($ in millions)	2023		2022	2023		2022
Net investment income (loss)	$	74.3	205.6	$	(66.9)	612.0
Realized gains	1,108.5		1,983.5	3,752.8		10,964.9
Net change in unrealized appreciation (depreciation)	2,216.3		(3,188.9)	7,414.1		(1,973.0)
Net income	$	3,399.1	(999.8)	$	11,100.0	9,603.9
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	6.5	(5.6)	$	25.6	22.8

Schedule of Securities Pledged As Collateral

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	18.7	18.7
Obligations of states and political subdivisions	—		—	3.5	3.5
RMBS	61.7		24.7	—	86.4
CMBS	2.5		8.5	—	11.0
Total pledged as collateral	$	64.2	33.2	22.2	119.6

Schedule of Pre-Tax Net Investment Income Earned

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Fixed income securities	$	90,013	68,236	$	254,016	184,305
Commercial mortgage loans ("CMLs")	2,516		1,600	6,680		3,762
Equity securities	2,083		2,604	5,524		7,661
Short-term investments	3,941		1,152	11,483		1,660
Alternative investments	6,473		(5,581)	25,637		22,821
Other investments	284		112	515		75
Investment expenses	(4,447)		(4,234)	(13,790)		(13,571)
Net investment income earned	$	100,863	63,889	$	290,065	206,713

Schedule of realized and unrealized gains (losses) on securities

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Gross gains on sales	$	367	7,094	$	5,307	23,843
Gross losses on sales	(5,264)		(19,668)	(30,146)		(52,573)
Net realized gains (losses) on disposals	(4,897)		(12,574)	(24,839)		(28,730)
Net unrealized gains (losses) on equity securities	489		(7,777)	8,662		(31,791)
Net credit loss benefit (expense) on fixed income securities, AFS	(2,468)		(4,471)	7,925		(42,042)
Net credit loss benefit (expense) on fixed income securities, HTM	—		54	—		62
Net credit loss (expense) on CMLs	(4)		—	(65)		—
Losses on securities for which we have the intent to sell	—		(913)	(645)		(6,412)
Net realized and unrealized investment gains (losses)	$	(6,880)	(25,681)	$	(8,962)	(108,913)

Unrealized Gain (Loss) on Equity Securities

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	200	(5,832)	$	2,744	(16,334)
On securities sold in period	289		(1,945)	5,918		(15,457)
Total unrealized gains (losses) recognized in income on equity securities	$	489	(7,777)	$	8,662	(31,791)

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities

	September 30, 2023			December 31, 2022
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,925	50,293	49,921	51,705
6.70% Senior Notes	99,559		98,175	99,542	99,264
5.375% Senior Notes	294,497		254,421	294,424	258,459
3.03% borrowings from FHLBI	60,000		56,580	60,000	57,175
Subtotal long-term debt	503,981		459,469	503,887	466,603
Unamortized debt issuance costs	(2,759)			(2,929)
Finance lease obligations	3,369			3,718
Total long-term debt	$	504,591		504,676

Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value

September 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)	Significant Other  Observable Inputs  (Level 2)	Significant Unobservable  Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	226,729	67,185	159,544	—
Foreign government	9,316		—	9,316	—
Obligations of states and political subdivisions	614,751		—	608,108	6,643
Corporate securities	2,440,135		—	2,179,656	260,479
CLO and other ABS	1,713,715		—	1,503,308	210,407
RMBS	1,384,459		—	1,384,459	—
CMBS	637,999		—	637,655	344
Total AFS fixed income securities	7,027,104		67,185	6,482,046	477,873
Equity securities:
Common stock1	123,942		19,041	—	933
Preferred stock	1,676		1,676	—	—
Total equity securities	125,618		20,717	—	933
Short-term investments	315,026		303,193	11,833	—
Total assets measured at fair value	$	7,467,748	391,095	6,493,879	478,806

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets  Measured at  Fair Value		Quoted Prices in  Active Markets for Identical Assets/Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs  (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies	$	189,239	109,240	79,999	—
Foreign government	9,608		—	9,608	—
Obligations of states and political subdivisions	918,018		—	911,357	6,661
Corporate securities	2,335,025		—	2,147,045	187,980
CLO and other ABS	1,485,973		—	1,332,631	153,342
RMBS	1,059,832		—	1,059,832	—
CMBS	614,412		—	614,037	375
Total AFS fixed income securities	6,612,107		109,240	6,154,509	348,358
Equity securities:
Common stock1	160,355		55,846	—	897
Preferred stock	1,645		1,645	—	—
Total equity securities	162,000		57,491	—	897
Short-term investments	440,456		418,199	22,257	—
Total assets measured at fair value	$	7,214,563	584,930	6,176,766	349,255

1Investments amounting to $104.0 million at September 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value

Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs

September 30, 2023
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2022	$	6,661	187,980	153,342	375	897	349,255
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(80)		(517)	(2,433)	35	—	(2,995)
Net realized and unrealized gains (losses)	62		289	(110)	—	(157)	84
Net investment income earned	—		359	(12)	(264)	—	83
Purchases	—		77,567	60,015	—	—	137,582
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(7,437)	(4,343)	(24)	—	(11,804)
Transfers into Level 3	—		2,238	14,148	2,848	193	19,427
Transfers out of Level 3	—		—	(10,200)	(2,626)	—	(12,826)
Fair value, September 30, 2023	$	6,643	260,479	210,407	344	933	478,806
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62		289	(110)	—	(157)	84
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(80)		(528)	(2,433)	35	—	(3,006)

September 30, 2022
($ in thousands)	Obligation of state and Political Subdivisions		Corporate Securities	CLO and Other ABS	RMBS	CMBS	Total
Fair value, December 31, 2021	$	7,745	114,127	124,909	245	4,256	251,282
Total net gains (losses) for the period included in:
OCI	(879)		(23,847)	(11,436)	(17)	(477)	(36,656)
Net realized and unrealized gains (losses)	(155)		(2,345)	(771)	—	(7)	(3,278)
Net investment income earned	—		49	127	—	46	222
Purchases	—		74,327	44,167	—	—	118,494
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(8,663)	(6,678)	(11)	(15)	(15,367)
Transfers into Level 3	—		19,214	—	—	—	19,214
Transfers out of Level 3	—		(7,038)	(24,646)	(217)	(3,430)	(35,331)
Fair value, September 30, 2022	$	6,711	165,824	125,672	—	373	298,580
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(155)		(2,330)	(771)	—	(7)	(3,263)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(879)		(23,852)	(11,395)	(17)	(477)	(36,620)

Fair Value Measurement Inputs and Valuation Techniques

September 30, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	121,401	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	2.1%
CLO and other ABS	98,801		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.6%
Total internal valuations	220,202
Other1	258,604
Total Level 3 securities	$	478,806

December 31, 2022
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	81,867	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.3%
CLO and other ABS	59,452		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.5%
Total internal valuations	141,319
Other1	207,936
Total Level 3 securities	$	349,255

1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value

September 30, 2023			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Corporate securities	$	21,892	—	21,892	—
Total HTM fixed income securities	21,892		—	21,892	—
CMLs	$	171,386	—	—	171,386
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	50,293	—	50,293	—
6.70% Senior Notes	98,175		—	98,175	—
5.375% Senior Notes	254,421		—	254,421	—
3.03% borrowings from FHLBI	56,580		—	56,580	—
Total long-term debt	$	459,469	—	459,469	—

December 31, 2022			Fair Value Measurements Using
($ in thousands)	Assets/ Liabilities Disclosed at Fair Value		Quoted Prices in  Active Markets for  Identical Assets/ Liabilities (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets
HTM:
Obligations of states and political subdivisions	$	3,405	—	3,405	—
Corporate securities	26,432		—	26,432	—
Total HTM fixed income securities	$	29,837	—	29,837	—
CMLs	$	139,243	—	—	139,243
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,705	—	51,705	—
6.70% Senior Notes	99,264		—	99,264	—
5.375% Senior Notes	258,459		—	258,459	—
3.03% borrowings from FHLBI	57,175		—	57,175	—
Total long-term debt	$	466,603	—	466,603	—

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Allowance for Credit Losses on Premiums Receivable (Tables)

9 Months Ended

Sep. 30, 2023

Premiums Receivable Disclosure [Abstract]

Allowance for Credit Losses on Premiums Receivable [Table Text Block]

