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: March 31, 2024

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 April 30, 2024, there were 60,792,024 shares of common stock, par value $2.00 per share, outstanding. 

	SELECTIVE INSURANCE GROUP, INC.
	Table of Contents
		Page No.
PART I.   FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
	Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023	1
	Unaudited Consolidated Statements of Income for the Quarter Ended March 31, 2024 and 2023	2
	Unaudited Consolidated Statements of Comprehensive Income for the Quarter Ended March 31, 2024 and 2023	3
	Unaudited Consolidated Statements of Stockholders' Equity for the Quarter Ended March 31, 2024 and 2023	4
	Unaudited Consolidated Statements of Cash Flows for the Quarter Ended March 31, 2024 and 2023	5
	Notes to Unaudited Interim Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Forward-Looking Statements	21
	Introduction	21
	Critical Accounting Policies and Estimates	22
	Financial Highlights of Results for First Quarter 2024 and 2023	22
	Results of Operations and Related Information by Segment	25
	Federal Income Taxes	34
	Liquidity and Capital Resources	34
	Ratings	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38
PART II.  OTHER INFORMATION		38
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
Signatures		41

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS	Unaudited
($ in thousands, except share amounts)	March 31, 2024		December 31, 2023
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $19,183 – 2024; $21,923 – 2023)	$	20,295	22,700
Less: allowance for credit losses	—		—
Fixed income securities, held-to-maturity, net of allowance for credit losses	20,295		22,700
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $30,381 – 2024 and $28,212 – 2023; amortized cost: $7,983,271 – 2024 and $7,880,697 – 2023)	7,583,504		7,499,197
Commercial mortgage loans – at carrying value (fair value: $197,807 – 2024 and $178,913 – 2023)	208,152		188,708
Less: allowance for credit losses	(122)		(291)
Commercial mortgage loans, net of allowance for credit losses	208,030		188,417
Equity securities – at fair value (cost:  $189,549 – 2024; $183,076 – 2023)	194,320		187,155
Short-term investments	247,883		309,317
Alternative investments	402,689		395,779
Other investments	88,960		91,164
Total investments (Note 4 and 5)	$	8,745,681	8,693,729
Cash	124		180
Restricted cash	11,720		13,092
Accrued investment income	68,034		66,339
Premiums receivable	1,459,112		1,331,979
Less: allowance for credit losses (Note 6)	(20,000)		(18,900)
Premiums receivable, net of allowance for credit losses	1,439,112		1,313,079
Reinsurance recoverable	653,085		658,525
Less: allowance for credit losses (Note 7)	(1,700)		(1,700)
Reinsurance recoverable, net of allowance for credit losses	651,385		656,825
Prepaid reinsurance premiums	207,979		203,320
Deferred federal income tax	144,719		140,237
Property and equipment – at cost, net of accumulated depreciation and amortization of: $277,945 – 2024; $271,409 – 2023	82,703		83,272
Deferred policy acquisition costs	448,340		424,864
Goodwill	7,849		7,849
Other assets	248,469		199,760
Total assets	$	12,056,115	11,802,546
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expense (Note 8)	$	5,501,750	5,336,911
Unearned premiums	2,440,992		2,330,656
Long-term debt	503,305		503,946
Current federal income tax	26,530		6,251
Accrued salaries and benefits	97,918		122,003
Other liabilities	479,126		548,398
Total liabilities	$	9,049,621	8,848,165
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 – 2024 and 2023
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,447,377 – 2024; 105,223,307 – 2023	210,895		210,447
Additional paid-in capital	534,327		522,748
Retained earnings	3,088,150		3,029,396
Accumulated other comprehensive income (loss) (Note 11)	(384,972)		(373,001)
Treasury stock – at cost (shares:  44,655,938 – 2024; 44,586,870 – 2023)	(641,906)		(635,209)
Total stockholders’ equity	$	3,006,494	2,954,381
Commitments and contingencies
Total liabilities and stockholders’ equity	$	12,056,115	11,802,546

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

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME	Quarter ended March 31,
($ in thousands, except per share amounts)	2024		2023
Revenues:
Net premiums earned	$	1,050,944	902,336
Net investment income earned	107,849		91,506
Net realized and unrealized investment gains (losses)	(1,635)		3,344
Other income	7,801		2,634
Total revenues	1,164,959		999,820
Expenses:
Loss and loss expense incurred	704,292		567,438
Amortization of deferred policy acquisition costs	219,435		189,761
Other insurance expenses	115,987		108,588
Interest expense	7,181		7,166
Corporate expenses	15,498		12,108
Total expenses	1,062,393		885,061
Income before federal income tax	102,566		114,759
Federal income tax expense:
Current	21,413		25,505
Deferred	(1,365)		(3,320)
Total federal income tax expense	20,048		22,185
Net income	$	82,518	92,574
Preferred stock dividends	2,300		2,300
Net income available to common stockholders	$	80,218	90,274
Earnings per common share:
Net income available to common stockholders - Basic	$	1.32	1.49
Net income available to common stockholders - Diluted	$	1.31	1.48

    