	Quarter ended September 30,				Nine Months ended September 30,
($ in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	17,900	$	14,900	$	16,100	$	13,600
Current period change for expected credit losses	1,973		2,250		5,398		4,335
Write-offs charged against the allowance for credit losses	(1,257)		(2,349)		(3,468)		(3,787)
Recoveries	284		399		870		1,052
Allowance for credit losses, end of period	$	18,900	$	15,200	$	18,900	$	15,200

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Reinsurance (Tables)

9 Months Ended

Sep. 30, 2023

Reinsurance Disclosures [Abstract]

Reinsurance Recoverable, Credit Quality Indicator [Table Text Block]

	September 30, 2023
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	87,295	$	20	$	87,315
A+	377,078		4,876		381,954
A	116,903		1,981		118,884
A-	3,669		89		3,758
Total rated reinsurers	$	584,945	$	6,966	$	591,911
Non-rated reinsurers
Federal and state pools	$	88,777	$	16	$	88,793
Other than federal and state pools	6,227		210		6,437
Total non-rated reinsurers	$	95,004	$	226	$	95,230
Total reinsurance recoverable, gross	$	679,949	$	7,192	$	687,141
Less: allowance for credit losses					(1,800)
Total reinsurance recoverable, net					$	685,341

	December 31, 2022
($ in thousands)	Current		Past Due		Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	46,282	$	1	$	46,283
A+	425,395		3,191		428,586
A	106,102		1,315		107,417
A-	7,148		89		7,237
Total rated reinsurers	$	584,927	$	4,596	$	589,523
Non-rated reinsurers
Federal and state pools	$	180,794	$	—	$	180,794
Other than federal and state pools	13,678		415		14,093
Total non-rated reinsurers	$	194,472	$	415	$	194,887
Total reinsurance recoverable, gross	$	779,399	$	5,011	$	784,410
Less: allowance for credit losses					(1,600)
Total reinsurance recoverable, net					$	782,810

Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]

($ in thousands)	Quarter ended September 30,			Nine Months ended September 30,
	2023		2022	2023		2022
Balance at beginning of period	$	1,800	1,600	$	1,600	1,600
Current period change for expected credit losses	—		—	200		—
Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	1,800	1,600	$	1,800	1,600

Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts

	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Premiums written:
Direct	$	1,214,444	1,037,612	$	3,579,700	3,089,166
Assumed	9,087		9,531	20,058		23,398
Ceded	(165,206)		(143,749)	(456,758)		(388,631)
Net	$	1,058,325	903,394	$	3,143,000	2,723,933
Premiums earned:
Direct	$	1,123,444	984,981	$	3,229,170	2,872,008
Assumed	8,916		8,514	21,174		21,523
Ceded	(150,443)		(139,616)	(423,941)		(392,930)
Net	$	981,917	853,879	$	2,826,403	2,500,601
Loss and loss expense incurred:
Direct	$	741,288	732,568	$	2,053,511	1,821,069
Assumed	8,182		6,443	19,115		15,846
Ceded	(103,573)		(191,185)	(213,161)		(269,985)
Net	$	645,897	547,826	$	1,859,465	1,566,930

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Reserve for Loss and Loss Expense (Tables)

9 Months Ended

Sep. 30, 2023

Insurance Loss Reserves [Abstract]

Schedule of Roll Forward of Reserve for Loss and Loss Expense

	Nine Months ended September 30,
($ in thousands)	2023		2022
Gross reserve for loss and loss expense, at beginning of period	$	5,144,821	4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513		578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308		4,002,262
Incurred loss and loss expense for claims occurring in the:
Current year	1,865,247		1,610,940
Prior years	(5,782)		(44,010)
Total incurred loss and loss expense	1,859,465		1,566,930
Paid loss and loss expense for claims occurring in the:
Current year	607,595		513,118
Prior years	988,859		779,438
Total paid loss and loss expense	1,596,454		1,292,556
Net reserve for loss and loss expense, at end of period	4,650,319		4,276,636
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	651,051		688,641
Gross reserve for loss and loss expense, at end of period	$	5,301,370	4,965,277

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Revenue By Segment

Revenue by Segment	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Standard Commercial Lines:
Net premiums earned:
General liability	$	261,551	225,302	$	759,410	667,912
Commercial automobile	234,622		207,129	677,060		599,340
Commercial property	152,495		128,268	429,135		371,892
Workers compensation	81,672		81,996	254,602		250,178
Businessowners' policies	36,016		32,130	103,572		93,682
Bonds	11,715		11,094	34,731		32,136
Other	7,257		6,518	21,142		19,003
Miscellaneous income	4,606		2,444	12,355		6,141
Total Standard Commercial Lines revenue	789,934		694,881	2,292,007		2,040,284
Standard Personal Lines:
Net premiums earned:
Personal automobile	51,906		40,746	145,050		120,414
Homeowners	40,175		32,619	112,090		95,436
Other	3,088		2,273	7,069		5,768
Miscellaneous income	575		489	1,564		1,358
Total Standard Personal Lines revenue	95,744		76,127	265,773		222,976
E&S Lines:
Net premiums earned:
Casualty lines	67,718		59,640	190,686		170,305
Property lines	33,702		26,164	91,856		74,535
Total E&S Lines revenue	101,420		85,804	282,542		244,840
Investments:
Net investment income earned	100,863		63,889	290,065		206,713
Net realized and unrealized investment gains (losses)	(6,880)		(25,681)	(8,962)		(108,913)
Total Investments revenue	93,983		38,208	281,103		97,800
Total revenues	$	1,081,081	895,020	$	3,121,425	2,605,900

Schedule of Income Before and After Federal Income Tax

Income Before and After Federal Income Tax	Quarter ended September 30,				Nine Months ended September 30,
($ in thousands)	2023			2022	2023		2022
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	41,339		22,501	$	102,406	111,593
Underwriting income (loss), after federal income tax	32,658			17,776	80,901		88,158
Combined ratio	94.7		%	96.8	95.5		94.5
ROE contribution	5.4			3.1	4.4		4.7
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(26,099)		(1,385)	$	(62,232)	(7,232)
Underwriting income (loss), after federal income tax	(20,618)			(1,094)	(49,163)		(5,713)
Combined ratio	127.4		%	101.8	123.6		103.3
ROE contribution	(3.4)			(0.2)	(2.7)		(0.3)
E&S Lines:
Underwriting income (loss), before federal income tax	$	16,351		6,016	$	29,074	16,313
Underwriting income (loss), after federal income tax	12,917			4,753	22,968		12,887
Combined ratio	83.9		%	93.0	89.7		93.3
ROE contribution	2.1			0.8	1.3		0.7
Investments:
Net investment income earned	$	100,863		63,889	$	290,065	206,713
Net realized and unrealized investment gains (losses)	(6,880)			(25,681)	(8,962)		(108,913)
Total investments segment income, before federal income tax	93,983			38,208	281,103		97,800
Tax on investments segment income	19,191			6,964	57,092		17,136
Total investments segment income, after federal income tax	$	74,792		31,244	$	224,011	80,664
ROE contribution of after-tax net investment income earned	13.1			8.9	12.7		8.9

Schedule of Reconciliation of Segment Results to Income Before Federal Income Tax

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Underwriting income
Standard Commercial Lines	$	41,339	22,501	$	102,406	111,593
Standard Personal Lines	(26,099)		(1,385)	(62,232)		(7,232)
E&S Lines	16,351		6,016	29,074		16,313
Investment income	93,983		38,208	281,103		97,800
Total all segments	125,574		65,340	350,351		218,474
Interest expense	(7,186)		(7,179)	(21,610)		(21,599)
Corporate expenses	(5,871)		(5,522)	(27,308)		(24,442)
Income, before federal income tax	$	112,517	52,639	$	301,433	172,433
Preferred stock dividends	(2,300)		(2,300)	(6,900)		(6,900)
Income available to common stockholders, before federal income tax	$	110,217	50,339	$	294,533	165,533

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Retirement Plans (Table)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

	Pension Plan
	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2023		2022	2023		2022
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,867	2,486	$	11,599	7,458
Expected return on plan assets	(5,774)		(5,537)	(17,319)		(16,611)
Amortization of unrecognized net actuarial loss	750		366	2,251		1,099
Total net periodic pension cost (benefit)1	$	(1,157)	(2,685)	$	(3,469)	(8,054)

1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

Schedule of Weighted-Average Expense Assumptions

	Pension Plan
	Nine Months ended September 30,
	2023		2022
Weighted-Average Expense Assumptions:
Discount rate	5.21	%	2.98	%
Effective interest rate for calculation of interest cost	5.09		2.48
Expected return on plan assets	6.90		5.00

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Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2023

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of Components of Comprehensive Income-Gross and Net of Tax

Third Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	112,517	23,309	89,208
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(101,722)		(21,361)	(80,361)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(32,898)		(6,909)	(25,989)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	4,628		972	3,656
Credit loss (benefit) expense	2,468		519	1,949
Total unrealized gains (losses) on investment securities	(127,524)		(26,779)	(100,745)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	756		158	598
Total defined benefit pension and post-retirement plans	756		158	598
Other comprehensive income (loss)	(126,768)		(26,621)	(100,147)
Comprehensive income (loss)	$	(14,251)	(3,312)	(10,939)
Third Quarter 2022
($ in thousands)	Gross		Tax	Net
Net income	$	52,639	10,114	42,525
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(189,622)		(39,819)	(149,803)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(68,287)		(14,341)	(53,946)
Amounts reclassified into net income:
HTM securities	1		—	1
Net realized (gains) losses on disposals and intent-to-sell AFS securities	14,235		2,989	11,246
Credit loss (benefit) expense	4,471		939	3,532
Total unrealized gains (losses) on investment securities	(239,202)		(50,232)	(188,970)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	417		88	329
Total defined benefit pension and post-retirement plans	417		88	329
Other comprehensive income (loss)	(238,785)		(50,144)	(188,641)
Comprehensive income (loss)	$	(186,146)	(40,030)	(146,116)

Nine Months 2023
($ in thousands)	Gross		Tax	Net
Net income	$	301,433	61,043	240,390
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(96,478)		(20,259)	(76,219)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(16,497)		(3,465)	(13,032)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	20,115		4,224	15,891
Credit loss (benefit) expense	(7,925)		(1,664)	(6,261)
Total unrealized gains (losses) on investment securities	(100,785)		(21,164)	(79,621)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	2,270		476	1,794
Total defined benefit pension and post-retirement plans	2,270		476	1,794
Other comprehensive income (loss)	(98,515)		(20,688)	(77,827)
Comprehensive income (loss)	$	202,918	40,355	162,563
Nine Months 2022
($ in thousands)	Gross		Tax	Net
Net income	$	172,433	34,058	138,375
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(674,357)		(141,613)	(532,744)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(227,599)		(47,796)	(179,803)
Amounts reclassified into net income:
HTM securities	2		—	2
Net realized (gains) losses on disposals and intent-to-sell AFS securities	48,396		10,163	38,233
Credit loss (benefit) expense	42,042		8,828	33,214
Total unrealized gains (losses) on investment securities	(811,516)		(170,418)	(641,098)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	1,251		263	988
Total defined benefit pension and post-retirement plans	1,251		263	988
Other comprehensive income (loss)	(810,265)		(170,155)	(640,110)
Comprehensive income (loss)	$	(637,832)	(136,097)	(501,735)

Schedule of Components of Accumulated Other Comprehensive Income Net of Tax

September 30, 2023	Net Unrealized Gains (Losses) on Investment Securities				Defined Benefit Pension and Post-Retirement Plans	Total AOCI
($ in thousands)	Credit Loss Related1		All Other	Investments Subtotal
Balance, December 31, 2022	$	(121,838)	(295,197)	(417,035)	(81,007)	(498,042)
OCI before reclassifications	(13,032)		(76,219)	(89,251)	—	(89,251)
Amounts reclassified from AOCI	(6,261)		15,891	9,630	1,794	11,424
Net current period OCI	(19,293)		(60,328)	(79,621)	1,794	(77,827)
Balance, September 30, 2023	$	(141,131)	(355,525)	(496,656)	(79,213)	(575,869)

1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income

	Quarter ended September 30,			Nine Months ended September 30,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2023		2022	2023		2022
HTM related
Unrealized (gains) losses on HTM disposals	$	—	1	$	—	1	Net realized and unrealized investment gains (losses)
Amortization of net unrealized (gains) losses on HTM securities	—		—	—		1	Net investment income earned
	—		1	—		2	Income before federal income tax
	—		—	—		—	Total federal income tax expense
	—		1	—		2	Net income
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses on disposals and intent-to-sell AFS securities	4,628		14,235	20,115		48,396	Net realized and unrealized investment gains (losses)
	4,628		14,235	20,115		48,396	Income before federal income tax
	(972)		(2,989)	(4,224)		(10,163)	Total federal income tax expense
	3,656		11,246	15,891		38,233	Net income
Credit loss related
Credit loss (benefit) expense	2,468		4,471	(7,925)		42,042	Net realized and unrealized investment gains (losses)
	2,468		4,471	(7,925)		42,042	Income before federal income tax
	(519)		(939)	1,664		(8,828)	Total federal income tax expense
	1,949		3,532	(6,261)		33,214	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	173		90	521		270	Loss and loss expense incurred
	583		327	1,749		981	Other insurance expenses
Total defined benefit pension and post-retirement life	756		417	2,270		1,251	Income before federal income tax
	(158)		(88)	(476)		(263)	Total federal income tax expense
	598		329	1,794		988	Net income
Total reclassifications for the period	$	6,203	15,108	$	11,424	72,437	Net income

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Quarter ended September 30,			Nine Months ended September 30,
(in thousands, except per share amounts)	2023		2022	2023	2022
Net income available to common stockholders:	$	86,908	40,225	233,490	131,475
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,676		60,404	60,609	60,409
Effect of dilutive securities - stock compensation plans	340		431	339	420
Weighted average common shares outstanding - diluted	61,016		60,835	60,948	60,829
EPS:
Basic	$	1.43	0.67	3.85	2.18
Diluted	1.42		0.66	3.83	2.16

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Statements of Cash Flows (Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Interest		$ 22,712	$ 22,699
Federal income tax		57,000	61,000
Operating cash flows from operating leases		5,773	6,096
Operating cash flows from financing leases		41	33
Financing cash flows from finance leases		1,933	1,819
Assets acquired under finance lease arrangements		1,584	650
Assets acquired under operating lease arrangements		5,068	15,514
Non-cash purchase of property and equipment		22	0
Equity Securities [Member]
Conversion of AFS fixed income securities to equity securities		0	1,463
Available-for-sale Securities [Member]
Corporate actions related to securities	[1]	$ 18,840	$ 32,546

[1] Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

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Statements of Cash Flows (Schedule of Cash and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Schedule of Cash and Restricted Cash [Line Items]
Cash	$ 109	$ 26
Restricted cash	13,236	25,183
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$ 13,345	$ 25,209	$ 9,033	$ 45,063

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Investments (Available-For-Sale Securities Disclosure) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	$ 7,689,350		$ 7,185,754
Fixed income securities, available-for-sale, allowance for credit loss	(33,538)	$ (31,425)	(45,721)	$ (52,337)	$ (50,800)	$ (9,724)
Unrealized gains	6,772		9,262
Unrealized losses	(635,480)		(537,188)
Debt securities, available-for-sale, fair value	7,027,104		6,612,107
U.S. Government and Government Agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	253,174		209,528
Fixed income securities, available-for-sale, allowance for credit loss	0		0
Unrealized gains	0		37
Unrealized losses	(26,445)		(20,326)
Debt securities, available-for-sale, fair value	226,729		189,239
Foreign Government [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	11,155		11,199
Fixed income securities, available-for-sale, allowance for credit loss	(32)	(34)	(284)	(320)	(265)	(46)
Unrealized gains	0		0
Unrealized losses	(1,807)		(1,307)
Debt securities, available-for-sale, fair value	9,316		9,608
Obligations of States and Political Subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	672,075		965,231
Fixed income securities, available-for-sale, allowance for credit loss	(892)	(769)	(1,024)	(1,311)	(1,206)	(137)
Unrealized gains	125		1,812
Unrealized losses	(56,557)		(48,001)
Debt securities, available-for-sale, fair value	614,751		918,018
Corporate Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	2,684,453		2,558,655
Fixed income securities, available-for-sale, allowance for credit loss	(17,765)	(16,149)	(30,330)	(36,970)	(35,072)	(6,682)
Unrealized gains	2,003		3,509
Unrealized losses	(228,556)		(196,809)
Debt securities, available-for-sale, fair value	2,440,135		2,335,025
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	1,819,454		1,607,660
Fixed income securities, available-for-sale, allowance for credit loss	(3,218)	(2,915)	(2,375)	(3,114)	(3,623)	(939)
Unrealized gains	4,144		2,408
Unrealized losses	(106,665)		(121,720)
Debt securities, available-for-sale, fair value	1,713,715		1,485,973
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	1,548,758		1,169,546
Fixed income securities, available-for-sale, allowance for credit loss	(11,625)	(11,550)	(11,597)	(10,603)	(10,616)	(1,909)
Unrealized gains	500		1,148
Unrealized losses	(153,174)		(99,265)
Debt securities, available-for-sale, fair value	1,384,459		1,059,832
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fixed income securities, available-for-sale, amortized cost	700,281		663,935
Fixed income securities, available-for-sale, allowance for credit loss	(6)	$ (8)	(111)	$ (19)	$ (18)	$ (11)
Unrealized gains	0		348
Unrealized losses	(62,276)		(49,760)
Debt securities, available-for-sale, fair value	$ 637,999		$ 614,412