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 March 31,
($ in thousands)	2024		2023
Net income	$	82,518	92,574
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) arising during period	(12,293)		52,079
Unrealized gains (losses) on securities with credit loss recognized in earnings	(2,474)		17,721
Amounts reclassified into net income:
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities	(61)		4,822
Credit loss (benefit) expense	2,093		(7,527)
Total unrealized gains (losses) on investment securities	(12,735)		67,095
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial loss	764		598
Total defined benefit pension and post-retirement plans	764		598
Other comprehensive income (loss)	(11,971)		67,693
Comprehensive income (loss)	$	70,547	160,267

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 March 31,
($ in thousands, except share and per share amounts)	2024		2023
Preferred stock:
Beginning of period	$	200,000	200,000
Issuance of preferred stock	—		—
End of period	200,000		200,000
Common stock:
Beginning of period	210,447		209,694
Dividend reinvestment plan	10		9
Stock purchase and compensation plans	438		446
End of period	210,895		210,149
Additional paid-in capital:
Beginning of period	522,748		493,488
Dividend reinvestment plan	488		459
Stock purchase and compensation plans	11,091		8,766
End of period	534,327		502,713
Retained earnings:
Beginning of period	3,029,396		2,749,703
Net income	82,518		92,574
Dividends to preferred stockholders	(2,300)		(2,300)
Dividends to common stockholders	(21,464)		(18,364)
End of period	3,088,150		2,821,613
Accumulated other comprehensive income (loss):
Beginning of period	(373,001)		(498,042)
Other comprehensive income (loss)	(11,971)		67,693
End of period	(384,972)		(430,349)
Treasury stock:
Beginning of period	(635,209)		(627,279)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(6,697)		(7,443)
End of period	(641,906)		(634,722)
Total stockholders’ equity	$	3,006,494	2,669,404
Dividends declared per preferred share	$	287.50	287.50
Dividends declared per common share	$	0.35	0.30
Preferred stock, shares outstanding:
Beginning of period	8,000		8,000
Issuance of preferred stock	—		—
End of period	8,000		8,000
Common stock, shares outstanding:
Beginning of period	60,636,437		60,338,900
Dividend reinvestment plan	4,806		4,650
Stock purchase and compensation plan	219,264		222,816
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans	(69,068)		(73,780)
End of period	60,791,439		60,492,586

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

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS	Quarter ended March 31,
($ in thousands)	2024		2023
Operating Activities
Net income	$	82,518	92,574
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	9,084		8,957
Stock-based compensation expense	10,115		7,719
Undistributed gains of equity method investments	(5,873)		(6,693)
Distributions in excess of current year income of equity method investments	5,148		1,876
Net realized and unrealized (gains) losses	1,635		(3,344)
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	170,279		70,397
Increase in unearned premiums, net of prepaid reinsurance	105,677		97,432
Decrease in net federal income taxes	18,979		20,522
Increase in premiums receivable	(126,033)		(68,478)
Increase in deferred policy acquisition costs	(23,476)		(19,320)
(Increase) decrease in accrued investment income	(2,091)		1,456
Decrease in accrued salaries and benefits	(24,085)		(26,406)
Increase in other assets	(6,226)		(4,083)
Decrease in other liabilities	(101,445)		(36,840)
Net cash provided by (used in) operating activities	114,206		135,769
Investing Activities
Purchases of fixed income securities, available-for-sale	(521,745)		(1,003,617)
Purchases of commercial mortgage loans	(22,256)		(8,447)
Purchases of equity securities	(6,473)		(3,229)
Purchases of alternative investments and other investments	(12,738)		(7,736)
Purchases of short-term investments	(1,232,780)		(1,361,774)
Sales of fixed income securities, available-for-sale	219,889		639,365
Proceeds from commercial mortgage loans	2,812		469
Sales of short-term investments	1,294,522		1,499,963
Redemption and maturities of fixed income securities, held-to-maturity	2,404		6,507
Redemption and maturities of fixed income securities, available-for-sale	193,109		109,999
Sales of equity securities	—		32,918
Distributions from alternative investments and other investments	3,448		2,854
Purchases of property and equipment	(6,199)		(5,510)
Net cash provided by (used in) investing activities	(86,007)		(98,238)
Financing Activities
Dividends to preferred stockholders	(2,300)		(2,300)
Dividends to common stockholders	(20,784)		(17,690)
Acquisition of treasury stock	(6,697)		(7,443)
Net proceeds from stock purchase and compensation plans	885		973
Repayments of finance lease obligations	(731)		(615)
Net cash provided by (used in) financing activities	(29,627)		(27,075)
Net increase (decrease) in cash and restricted cash	(1,428)		10,456
Cash and restricted cash, beginning of period	13,272		25,209
Cash and restricted cash, end of period	$	11,844	35,665

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

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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 first quarters ended March 31, 2024 (“First Quarter 2024”) and March 31, 2023 (“First Quarter 2023”). 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, 2023 (“2023 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. We adopted this guidance on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

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 adopted ASU 2023-02 on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

Pronouncements to be effective in the future

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends disclosure requirements for segment reporting by modifying and adding disclosure requirements. The additional disclosure requirements include the following on both an interim and annual basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"); (ii) amounts for "other segment items" by reportable segment and a description of its composition; and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting, to now be disclosed in interim periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-07 will not have an impact on our financial condition or results of operations.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items

6

that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-09 will not have an impact on our financial condition or results of operations.