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Investments (Available-for-sale allowance for credit losses roll forward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period beginning balance	$ 31,425	$ 50,800	$ 45,721	$ 9,724
Current provision for securities without prior allowance	2,206	4,484	7,107	36,582
Initial allowance for purchased credit deteriorated assets with credit deterioration	0	0	0	8,318
Increase (decrease) on securities with prior allowance, excluding intent (or requirements) to sell securities	262	(13)	(15,032)	5,460
Reductions for securities sold	(355)	(2,871)	(4,207)	(6,480)
Reductions for securities identified as intent (or requirement) to sell during the period	0	(63)	(51)	(1,267)
Allowance for credit losses, period ending balance	33,538	52,337	33,538	52,337
Foreign Government [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period beginning balance	34	265	284	46
Current provision for securities without prior allowance	0	40	0	292
Initial allowance for purchased credit deteriorated assets with credit deterioration	0	0	0	0
Increase (decrease) on securities with prior allowance, excluding intent (or requirements) to sell securities	(2)	15	(252)	(4)
Reductions for securities sold	0	0	0	(14)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for credit losses, period ending balance	32	320	32	320
Obligations of States and Political Subdivisions [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period beginning balance	769	1,206	1,024	137
Current provision for securities without prior allowance	96	313	100	1,371
Initial allowance for purchased credit deteriorated assets with credit deterioration	0	0	0	0
Increase (decrease) on securities with prior allowance, excluding intent (or requirements) to sell securities	55	(181)	(120)	(6)
Reductions for securities sold	(28)	(27)	(112)	(191)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for credit losses, period ending balance	892	1,311	892	1,311
Corporate Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period beginning balance	16,149	35,072	30,330	6,682
Current provision for securities without prior allowance	1,939	4,061	6,078	33,096
Initial allowance for purchased credit deteriorated assets with credit deterioration	0	0	0	0
Increase (decrease) on securities with prior allowance, excluding intent (or requirements) to sell securities	(111)	633	(14,992)	4,384
Reductions for securities sold	(212)	(2,733)	(3,600)	(5,925)
Reductions for securities identified as intent (or requirement) to sell during the period	0	(63)	(51)	(1,267)
Allowance for credit losses, period ending balance	17,765	36,970	17,765	36,970
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period beginning balance	2,915	3,623	2,375	939
Current provision for securities without prior allowance	148	35	904	1,580
Initial allowance for purchased credit deteriorated assets with credit deterioration	0	0	0	0
Increase (decrease) on securities with prior allowance, excluding intent (or requirements) to sell securities	167	(527)	(40)	623
Reductions for securities sold	(12)	(17)	(21)	(28)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for credit losses, period ending balance	3,218	3,114	3,218	3,114
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period beginning balance	11,550	10,616	11,597	1,909
Current provision for securities without prior allowance	23	35	24	225
Initial allowance for purchased credit deteriorated assets with credit deterioration	0	0	0	8,318
Increase (decrease) on securities with prior allowance, excluding intent (or requirements) to sell securities	154	46	334	473
Reductions for securities sold	(102)	(94)	(330)	(322)
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for credit losses, period ending balance	11,625	10,603	11,625	10,603
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Allowance for credit losses, period beginning balance	8	18	111	11
Current provision for securities without prior allowance	0	0	1	18
Initial allowance for purchased credit deteriorated assets with credit deterioration	0	0	0	0
Increase (decrease) on securities with prior allowance, excluding intent (or requirements) to sell securities	(1)	1	38	(10)
Reductions for securities sold	(1)	0	(144)	0
Reductions for securities identified as intent (or requirement) to sell during the period	0	0	0	0
Allowance for credit losses, period ending balance	$ 6	$ 19	$ 6	$ 19

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Investments (Accrued Investment Income) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Interest on Investments [Line Items]
Accrued investment income	$ 62,172	$ 59,167
Available-for-sale Securities [Member]
Accrued Interest on Investments [Line Items]
Accrued investment income	$ 60,700	$ 56,400

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Investments (Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities By Length of Time) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
U.S. Government and Government Agencies [Member]
AFS Fair Value, Less than 12 Months	$ 126,898	$ 166,975
AFS Unrealized Losses, Less than 12 months	(1,428)	(13,658)
AFS Fair Value, 12 months or longer	99,831	16,011
AFS Unrealized Losses, 12 months or longer	(25,017)	(6,668)
AFS Fair Value	226,729	182,986
AFS Unrealized Losses	(26,445)	(20,326)
Foreign Government [Member]
AFS Fair Value, Less than 12 Months	1,528	5,573
AFS Unrealized Losses, Less than 12 months	(122)	(608)
AFS Fair Value, 12 months or longer	7,788	2,456
AFS Unrealized Losses, 12 months or longer	(1,685)	(699)
AFS Fair Value	9,316	8,029
AFS Unrealized Losses	(1,807)	(1,307)
Obligations of States and Political Subdivisions [Member]
AFS Fair Value, Less than 12 Months	307,144	681,795
AFS Unrealized Losses, Less than 12 months	(8,921)	(43,767)
AFS Fair Value, 12 months or longer	282,238	16,618
AFS Unrealized Losses, 12 months or longer	(47,636)	(4,234)
AFS Fair Value	589,382	698,413
AFS Unrealized Losses	(56,557)	(48,001)
Corporate Securities [Member]
AFS Fair Value, Less than 12 Months	808,733	1,889,492
AFS Unrealized Losses, Less than 12 months	(27,732)	(164,197)
AFS Fair Value, 12 months or longer	1,392,386	133,223
AFS Unrealized Losses, 12 months or longer	(200,824)	(32,612)
AFS Fair Value	2,201,119	2,022,715
AFS Unrealized Losses	(228,556)	(196,809)
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
AFS Fair Value, Less than 12 Months	522,941	916,423
AFS Unrealized Losses, Less than 12 months	(13,560)	(69,155)
AFS Fair Value, 12 months or longer	1,014,419	411,283
AFS Unrealized Losses, 12 months or longer	(93,105)	(52,565)
AFS Fair Value	1,537,360	1,327,706
AFS Unrealized Losses	(106,665)	(121,720)
Residential Mortgage Backed Securities [Member]
AFS Fair Value, Less than 12 Months	609,952	887,229
AFS Unrealized Losses, Less than 12 months	(28,785)	(76,432)
AFS Fair Value, 12 months or longer	725,818	108,041
AFS Unrealized Losses, 12 months or longer	(124,389)	(22,833)
AFS Fair Value	1,335,770	995,270
AFS Unrealized Losses	(153,174)	(99,265)
Commercial Mortgage Backed Securities [Member]
AFS Fair Value, Less than 12 Months	182,481	512,953
AFS Unrealized Losses, Less than 12 months	(8,363)	(37,815)
AFS Fair Value, 12 months or longer	455,518	77,181
AFS Unrealized Losses, 12 months or longer	(53,913)	(11,945)
AFS Fair Value	637,999	590,134
AFS Unrealized Losses	(62,276)	(49,760)
Available-for-sale Securities [Member]
AFS Fair Value, Less than 12 Months	2,559,677	5,060,440
AFS Unrealized Losses, Less than 12 months	(88,911)	(405,632)
AFS Fair Value, 12 months or longer	3,977,998	764,813
AFS Unrealized Losses, 12 months or longer	(546,569)	(131,556)
AFS Fair Value	6,537,675	5,825,253
AFS Unrealized Losses	$ (635,480)	$ (537,188)