NOTE 3. Statements of Cash Flows

Supplemental cash flow information was as follows:

	Quarter ended March 31,
($ in thousands)	2024		2023
Cash paid (received) during the period for:
Interest	$	8,544	8,528
Federal income tax	—		—
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,777		2,235
Operating cash flows from financing leases	22		11
Financing cash flows from finance leases	731		615
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	2,298		4,629
Assets acquired under finance lease arrangements	3		—
Assets acquired under operating lease arrangements	674		4,237
Non-cash purchase of property and equipment	8		23

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)	March 31, 2024		December 31, 2023
Cash	$	124	180
Restricted cash	11,720		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	11,844	13,272

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 March 31, 2024 and December 31, 2023, were as follows:

March 31, 2024	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	$	161,335	—	70	(19,579)	141,826
Foreign government	10,703		(29)	—	(1,445)	9,229
Obligations of states and political subdivisions	570,438		(695)	1,101	(31,858)	538,986
Corporate securities	2,930,310		(15,442)	20,367	(140,185)	2,795,050
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,958,551		(2,627)	15,158	(73,997)	1,897,085
Residential mortgage-backed securities ("RMBS")	1,623,948		(11,580)	3,828	(104,237)	1,511,959
Commercial mortgage-backed securities ("CMBS")	727,986		(8)	1,103	(39,712)	689,369
Total AFS fixed income securities	$	7,983,271	(30,381)	41,627	(411,013)	7,583,504

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December 31, 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	$	223,157	—	139	(18,261)	205,035
Foreign government	11,140		(35)	—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)	2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)	28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)	11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)	6,023	(85,851)	1,477,483
CMBS	718,623		(6)	1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	(28,212)	50,076	(403,364)	7,499,197

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 March 31, 2024	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	$	35	—	—	—	(6)	—	29
Obligations of states and political subdivisions	669		9	—	25	(8)	—	695
Corporate securities	12,999		1,015	—	1,792	(355)	(9)	15,442
CLO and other ABS	2,854		90	—	(314)	(3)	—	2,627
RMBS	11,649		—	—	31	(100)	—	11,580
CMBS	6		2	—	—	—	—	8
Total AFS fixed income securities	$	28,212	1,116	—	1,534	(472)	(9)	30,381

Quarter ended March 31, 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	—	—	(248)	—	—	36
Obligations of states and political subdivisions	1,024		50	—	(254)	(83)	—	737
Corporate securities	30,330		2,854	—	(13,964)	(2,453)	(11)	16,756
CLO and other ABS	2,375		787	—	736	(3)	—	3,895
RMBS	11,597		12	—	219	(88)	—	11,740
CMBS	111		27	—	252	—	—	390
Total AFS fixed income securities	$	45,721	3,730	—	(13,259)	(2,627)	(11)	33,554

During First Quarter 2024 and First Quarter 2023, 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 2023 Annual Report. Accrued interest on AFS securities was $66.3 million as of March 31, 2024, and $64.6 million as of December 31, 2023. We did not record any write-offs of accrued interest in First Quarter 2024 and First Quarter 2023.

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

March 31, 2024	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	$	8,149	(49)	107,151	(19,530)	115,300	(19,579)
Foreign government	—		—	9,229	(1,445)	9,229	(1,445)
Obligations of states and political subdivisions	161,084		(1,289)	303,259	(30,569)	464,343	(31,858)
Corporate securities	316,330		(4,043)	1,446,157	(136,142)	1,762,487	(140,185)
CLO and other ABS	385,471		(7,527)	824,843	(66,470)	1,210,314	(73,997)
RMBS	511,009		(8,770)	761,356	(95,467)	1,272,365	(104,237)
CMBS	133,266		(2,033)	494,395	(37,679)	627,661	(39,712)
Total AFS fixed income securities	$	1,515,309	(23,711)	3,946,390	(387,302)	5,461,699	(411,013)

December 31, 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	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

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. 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 2023 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 March 31, 2024. 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 March 31, 2024, 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	$	582,163	—	—
Due after one year through five years	3,435,983		15,716	14,898
Due after five years through 10 years	2,833,659		4,579	4,285
Due after 10 years	731,699		—	—
Total fixed income securities	$	7,583,504	20,295	19,183

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

	March 31, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	306,444	137,986	444,430	301,759	131,885	433,644
Private credit	53,392		90,569	143,961	54,500	89,401	143,901
Real assets	42,853		31,100	73,953	39,520	33,040	72,560
Total alternative investments	$	402,689	259,655	662,344	395,779	254,326	650,105

9

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 2024 or 2023.

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-month period ended December 31:

Income Statement Information	Quarter ended March 31,
($ in millions)	2024		2023
Net investment income (loss)	$	(346.0)	(70.7)
Realized gains	1,830.8		1,722.3
Net change in unrealized appreciation (depreciation)	3,819.0		1,443.7
Net income	$	5,303.8	3,095.3
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	6.9	7.8

(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 March 31, 2024 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 March 31, 2024:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	20.0	20.0
Obligations of states and political subdivisions	—		—	4.2	4.2
RMBS	66.2		24.1	—	90.3
CMBS	2.3		8.5	—	10.8
Total pledged as collateral	$	68.5	32.6	24.2	125.3

(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 March 31, 2024, or December 31, 2023.