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Investments (Fixed Income Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Fixed Income Securities [Line Items]
Due in one year or less fair value, AFS	$ 428,247
Due after one year through five years fair value, AFS	3,197,277
Due after five years through 10 years fair value, AFS	2,463,374
Due after 10 years fair value, AFS	938,206
Total AFS fixed income securities, Fair Value	7,027,104	$ 6,612,107
Due in one year or less carrying value, HTM	224
Due after one year through five years carrying value, HTM	13,833
Due after five years through 10 years carrying value, HTM	9,183
Due after 10 years carrying value, HTM	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	23,240	31,157
Due in one year or less fair value, HTM	223
Due after one year through five years fair value, HTM	13,179
Due after five years through 10 years fair value, HTM	8,490
Due after 10 years fair value, HTM	0
Total HTM fixed income securities, Fair Value	$ 21,892	$ 29,837

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Investments (Alternative Investment Portfolio by Strategy and the Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount	$ 446,805	$ 371,316
Private Equity Funds [Member]
Carrying Amount	306,357	280,980
Remaining Commitment	138,325	134,676
Maximum Exposure to Loss	444,682	415,656
Private Credit Funds [Member]
Carrying Amount	102,373	54,866
Remaining Commitment	89,809	89,481
Maximum Exposure to Loss	192,182	144,347
Real Assets [Member]
Carrying Amount	38,075	35,470
Remaining Commitment	19,161	21,945
Maximum Exposure to Loss	57,236	57,415
Alternative Investments [Member]
Carrying Amount	446,805	371,316
Remaining Commitment	247,295	246,102
Maximum Exposure to Loss	$ 694,100	$ 617,418

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Investments (Aggregated Income Statement Summarized Financial Information for Partnerhips in our Alternative Investment Portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Net investment income earned	$ 100,863	$ 63,889	$ 290,065	$ 206,713
Investments accounted for under the equity method [Member]
Schedule of Equity Method Investments [Line Items]
Net investment income (loss)	74,300	205,600	(66,900)	612,000
Realized gains	1,108,500	1,983,500	3,752,800	10,964,900
Net change in unrealized appreciation (depreciation)	2,216,300	(3,188,900)	7,414,100	(1,973,000)
Net income	3,399,100	(999,800)	11,100,000	9,603,900
Alternative Investments [Member]
Schedule of Equity Method Investments [Line Items]
Net investment income earned	$ 6,473	$ (5,581)	$ 25,637	$ 22,821

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Investments (Investments Pledged as Collateral) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	$ 22.2
Securities owned and pledged as collateral, fair value	119.6
Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	64.2
Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	33.2
U.S. Government and Government Agencies [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	18.7
Securities owned and pledged as collateral, fair value	18.7
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Obligations of States and Political Subdivisions [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	3.5
Securities owned and pledged as collateral, fair value	3.5
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Residential Mortgage Backed Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	0.0
Securities owned and pledged as collateral, fair value	86.4
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	61.7
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	24.7
Commercial Mortgage Backed Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	0.0
Securities owned and pledged as collateral, fair value	11.0
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	2.5
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	$ 8.5

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Investments (Credit Concentration Risk) (Details)	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Maximum exposure to credit concentration risk of a single issuer of the Company's stockholder's equity, other than to certain U.S. government-backed investments	10.00%	10.00%

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Investments (Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Net investment income earned	$ 100,863	$ 63,889	$ 290,065	$ 206,713
Fixed Income Securities [Member]
Net Investment Income [Line Items]
Net investment income earned	90,013	68,236	254,016	184,305
Commercial Mortgage Loans [Member]
Net Investment Income [Line Items]
Net investment income earned	2,516	1,600	6,680	3,762
Equity Securities [Member]
Net Investment Income [Line Items]
Net investment income earned	2,083	2,604	5,524	7,661
Short-Term Investments [Member]
Net Investment Income [Line Items]
Net investment income earned	3,941	1,152	11,483	1,660
Alternative Investments [Member]
Net Investment Income [Line Items]
Net investment income earned	6,473	(5,581)	25,637	22,821
Other Investments [Member]
Net Investment Income [Line Items]
Net investment income earned	284	112	515	75
Investment Income (Expense)
Net Investment Income [Line Items]
Investment Expense	$ (4,447)	$ (4,234)	$ (13,790)	$ (13,571)

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Investments (Net Realized and Unrealized Investment Gains and (Losses)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gain (Loss) on Securities [Line Items]
Gross gains on sales	$ 367	$ 7,094	$ 5,307	$ 23,843
Gross losses on sales	(5,264)	(19,668)	(30,146)	(52,573)
Net realized gains (losses) on disposals	(4,897)	(12,574)	(24,839)	(28,730)
Net unrealized gains (losses) on equity securities	489	(7,777)	8,662	(31,791)
Losses on securities for which we have the intent to sell	0	(913)	(645)	(6,412)
Net realized and unrealized investment gains (losses)	(6,880)	(25,681)	(8,962)	(108,913)
Available-for-sale Securities [Member]
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense)	(2,468)	(4,471)	7,925	(42,042)
Held-to-maturity Securities [Member]
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense)	0	54	0	62
Commercial Mortgage Loans [Member]
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense)	$ (4)	$ 0	$ (65)	$ 0

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Investments, Change in Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Gain (Loss) on Securities [Line Items]
Change in net realized and unrealized investment losses	$ 18,800	$ 100,000

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Investments (Realized and Unrealized Gains (Losses) on Equity Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gain (Loss) on Securities [Line Items]
Unrealized gains (losses) recognized in income on equity securities remaining in our portfolio at end of period	$ 200	$ (5,832)	$ 2,744	$ (16,334)
Unrealized gains (losses) recognized in income on equity securities sold in period	289	(1,945)	5,918	(15,457)
Total unrealized gains (losses) recognized in income on equity securities	$ 489	$ (7,777)	$ 8,662	$ (31,791)

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Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 504,591	$ 504,676
Long-term debt, fair value	459,469	466,603
Finance lease obligations	3,369	3,718
Seven Point Twenty Five Percent Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	49,925	49,921
Seven Point Twenty Five Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	50,293	51,705
Six Point Seventy Percent Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	99,559	99,542
Six Point Seventy Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	98,175	99,264
Five Point Three Hundred Seventy Five Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	294,497	294,424
Five Point Three Hundred Seventy Five Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	254,421	258,459
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	60,000	60,000
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	56,580	57,175
Long Term Debt Excluding Issuance Costs and Finance Lease Obligations [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	503,981	503,887
Unamortized Debt Issuance Costs [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ (2,759)	$ (2,929)

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Fair Value Measurements (Quantitative Disclosures of Fair Value Assets) (Details) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
AFS fixed income securities		$ 7,027,104	$ 6,612,107
Equity securities		125,618	162,000
Short-term investments		315,026	440,456
Fair Value, Recurring [Member]
AFS fixed income securities		7,027,104	6,612,107
Equity securities		125,618	162,000
Short-term investments		315,026	440,456
Total assets measured at fair value		7,467,748	7,214,563
US Government and Government Agencies [Member]
AFS fixed income securities		226,729	189,239
US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		226,729	189,239
Foreign Government [Member]
AFS fixed income securities		9,316	9,608
Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		9,316	9,608
Obligations of States and Political Subdivisions [Member]
AFS fixed income securities		614,751	918,018
Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		614,751	918,018
Corporate Securities [Member]
AFS fixed income securities		2,440,135	2,335,025
Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		2,440,135	2,335,025
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
AFS fixed income securities		1,713,715	1,485,973
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,713,715	1,485,973
Residential Mortgage Backed Securities [Member]
AFS fixed income securities		1,384,459	1,059,832
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,384,459	1,059,832
Commercial Mortgage Backed Securities [Member]
AFS fixed income securities		637,999	614,412
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		637,999	614,412
Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	123,942	160,355
Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		1,676	1,645
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		67,185	109,240
Equity securities		20,717	57,491
Short-term investments		303,193	418,199
Total assets measured at fair value		391,095	584,930
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		67,185	109,240
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	19,041	55,846
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		1,676	1,645
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		6,482,046	6,154,509
Equity securities		0	0
Short-term investments		11,833	22,257
Total assets measured at fair value		6,493,879	6,176,766
Significant Other Observable Inputs (Level 2) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		159,544	79,999
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		9,316	9,608
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		608,108	911,357
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		2,179,656	2,147,045
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,503,308	1,332,631
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		1,384,459	1,059,832
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		637,655	614,037
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	0	0
Significant Other Observable Inputs (Level 2) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		477,873	348,358
Equity securities		933	897
Short-term investments		0	0
Total assets measured at fair value		478,806	349,255
Significant Unobservable Inputs (Level 3) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		6,643	6,661
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		260,479	187,980
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		210,407	153,342
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		0	0
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
AFS fixed income securities		344	375
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Fair Value, Recurring [Member]
Equity securities	[1]	933	897
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member]
Equity securities		0	0
Fair Value Measured at Net Asset Value Per Share
Equity securities	[1]	$ 104,000	$ 103,600

[1] Investments amounting to $104.0 million at September 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

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Fair Value Measurements (Changes in Fair Value of Securities Using Level 3 Inputs) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Obligations of States and Political Subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	$ 6,661	$ 7,745
Total net gains (losses) for the period included in OCI	(80)	(879)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value, September 30	6,643	6,711
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	62	(155)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(80)	(879)
Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	187,980	114,127
Total net gains (losses) for the period included in OCI	(517)	(23,847)
Purchases	77,567	74,327
Sales	0	0
Issuances	0	0
Settlements	(7,437)	(8,663)
Transfers into Level 3	2,238	19,214
Transfers out of Level 3	0	(7,038)
Fair value, September 30	260,479	165,824
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	289	(2,330)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(528)	(23,852)
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	153,342	124,909
Total net gains (losses) for the period included in OCI	(2,433)	(11,436)
Purchases	60,015	44,167
Sales	0	0
Issuances	0	0
Settlements	(4,343)	(6,678)
Transfers into Level 3	14,148	0
Transfers out of Level 3	(10,200)	(24,646)
Fair value, September 30	210,407	125,672
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(110)	(771)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(2,433)	(11,395)
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31		245
Total net gains (losses) for the period included in OCI		(17)
Purchases		0
Sales		0
Issuances		0
Settlements		(11)
Transfers into Level 3		0
Transfers out of Level 3		(217)
Fair value, September 30		0
Change in unrealized gains (losses) for the period included in earnings for assets held at period end		0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end		(17)
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	375	4,256
Total net gains (losses) for the period included in OCI	35	(477)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(24)	(15)
Transfers into Level 3	2,848	0
Transfers out of Level 3	(2,626)	(3,430)
Fair value, September 30	344	373
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	0	(7)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	35	(477)
Common Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	897
Total net gains (losses) for the period included in OCI	0
Purchases	0
Sales	0
Issuances	0
Settlements	0
Transfers into Level 3	193
Transfers out of Level 3	0
Fair value, September 30	933
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(157)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	0
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, December 31	349,255	251,282
Total net gains (losses) for the period included in OCI	(2,995)	(36,656)
Purchases	137,582	118,494
Sales	0	0
Issuances	0	0
Settlements	(11,804)	(15,367)
Transfers into Level 3	19,427	19,214
Transfers out of Level 3	(12,826)	(35,331)
Fair value, September 30	478,806	298,580
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	84	(3,263)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(3,006)	(36,620)
Gain (Loss) on Investments [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	62	(155)
Gain (Loss) on Investments [Member] | Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	289	(2,345)
Gain (Loss) on Investments [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	(110)	(771)
Gain (Loss) on Investments [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income		0
Gain (Loss) on Investments [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	0	(7)
Gain (Loss) on Investments [Member] | Common Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	(157)
Gain (Loss) on Investments [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	84	(3,278)
Net Investment Income Earned [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	0	0
Net Investment Income Earned [Member] | Corporate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	359	49
Net Investment Income Earned [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	(12)	127
Net Investment Income Earned [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income		0
Net Investment Income Earned [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	(264)	46
Net Investment Income Earned [Member] | Common Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	0
Net Investment Income Earned [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total net gains (losses) for the period included in net income	$ 83	$ 222

XML

Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) $ in Thousands		Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Securities		$ 260,479	$ 187,980	$ 165,824	$ 114,127
Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 Securities		210,407	153,342	125,672	124,909
Valuation Technique, Discounted Cash Flow | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		121,401	81,867
Valuation Technique, Discounted Cash Flow | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		$ 98,801	$ 59,452
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		(0.044)	(0.044)
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.0001	0.0001
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Maximum | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.053	0.053
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Maximum | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.196	0.196
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Weighted Average | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.021	0.013
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Weighted Average | Collateralized Loan Obligations and Other Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input		0.026	0.025
Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment assets measured at fair value	[1]	$ 258,604	$ 207,936
Total Level 3 Securities		478,806	349,255	$ 298,580	$ 251,282
Investments [Member] | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		$ 220,202	$ 141,319

[1] Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

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Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	$ 21,892	$ 29,837
Commercial mortgage loans, fair value	171,386	139,243
Long-term debt, fair value	459,469	466,603
Equity securities - at fair value	125,618	162,000
Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		3,405
Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	21,892	26,432
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Commercial mortgage loans, fair value	0	0
Long-term debt, fair value	0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	21,892	29,837
Commercial mortgage loans, fair value	0	0
Long-term debt, fair value	459,469	466,603
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		3,405
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	21,892	26,432
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Commercial mortgage loans, fair value	171,386	139,243
Long-term debt, fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value		0
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
Seven Point Twenty Five Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	50,293	51,705
Seven Point Twenty Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	50,293	51,705
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Six Point Seventy Percent Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	98,175	99,264
Six Point Seventy Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Six Point Seventy Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	98,175	99,264
Six Point Seventy Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Five Point Three Hundred Seventy Five Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	254,421	258,459
Five Point Three Hundred Seventy Five Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Five Point Three Hundred Seventy Five Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	254,421	258,459
Five Point Three Hundred Seventy Five Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	56,580	57,175
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	56,580	57,175
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
Long-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 459,469	$ 466,603

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Allowance for Credit Losses on Premiums Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Allowance for Credit Losses on Premiums Receivable [Line Items]
Premium Receivable, Allowance for Credit Loss, Beginning Balance	$ 17,900	$ 14,900	$ 16,100	$ 13,600
Current period change for expected credit losses	1,973	2,250	5,398	4,335
Write-offs charged against the allowance for credit losses	(1,257)	(2,349)	(3,468)	(3,787)
Recoveries	284	399	870	1,052
Premium Receivable, Allowance for Credit Loss, Ending Balance	$ 18,900	$ 15,200	$ 18,900	$ 15,200

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Disaggregation of Reinsurance Recoverable by Financial Strength Rating and Aging Analysis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance recoverable, gross	$ 687,141		$ 784,410
Reinsurance Recoverable, Allowance for Credit Loss	(1,800)	$ (1,800)	(1,600)	$ (1,600)	$ (1,600)	$ (1,600)
Reinsurance recoverable, net of allowance for credit losses	685,341		782,810
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	7,192		5,011
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	679,949		779,399
Total federal and state pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	88,793		180,794
Total federal and state pools [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	16		0
Total federal and state pools [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	88,777		180,794
Other than Federal And State Pools [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	6,437		14,093
Other than Federal And State Pools [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	210		415
Other than Federal And State Pools [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	6,227		13,678
Non Rated Reinsurer [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	95,230		194,887
Non Rated Reinsurer [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	226		415
Non Rated Reinsurer [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	95,004		194,472
AM Best, A++ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	87,315		46,283
AM Best, A++ Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	20		1
AM Best, A++ Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	87,295		46,282
AM Best, A+ Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	381,954		428,586
AM Best, A+ Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	4,876		3,191
AM Best, A+ Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	377,078		425,395
AM Best, A Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	118,884		107,417
AM Best, A Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	1,981		1,315
AM Best, A Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	116,903		106,102
AM Best, A- Rating [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	3,758		7,237
AM Best, A- Rating [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	89		89
AM Best, A- Rating [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	3,669		7,148
AM Best Rated Reinsurer [Member]
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	591,911		589,523
AM Best Rated Reinsurer [Member] | Financial Asset, Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	6,966		4,596
AM Best Rated Reinsurer [Member] | Financial Asset, Not Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Reinsurance Recoverables, Gross	$ 584,945		$ 584,927

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Reinsurance NFIP (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
National Flood Insurance Program [Member]
Reinsurance NFIP [Line Items]
Percentage of unpaid NFIP Claims ceded to federal government	100.00%
Total federal and state pools [Member]
Reinsurance NFIP [Line Items]
Change in Reinsurance Recoverable, Gross	$ (92,000)