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Fixed income securities	$	94,102	80,087
Commercial mortgage loans ("CMLs")	2,794		1,965
Equity securities	4,908		1,205
Short-term investments	3,519		4,650
Alternative investments	6,881		7,768
Other investments	263		43
Investment expenses	(4,618)		(4,212)
Net investment income earned	$	107,849	91,506

10

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Gross gains on sales	$	2,135	3,784
Gross losses on sales	(1,965)		(12,930)
Net realized gains (losses) on disposals	170		(9,146)
Net unrealized gains (losses) on equity securities	692		3,248
Net credit loss benefit (expense) on fixed income securities, AFS	(2,650)		9,529
Net credit loss benefit (expense) on CMLs	168		17
Losses on securities for which we have the intent to sell	(15)		(304)
Net realized and unrealized investment gains (losses)	$	(1,635)	3,344

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	692	(142)
On securities sold in period	—		3,390
Total unrealized gains (losses) recognized in income on equity securities	$	692	3,248

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 March 31, 2024, and December 31, 2023:

	March 31, 2024			December 31, 2023
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,927	51,137	49,926	53,047
6.70% Senior Notes	99,571		101,666	99,565	104,039
5.375% Senior Notes	294,548		286,927	294,523	288,787
3.03% borrowings from FHLBI	60,000		57,568	60,000	57,932
Subtotal long-term debt	504,046		497,298	504,014	503,805
Unamortized debt issuance costs	(2,650)			(2,704)
Finance lease obligations	1,909			2,636
Total long-term debt	$	503,305		503,946

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 2023 Annual Report.

11

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at March 31, 2024, and December 31, 2023:

March 31, 2024			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	$	141,826	33,530	108,296	—
Foreign government	9,229		—	9,229	—
Obligations of states and political subdivisions	538,986		—	531,239	7,747
Corporate securities	2,795,050		—	2,507,554	287,496
CLO and other ABS	1,897,085		—	1,636,988	260,097
RMBS	1,511,959		—	1,511,959	—
CMBS	689,369		—	689,014	355
Total AFS fixed income securities	7,583,504		33,530	6,994,279	555,695
Equity securities:
Common stock1	192,510		36,333	—	1,067
Preferred stock	1,810		1,810	—	—
Total equity securities	194,320		38,143	—	1,067
Short-term investments	247,883		246,904	979	—
Total assets measured at fair value	$	8,025,707	318,577	6,995,258	556,762

December 31, 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	$	205,035	34,056	170,979	—
Foreign government	9,803		—	9,803	—
Obligations of states and political subdivisions	585,965		—	578,131	7,834
Corporate securities	2,711,239		—	2,413,907	297,332
CLO and other ABS	1,834,827		—	1,589,514	245,313
RMBS	1,477,483		—	1,477,483	—
CMBS	674,845		—	674,489	356
Total AFS fixed income securities	7,499,197		34,056	6,914,306	550,835
Equity securities:
Common stock1	185,339		20,582	—	854
Preferred stock	1,816		1,816	—	—
Total equity securities	187,155		22,398	—	854
Short-term investments	309,317		308,512	805	—
Total assets measured at fair value	$	7,995,669	364,966	6,915,111	551,689

1Investments amounting to $155.1 million at March 31, 2024, and $163.9 million at December 31, 2023, 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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The following tables provide a summary of Level 3 changes in First Quarter 2024 and First Quarter 2023:

March 31, 2024
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2023	$	7,834	297,332	245,313	356	854	551,689
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(86)		(376)	399	3	—	(60)
Net realized and unrealized gains (losses)	(1)		140	57	—	213	409
Net investment income earned	—		280	(1)	(1)	—	278
Purchases	—		1,152	14,658	—	—	15,810
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(2,870)	(1,173)	(3)	—	(4,046)
Transfers into Level 3	—		20,065	19,537	—	—	39,602
Transfers out of Level 3	—		(28,227)	(18,693)	—	—	(46,920)
Fair value, March 31, 2024	$	7,747	287,496	260,097	355	1,067	556,762
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(1)		140	57	—	213	409
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(86)		(376)	399	3	—	(60)

March 31, 2023
($ in thousands)	Obligation of state 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:
OCI	152		2,405	696	17	—	3,270
Net realized and unrealized gains (losses)	61		72	(73)	—	(269)	(209)
Net investment income earned	—		12	(32)	(1)	—	(21)
Purchases	—		24,799	13,403	—	—	38,202
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(4,044)	(1,192)	(3)	—	(5,239)
Transfers into Level 3	—		361	14,148	2,848	—	17,357
Transfers out of Level 3	—		—	(534)	—	—	(534)
Fair value, March 31, 2023	$	6,874	211,585	179,758	3,236	628	402,081
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	61		72	(73)	—	(269)	(209)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	152		2,405	696	17	—	3,270

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at March 31, 2024, and December 31, 2023:

March 31, 2024
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	155,633	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.8%
CLO and other ABS	155,287		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	310,920
Other1	245,842
Total Level 3 securities	$	556,762

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December 31, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	135,524	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.9%
CLO and other ABS	127,210		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	262,734
Other1	288,955
Total Level 3 securities	$	551,689

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 March 31, 2024, and December 31, 2023:

March 31, 2024			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	$	19,183	—	19,183	—
Total HTM fixed income securities	19,183		—	19,183	—
CMLs	$	197,807	—	—	197,807
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,137	—	51,137	—
6.70% Senior Notes	101,666		—	101,666	—
5.375% Senior Notes	286,927		—	286,927	—
3.03% borrowings from FHLBI	57,568		—	57,568	—
Total long-term debt	$	497,298	—	497,298	—

December 31, 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	21,923		—	21,923	—
Total HTM fixed income securities	$	21,923	—	21,923	—
CMLs	$	178,913	—	—	178,913
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	53,047	—	53,047	—
6.70% Senior Notes	104,039		—	104,039	—
5.375% Senior Notes	288,787		—	288,787	—
3.03% borrowings from FHLBI	57,932		—	57,932	—
Total long-term debt	$	503,805	—	503,805	—

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 March 31,
($ in thousands)	2024		2023
Balance at beginning of period	$	18,900	16,100
Current period change for expected credit losses	1,784		1,910
Write-offs charged against the allowance for credit losses	(1,056)		(1,164)
Recoveries	372		254
Allowance for credit losses, end of period	$	20,000	17,100

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 2023 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 March 31, 2024, and December 31, 2023:

	March 31, 2024
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	83,372	53	83,425
A+	366,428		1,172	367,600
A	115,086		582	115,668
A-	3,865		89	3,954
Total rated reinsurers	568,751		1,896	570,647
Non-rated reinsurers
Federal and state pools	77,799		—	77,799
Other than federal and state pools	4,135		504	4,639
Total non-rated reinsurers	81,934		504	82,438
Total reinsurance recoverable, gross	$	650,685	2,400	653,085
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				651,385

	December 31, 2023
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	82,466	21	82,487
A+	371,132		2,887	374,019
A	111,883		1,380	113,263
A-	3,596		89	3,685
Total rated reinsurers	569,077		4,377	573,454
Non-rated reinsurers
Federal and state pools	80,506		—	80,506
Other than federal and state pools	4,488		77	4,565
Total non-rated reinsurers	84,994		77	85,071
Total reinsurance recoverable, gross	$	654,071	4,454	658,525
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				656,825

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Balance at beginning of period	$	1,700	1,600
Current period change for expected credit losses	—		700
Write-offs charged against the allowance for credit losses	—		—
Recoveries	—		—
Allowance for credit losses, end of period	$	1,700	2,300

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 2023 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 2023 Annual Report.

	Quarter ended March 31,
($ in thousands)	2024		2023
Premiums written:
Direct	$	1,315,911	1,132,760
Assumed	5,985		5,394
Ceded	(165,275)		(138,386)
Net	1,156,621		999,768
Premiums earned:
Direct	1,205,368		1,032,228
Assumed	6,191		6,290
Ceded	(160,615)		(136,182)
Net	1,050,944		902,336
Loss and loss expense incurred:
Direct	753,567		613,229
Assumed	5,981		5,255
Ceded	(55,256)		(51,046)
Net	$	704,292	567,438

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:

	Quarter ended March 31,
($ in thousands)	2024		2023
Gross reserve for loss and loss expense, at beginning of period	$	5,336,911	5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601		757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310		4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	688,519		580,408
Prior years	15,773		(12,970)
Total incurred loss and loss expense	704,292		567,438
Paid loss and loss expense for claims occurring in the:
Current year	107,719		91,011
Prior years	435,489		418,194
Total paid loss and loss expense	543,208		509,205
Net reserve for loss and loss expense, at end of period	4,879,394		4,445,541
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	622,356		653,909
Gross reserve for loss and loss expense, at end of period	$	5,501,750	5,099,450

Prior year reserve development in First Quarter 2024 was unfavorable by $15.8 million, consisting of $35.0 million of unfavorable casualty reserve development, partially offset by $19.2 million of favorable property reserve development. The unfavorable casualty reserve development was driven by our Standard Commercial Lines segment, which included (i) $50.0

16

million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, partially offset by (ii) $15.0 million of favorable casualty reserve development in our workers compensation line of business.

Additionally, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business.