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Allowance for Credit Losses on Reinsurance Recoverable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Line Items]
Allowance for credit losses, beginning balance	$ 1,800	$ 1,600	$ 1,600	$ 1,600
Current period change for expected credit losses	0	0	200	0
Write-offs charged against the allowance for credit losses	0	0	0	0
Recoveries	0	0	0	0
Allowance for credit losses, ending balance	$ 1,800	$ 1,600	$ 1,800	$ 1,600

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Reinsurance (List of Direct, Assumed, and Ceded Reinsurance Amounts) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premiums earned:
Net	$ 981,917	$ 853,879	$ 2,826,403	$ 2,500,601
Loss and loss expenses incurred:
Net	645,897	547,826	1,859,465	1,566,930
Direct Assumed and Ceded Reinsurance Amounts [Member]
Premiums written:
Direct	1,214,444	1,037,612	3,579,700	3,089,166
Assumed	9,087	9,531	20,058	23,398
Ceded	(165,206)	(143,749)	(456,758)	(388,631)
Net	1,058,325	903,394	3,143,000	2,723,933
Premiums earned:
Direct	1,123,444	984,981	3,229,170	2,872,008
Assumed	8,916	8,514	21,174	21,523
Ceded	(150,443)	(139,616)	(423,941)	(392,930)
Net	981,917	853,879	2,826,403	2,500,601
Loss and loss expenses incurred:
Direct	741,288	732,568	2,053,511	1,821,069
Assumed	8,182	6,443	19,115	15,846
Ceded	(103,573)	(191,185)	(213,161)	(269,985)
Net	$ 645,897	$ 547,826	$ 1,859,465	$ 1,566,930

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Reserve for Loss and Loss Expense (Rollforward of Reserve for Loss and Loss Expense) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Gross reserve for loss and loss expense, at beginning of period	$ 5,144,821	$ 4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	757,513	578,641
Net reserve for loss and loss expense, at beginning of period	4,387,308	4,002,262
Incurred loss and loss expense for claims occurring in the current year	1,865,247	1,610,940
Incurred loss and loss expense for claims occurring in the prior year	(5,782)	(44,010)
Total incurred loss and loss expense	1,859,465	1,566,930
Paid loss and loss expense for claims occurring in the current year	607,595	513,118
Paid loss and loss expense for claims occurring in the prior years	988,859	779,438
Total paid loss and loss expense	1,596,454	1,292,556
Net reserve for loss and loss expense, at end of period	4,650,319	4,276,636
Add: reinsurance recoverable on unpaid loss and loss expense, at end of period	651,051	688,641
Gross reserve for loss and loss expense, at end of period	$ 5,301,370	$ 4,965,277

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Reserve for Loss and Loss Expense (Reserve Loss Development) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	$ (5,782)	$ (44,010)
Change in Historical Claim Rate Experience [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(5,800)	(44,000)
Change in Historical Claim Rate Experience [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(16,500)	(48,000)
Change in Historical Claim Rate Experience [Member] | Property Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	10,700	4,000
Change in Historical Claim Rate Experience [Member] | Workers' Compensation Insurance [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(24,500)	(40,000)
Change in Historical Claim Rate Experience [Member] | E&S Lines | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	(5,000)
Change in Historical Claim Rate Experience [Member] | Personal Automobile [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	9,000
Change in Historical Claim Rate Experience [Member] | General Liability [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development		(5,000)
Change in Historical Claim Rate Experience [Member] | Surety Lines | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development		(10,000)
Change in Historical Claim Rate Experience [Member] | Commercial Automobile [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development	$ (4,000)	(15,000)
Change in Historical Claim Rate Experience [Member] | Businessowners' Policies [Member] | Casualty Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year development		$ (8,000)

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Segment Information Narrative (Details)	9 Months Ended
	Sep. 30, 2023
Number of Operating Segments	4

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Segment Information (Revenue by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net premiums earned	$ 981,917	$ 853,879	$ 2,826,403	$ 2,500,601
Other income	5,181	2,933	13,919	7,499
Net investment income earned	100,863	63,889	290,065	206,713
Net realized and unrealized investment gains (losses)	(6,880)	(25,681)	(8,962)	(108,913)
Total Investments revenue	93,983	38,208	281,103	97,800
Total revenues	1,081,081	895,020	3,121,425	2,605,900
Standard Commercial Lines
Segment Reporting Information [Line Items]
Total revenues	789,934	694,881	2,292,007	2,040,284
Standard Commercial Lines | General Liability [Member]
Segment Reporting Information [Line Items]
Net premiums earned	261,551	225,302	759,410	667,912
Standard Commercial Lines | Commercial Automobile [Member]
Segment Reporting Information [Line Items]
Net premiums earned	234,622	207,129	677,060	599,340
Standard Commercial Lines | Commercial Property [Member]
Segment Reporting Information [Line Items]
Net premiums earned	152,495	128,268	429,135	371,892
Standard Commercial Lines | Workers Compensation [Member]
Segment Reporting Information [Line Items]
Net premiums earned	81,672	81,996	254,602	250,178
Standard Commercial Lines | Businessowners' Policies [Member]
Segment Reporting Information [Line Items]
Net premiums earned	36,016	32,130	103,572	93,682
Standard Commercial Lines | Bonds Segment [Member]
Segment Reporting Information [Line Items]
Net premiums earned	11,715	11,094	34,731	32,136
Standard Commercial Lines | Other Commercial [Member]
Segment Reporting Information [Line Items]
Net premiums earned	7,257	6,518	21,142	19,003
Standard Commercial Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Other income	4,606	2,444	12,355	6,141
Standard Personal Lines
Segment Reporting Information [Line Items]
Total revenues	95,744	76,127	265,773	222,976
Standard Personal Lines | Personal Automobile [Member]
Segment Reporting Information [Line Items]
Net premiums earned	51,906	40,746	145,050	120,414
Standard Personal Lines | Homeowners [Member]
Segment Reporting Information [Line Items]
Net premiums earned	40,175	32,619	112,090	95,436
Standard Personal Lines | Other Personal [Member]
Segment Reporting Information [Line Items]
Net premiums earned	3,088	2,273	7,069	5,768
Standard Personal Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Other income	575	489	1,564	1,358
E&S Lines
Segment Reporting Information [Line Items]
Total revenues	101,420	85,804	282,542	244,840
E&S Lines | Casualty Insurance Product Line [Member]
Segment Reporting Information [Line Items]
Net premiums earned	67,718	59,640	190,686	170,305
E&S Lines | Property Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums earned	$ 33,702	$ 26,164	$ 91,856	$ 74,535

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Segment Information (Income Before and After Federal Income Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net investment income earned	$ 100,863	$ 63,889	$ 290,065	$ 206,713
Net realized and unrealized investment gains (losses)	(6,880)	(25,681)	(8,962)	(108,913)
Total investments segment income, before federal income tax	93,983	38,208	281,103	97,800
Tax on investments segment income	19,191	6,964	57,092	17,136
Total investments segment income, after federal income tax	74,792	31,244	224,011	80,664
Standard Commercial Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	41,339	22,501	102,406	111,593
Underwriting income (loss), after federal income tax	$ 32,658	$ 17,776	$ 80,901	$ 88,158
Combined ratio	94.70%	96.80%	95.50%	94.50%
ROE contribution	5.40%	3.10%	4.40%	4.70%
Standard Personal Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ (26,099)	$ (1,385)	$ (62,232)	$ (7,232)
Underwriting income (loss), after federal income tax	$ (20,618)	$ (1,094)	$ (49,163)	$ (5,713)
Combined ratio	127.40%	101.80%	123.60%	103.30%
ROE contribution	(3.40%)	(0.20%)	(2.70%)	(0.30%)
E&S Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ 16,351	$ 6,016	$ 29,074	$ 16,313
Underwriting income (loss), after federal income tax	$ 12,917	$ 4,753	$ 22,968	$ 12,887
Combined ratio	83.90%	93.00%	89.70%	93.30%
ROE contribution	2.10%	0.80%	1.30%	0.70%
Investments
Segment Reporting Information [Line Items]
ROE contribution	13.10%	8.90%	12.70%	8.90%