Prior year reserve development in First Quarter 2023 was favorable by $13.0 million, consisting of favorable casualty reserve development of $10.0 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 $2.0 million of unfavorable casualty reserve development in our personal 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 March 31,
($ in thousands)	2024		2023
Standard Commercial Lines:
Net premiums earned:
General liability	$	273,415	243,349
Commercial automobile	251,720		217,371
Commercial property	161,553		135,292
Workers compensation	87,777		84,184
Businessowners' policies	39,921		33,171
Bonds	12,088		11,397
Other	7,636		6,851
Miscellaneous income	7,134		2,181
Total Standard Commercial Lines revenue	841,244		733,796
Standard Personal Lines:
Net premiums earned:
Personal automobile	56,960		44,914
Homeowners	44,113		35,013
Other	2,773		1,943
Miscellaneous income	640		453
Total Standard Personal Lines revenue	104,486		82,323
E&S Lines:
Net premiums earned:
Casualty lines	71,638		60,817
Property lines	41,350		28,034
Miscellaneous income	27		—
Total E&S Lines revenue	113,015		88,851
Investments:
Net investment income earned	107,849		91,506
Net realized and unrealized investment gains (losses)	(1,635)		3,344
Total Investments revenue	106,214		94,850
Total revenues	$	1,164,959	999,820

17

Income Before and After Federal Income Tax	Quarter ended March 31,
($ in thousands)	2024			2023
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	10,381		38,921
Underwriting income (loss), after federal income tax	8,201			30,748
Combined ratio	98.8		%	94.7
ROE contribution	1.2			5.1
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(5,335)		(13,073)
Underwriting income (loss), after federal income tax	(4,215)			(10,328)
Combined ratio	105.1		%	116.0
ROE contribution	(0.6)			(1.7)
E&S Lines:
Underwriting income (loss), before federal income tax	$	13,985		13,335
Underwriting income (loss), after federal income tax	11,048			10,535
Combined ratio	87.6		%	85.0
ROE contribution	1.6			1.8
Investments:
Net investment income earned	$	107,849		91,506
Net realized and unrealized investment gains (losses)	(1,635)			3,344
Total investments segment income, before federal income tax	106,214			94,850
Tax on investments segment income	21,866			19,156
Total investments segment income, after federal income tax	$	84,348		75,694
ROE contribution of after-tax net investment income earned	12.3			12.2

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended March 31,
($ in thousands)	2024		2023
Underwriting income (loss)
Standard Commercial Lines	$	10,381	38,921
Standard Personal Lines	(5,335)		(13,073)
E&S Lines	13,985		13,335
Investment income	106,214		94,850
Total all segments	125,245		134,033
Interest expense	(7,181)		(7,166)
Corporate expenses	(15,498)		(12,108)
Income, before federal income tax	$	102,566	114,759
Preferred stock dividends	(2,300)		(2,300)
Income available to common stockholders, before federal income tax	$	100,266	112,459

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 2023 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended March 31,
($ in thousands)	2024		2023
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,888	3,866
Expected return on plan assets	(5,382)		(5,773)
Amortization of unrecognized net actuarial loss	955		751
Total net periodic pension cost (benefit)1	$	(539)	(1,156)

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
	Quarter ended March 31,
	2024		2023
Weighted-Average Expense Assumptions:
Discount rate	5.02	%	5.21	%
Effective interest rate for calculation of interest cost	4.91		5.09
Expected return on plan assets	6.40		6.90

NOTE 11. Comprehensive Income

The components of comprehensive income, both gross and net of tax, for First Quarter 2024 and First Quarter 2023 were as follows:

First Quarter 2024
($ in thousands)	Gross		Tax	Net
Net income	$	102,566	20,048	82,518
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(15,560)		(3,267)	(12,293)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(3,132)		(658)	(2,474)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	(78)		(17)	(61)
Credit loss (benefit) expense	2,650		557	2,093
Total unrealized gains (losses) on investment securities	(16,120)		(3,385)	(12,735)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	967		203	764
Total defined benefit pension and post-retirement plans	967		203	764
Other comprehensive income (loss)	(15,153)		(3,182)	(11,971)
Comprehensive income (loss)	$	87,413	16,866	70,547
First Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	114,759	22,185	92,574
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	65,925		13,846	52,079
Unrealized gains (losses) on securities with credit loss recognized in earnings	22,431		4,710	17,721
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	6,104		1,282	4,822
Credit loss (benefit) expense	(9,529)		(2,002)	(7,527)
Total unrealized gains (losses) on investment securities	84,931		17,836	67,095
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	85,688		17,995	67,693
Comprehensive income (loss)	$	200,447	40,180	160,267

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of March 31, 2024, were as follows:

March 31, 2024	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, 2023	$	(84,442)	(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	(2,474)		(12,293)	(14,767)	—	(14,767)
Amounts reclassified from AOCI	2,093		(61)	2,032	764	2,796
Net current period OCI	(381)		(12,354)	(12,735)	764	(11,971)
Balance, March 31, 2024	$	(84,823)	(206,982)	(291,805)	(93,167)	(384,972)

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

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The reclassifications out of AOCI were as follows:

	Quarter ended March 31,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2024		2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	(78)	6,104	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	17		(1,282)	Total federal income tax expense
Net of taxes	(61)		4,822	Net income
Credit loss related
Credit loss (benefit) expense	2,650		(9,529)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(557)		2,002	Total federal income tax expense
Net of taxes	2,093		(7,527)	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	222		175	Loss and loss expense incurred
Net actuarial loss	745		582	Other insurance expenses
Total	967		757	Income before federal income tax
Tax (benefit) expense	(203)		(159)	Total federal income tax expense
Net of taxes	764		598	Net income
Total reclassifications for the period	$	2,796	(2,107)	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 March 31,
(in thousands, except per share amounts)	2024		2023
Net income available to common stockholders:	$	80,218	90,274
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,827		60,536
Effect of dilutive securities - stock compensation plans	386		372
Weighted average common shares outstanding - diluted	61,213		60,908
EPS:
Basic	$	1.32	1.49
Diluted	1.31		1.48

NOTE 13. Litigation

As of March 31, 2024, 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.