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Segment Information (Reconciliation of Segment Results to Income Before Federal Income Tax (Details)) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment income	$ 93,983	$ 38,208	$ 281,103	$ 97,800
Interest expense	(7,186)	(7,179)	(21,610)	(21,599)
Corporate expenses	(5,871)	(5,522)	(27,308)	(24,442)
Income before federal income tax	112,517	52,639	301,433	172,433
Preferred stock dividends	(2,300)	(2,300)	(6,900)	(6,900)
Income available to common stockholders, before federal income tax	110,217	50,339	294,533	165,533
Standard Commercial Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), before federal income tax	41,339	22,501	102,406	111,593
Standard Personal Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), before federal income tax	(26,099)	(1,385)	(62,232)	(7,232)
E&S Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), before federal income tax	16,351	6,016	29,074	16,313
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss), total all segments	$ 125,574	$ 65,340	$ 350,351	$ 218,474

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Retirement Plans (Components of Net Periodic Benefit Cost) (Details) - Pension Plan [Member] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost		$ 3,867	$ 2,486	$ 11,599	$ 7,458
Expected return on plan assets		(5,774)	(5,537)	(17,319)	(16,611)
Amortization of unrecognized net actuarial loss		750	366	2,251	1,099
Total net periodic pension cost (benefit)	[1]	$ (1,157)	$ (2,685)	$ (3,469)	$ (8,054)

[1] The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

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Retirement Plans (Weighted-Average Expense Assumptions) (Details) - Pension Plan [Member]	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Discount rate	5.21%	2.98%
Effective interest rate for calculation of interest cost	5.09%	2.48%
Expected return on plan assets	6.90%	5.00%

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Comprehensive Income (Components of Comprehensive Income-Gross and Net of Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income, Gross	$ 112,517	$ 52,639	$ 301,433	$ 172,433
Unrealized holding gains (losses) during the period, Gross	(101,722)	(189,622)	(96,478)	(674,357)
Unrealized gains (losses) on securities with credit loss recognized in earnings, Gross	(32,898)	(68,287)	(16,497)	(227,599)
Amounts reclassified into net income: HTM securities, Gross		1		2
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Gross	4,628	14,235	20,115	48,396
Amounts reclassified into net income: Credit loss (benefit) expense, Gross	2,468	4,471	(7,925)	42,042
Total unrealized gains (losses) on investment securities, Gross	(127,524)	(239,202)	(100,785)	(811,516)
Amount reclassified into net income: Net actuarial (gain) loss, Gross	756	417	2,270	1,251
Total defined benefit pension and post-retirement plans, Gross	756	417	2,270	1,251
Other comprehensive income (loss), Gross	(126,768)	(238,785)	(98,515)	(810,265)
Comprehensive income (loss), Gross	(14,251)	(186,146)	202,918	(637,832)
Net income, Tax	23,309	10,114	61,043	34,058
Unrealized holding gains (losses) during the period, Tax	(21,361)	(39,819)	(20,259)	(141,613)
Unrealized gains (losses) on securities with credit loss recognized in earnings, Tax	(6,909)	(14,341)	(3,465)	(47,796)
Amounts reclassified into net income: HTM securities, Tax		0		0
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Tax	972	2,989	4,224	10,163
Amounts reclassified into net income: Credit loss (benefit) expense, Tax	519	939	(1,664)	8,828
Total unrealized gains (losses) on investment securities, Tax	(26,779)	(50,232)	(21,164)	(170,418)
Amount reclassified into net income: Net actuarial (gain) loss, Tax	158	88	476	263
Total defined benefit pension and post-retirement plans, Tax	158	88	476	263
Other comprehensive income (loss), Tax	(26,621)	(50,144)	(20,688)	(170,155)
Comprehensive income (loss), Tax	(3,312)	(40,030)	40,355	(136,097)
Net income	89,208	42,525	240,390	138,375
Unrealized holding gains (losses) during the period, Net	(80,361)	(149,803)	(76,219)	(532,744)
Unrealized gains (losses) on securities with credit loss recognized in earnings, Net	(25,989)	(53,946)	(13,032)	(179,803)
Amounts reclassified into net income: HTM securities, Net	0	1	0	2
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Net	3,656	11,246	15,891	38,233
Amounts reclassified into net income: Credit loss (benefit) expense, Net	1,949	3,532	(6,261)	33,214
Total unrealized gains (losses) on investment securities	(100,745)	(188,970)	(79,621)	(641,098)
Amount reclassified into net income: Net actuarial (gain) loss, Net	598	329	1,794	988
Total defined benefit pension and post-retirement plans, Net	598	329	1,794	988
Other comprehensive income (loss)	(100,147)	(188,641)	(77,827)	(640,110)
Comprehensive income (loss)	$ (10,939)	$ (146,116)	$ 162,563	$ (501,735)

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Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				$ (498,042)
Net current period OCI		$ (100,147)	$ (188,641)	(77,827)	$ (640,110)
Ending Balance, September 30, 2023		(575,869)		(575,869)
Available-for-sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(295,197)
OCI before reclassifications				(76,219)
Amounts reclassified from AOCI				15,891
Net current period OCI				(60,328)
Ending Balance, September 30, 2023		(355,525)		(355,525)
Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(417,035)
OCI before reclassifications				(89,251)
Amounts reclassified from AOCI				9,630
Net current period OCI				(79,621)
Ending Balance, September 30, 2023		(496,656)		(496,656)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022	[1]			(121,838)
OCI before reclassifications	[1]			(13,032)
Amounts reclassified from AOCI	[1]			(6,261)
Net current period OCI	[1]			(19,293)
Ending Balance, September 30, 2023	[1]	(141,131)		(141,131)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(81,007)
OCI before reclassifications				0
Amounts reclassified from AOCI				1,794
Net current period OCI				1,794
Ending Balance, September 30, 2023		(79,213)		(79,213)
Accumulated other comprehensive income (loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, December 31, 2022				(498,042)
OCI before reclassifications				(89,251)
Amounts reclassified from AOCI				11,424
Net current period OCI		(100,147)	$ (188,641)	(77,827)	$ (640,110)
Ending Balance, September 30, 2023		$ (575,869)		$ (575,869)

[1] 1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.

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Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net realized and unrealized investment gains (losses)	$ (6,880)	$ (25,681)	$ (8,962)	$ (108,913)
Net investment income earned	100,863	63,889	290,065	206,713
Loss and loss expense incurred	645,897	547,826	1,859,465	1,566,930
Other insurance expenses	108,504	102,806	325,949	298,310
Income before federal income tax	112,517	52,639	301,433	172,433
Total federal income tax expense	(23,309)	(10,114)	(61,043)	(34,058)
Net income (loss)	89,208	42,525	240,390	138,375
Reclassification out of AOCI
Net income (loss)	6,203	15,108	11,424	72,437
Pension Plan [Member] | Reclassification out of AOCI
Loss and loss expense incurred	173	90	521	270
Other insurance expenses	583	327	1,749	981
Income before federal income tax	756	417	2,270	1,251
Total federal income tax expense	(158)	(88)	(476)	(263)
Net income (loss)	598	329	1,794	988
Held-to-maturity Securities [Member] | Reclassification out of AOCI
Net realized and unrealized investment gains (losses)	0	1	0	1
Net investment income earned	0	0	0	1
Income before federal income tax	0	1	0	2
Total federal income tax expense	0	0	0	0
Net income (loss)	0	1	0	2
Available for sale securities, excluding credit losses [Member] | Reclassification out of AOCI
Net realized and unrealized investment gains (losses)	4,628	14,235	20,115	48,396
Income before federal income tax	4,628	14,235	20,115	48,396
Total federal income tax expense	(972)	(2,989)	(4,224)	(10,163)
Net income (loss)	3,656	11,246	15,891	38,233
Available for sale securities, including credit losses | Reclassification out of AOCI
Net realized and unrealized investment gains (losses)	2,468	4,471	(7,925)	42,042
Income before federal income tax	2,468	4,471	(7,925)	42,042
Total federal income tax expense	(519)	(939)	1,664	(8,828)
Net income (loss)	$ 1,949	$ 3,532	$ (6,261)	$ 33,214

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to common stockholders	$ 86,908	$ 40,225	$ 233,490	$ 131,475
Weighted average common shares outstanding - basic	60,676	60,404	60,609	60,409
Effect of dilutive securities - stock compensation plans	340	431	339	420
Weighted average common shares outstanding, diluted	61,016	60,835	60,948	60,829
Earnings per common share - net income available to common stockholders - Basic	$ 1.43	$ 0.67	$ 3.85	$ 2.18
Earnings per common share - net income available to common stockholders - Diluted	$ 1.42	$ 0.66	$ 3.83	$ 2.16