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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 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; 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.

We discuss the factors that could cause our actual results to differ materially from our projects, forecasts, or estimates in forward-looking statements 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 any time. We can neither predict these new risk factors nor assess their impact, if any, on our businesses or the extent to which 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.

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, 2023 ("2023 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 2023 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

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

•Critical Accounting Policies and Estimates;

•Financial Highlights of Results for the first quarters ended March 31, 2024 (“First Quarter 2024”) and March 31, 2023 (“First Quarter 2023”);

•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 2023 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserve 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 our 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 39 through 47 of our 2023 Annual Report.

Financial Highlights of Results for First Quarter 2024 and First Quarter 20231

($ and shares in thousands, except per share amounts)	Quarter ended March 31,				Change % or Points
	2024			2023
Financial Data:
Revenues	$	1,164,959		999,820	17	%
After-tax net investment income	85,640			73,052	17
After-tax underwriting income	15,034			30,955	(51)
Net income before federal income tax	102,566			114,759	(11)
Net income	82,518			92,574	(11)
Net income available to common stockholders	80,218			90,274	(11)
Key Metrics:
Combined ratio	98.2		%	95.7	2.5	pts
Invested assets per dollar of common stockholders' equity	$	3.12		3.25	(4)	%
Annualized after-tax yield on investment portfolio	3.9		%	3.7	0.2	pts
Return on common equity ("ROE")	11.5			15.1	(3.6)
Net premiums written ("NPW") to statutory surplus	$	1.55		1.46	6	%
Per Common Share Amounts:
Diluted net income per share	$	1.31		1.48	(11)	%
Book value per share	46.17			40.82	13
Dividends declared per share to common stockholders	0.35			0.30	17
Non-GAAP Information:
Non-GAAP operating income2	$	81,510		87,632	(7)	%
Non-GAAP operating income per diluted common share2	1.33			1.44	(8)
Non-GAAP operating ROE2	11.7		%	14.6	(2.9)	pts
Adjusted book value per common share2	$	50.97		46.61	9	%

1Refer to the Glossary of Terms attached to our 2023 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.

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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 March 31,
($ in thousands)	2024		2023
Net income available to common stockholders	$	80,218	90,274
Net realized and unrealized investment (gains) losses included in net income, before tax	1,635		(3,344)
Tax on reconciling items	(343)		702
Non-GAAP operating income	$	81,510	87,632

Reconciliation of net income available to common stockholders per diluted common share to non-GAAP operating income per diluted common share	Quarter ended March 31,
	2024		2023
Net income available to common stockholders per diluted common share	$	1.31	1.48
Net realized and unrealized investment (gains) losses included in net income, before tax	0.03		(0.05)
Tax on reconciling items	(0.01)		0.01
Non-GAAP operating income per diluted common share	$	1.33	1.44

Reconciliation of ROE to non-GAAP operating ROE	Quarter ended March 31,
	2024		2023
ROE	11.5	%	15.1
Net realized and unrealized investment (gains) losses included in net income, before tax	0.2		(0.6)
Tax on reconciling items	—		0.1
Non-GAAP operating ROE	11.7	%	14.6

Reconciliation of book value per common share to adjusted book value per common share	Quarter ended March 31,
	2024		2023
Book value per common share	$	46.17	40.82
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax	6.08		7.32
Tax on reconciling items	(1.28)		(1.53)
Adjusted book value per common share	$	50.97	46.61

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

ROE and non-GAAP operating ROE Components	Quarter ended March 31,			Change Points
	2024		2023
Standard Commercial Lines Segment	1.2	%	5.1	(3.9)
Standard Personal Lines Segment	(0.6)		(1.7)	1.1
E&S Lines Segment	1.6		1.8	(0.2)
Total insurance operations	2.2		5.2	(3.0)
Investment income	12.3		12.2	0.1
Net realized and unrealized investment gains (losses)	(0.2)		0.5	(0.7)
Total investments segment	12.1		12.7	(0.6)
Other	(2.8)		(2.8)	—
ROE	11.5		15.1	(3.6)
Net realized and unrealized investment (gains) losses, after tax	0.2		(0.5)	0.7
Non-GAAP operating ROE	11.7		14.6	(2.9)

In First Quarter 2024, we generated an ROE of 11.5%, compared to 15.1% in First Quarter 2023. Our non-GAAP operating ROE of 11.7% was below our First Quarter 2023 non-GAAP operating ROE of 14.6% and slightly below our target of 12%. The non-GAAP operating ROE decrease in First Quarter 2024 compared to First Quarter 2023 was driven by a $15.9 million, or 3.0-point, reduction in after-tax underwriting income, primarily attributable to unfavorable prior year casualty reserve development, partially offset by an improved expense ratio and lower net catastrophe losses in First Quarter 2024. Unfavorable prior year casualty reserve development was $35.0 million in First Quarter 2024, compared to favorable prior year casualty reserve development of $13.0 million in First Quarter 2023. During First Quarter 2024, we recorded unfavorable prior year casualty reserve development of $50.0 million in our general liability line of business, primarily in accident years 2020 through 2023, resulting from elevated and uncertain loss trends driven primarily by social inflation. Despite planning for higher expected loss trends, claim emergence in First Quarter 2024 exceeded our expectations. Partially offsetting the $50.0 million

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unfavorable prior year casualty reserve development was $15.0 million of favorable prior year casualty reserve development in our workers compensation line of business. For additional qualitative discussion on prior year casualty reserve development, refer to the insurance segment sections below.

Outlook

We entered 2024 with a strong capital position and solid operational results, well-positioned to navigate the ongoing challenges of elevated economic and social inflation and financial market volatility. We continue to focus on delivering on our strategy for disciplined and profitable growth within our insurance operation segments by:

•Standard Commercial Lines

◦Achieving overall Standard Commercial 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 the use of our enhanced small business platform; and

◦Expanding our geographic footprint. In April 2024, we added West Virginia and Maine to our footprint, now covering 32 states. Subject to regulatory approvals, we expect to add Nevada, Washington, and Oregon later this year, and Kansas, Montana, and Wyoming in 2025. Over time, we plan to expand our Standard Commercial Lines footprint into most of the contiguous U.S.

•E&S Lines

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

◦Continuing to invest in product expansion, risk evaluation, and operational efficiency for small and middle market E&S accounts.

•Standard Personal Lines

◦Taking aggressive actions to improve the profitability of our Standard Personal Lines segment by:

▪Prioritizing additional rate filings on a state-by-state basis and further refining our pricing factors. These filed rate increases began to take effect early in 2023, increasing in number and magnitude throughout the year, have continued into 2024, and are expected to continue throughout the year. We project our overall written renewal rate increase to be in excess of 20% for the full year.

▪Seeking to improve our homeowners line of business profitability through the introduction of new policy terms and conditions, including (i) coverage for older roofs based on depreciation schedules rather than replacement cost, and (ii) implementing mandatory wind/hail deductibles in states exposed to severe convective storms, where allowed by law; and

▪Continuing 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 our strong coverage and servicing capabilities.

For 2024, we increased our expectation for the GAAP combined ratio reflecting unfavorable prior year casualty reserve development and current year loss cost increases in the first quarter, while maintaining other full-year expectations as follows:

•A GAAP combined ratio of 96.5%, up from prior guidance of 95.5%, including net catastrophe losses of 5.0 points. Our combined ratio estimate assumes no additional prior year casualty reserve development;

•After-tax net investment income of $360 million that includes $32 million of after-tax net investment income from our alternative investments;

•An overall effective tax rate of approximately 21.0%, which assumes an effective tax rate of 20.5% for net investment income and 21% for all other items; and

•Weighted average shares of 61.5 million on a fully diluted basis, which assumes no 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 March 31,				Change % or Points
($ in thousands)	2024			2023
Insurance Operations Results:
NPW	$	1,156,621		999,768	16	%
Net premiums earned (“NPE”)	1,050,944			902,336	16
Less:
Loss and loss expense incurred	704,292			567,438	24
Net underwriting expenses incurred	324,367			293,943	10
Dividends to policyholders	3,254			1,772	84
Underwriting income	$	19,031		39,183	(51)	%
Combined Ratios:
Loss and loss expense ratio	67.0		%	62.9	4.1	pts
Underwriting expense ratio	30.9			32.6	(1.7)
Dividends to policyholders ratio	0.3			0.2	0.1
Combined ratio	98.2			95.7	2.5

The NPW growth of 16% in First Quarter 2024 compared to First Quarter 2023 reflected (i) overall renewal pure price increases, and (ii) higher direct new business, as shown in the following table:

	Quarter ended March 31,
($ in millions)	2024			2023
Direct new business premiums	$	260.8		216.9
Renewal pure price increases	8.1		%	6.6

Our NPW growth in First Quarter 2024 also benefited from stable retention and exposure growth on renewal policies.

The increase in NPE in First Quarter 2024 compared to First Quarter 2023 resulted from the same impacts to NPW described above.

Loss and Loss Expenses

The loss and loss expense ratio increased 4.1 points in First Quarter 2024 compared to First Quarter 2023, primarily due to the following:

	First Quarter 2024				First Quarter 2023
($ 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	$	55.2	5.3	pts	$	55.3	6.1	pts	(0.8)	pts
(Favorable) unfavorable prior year casualty reserve development	35.0		3.3		(13.0)		(1.4)		4.7
Non-catastrophe property loss and loss expenses	171.2		16.3		148.2		16.4		(0.1)
Total	$	261.4	24.9		$	190.5	21.1		3.8

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

(Favorable)/Unfavorable Prior Year Casualty Reserve Development	Quarter ended March 31,
($ in millions)	2024			2023
General liability	$	50.0		—
Workers compensation	(15.0)			(10.0)
Total Standard Commercial Lines	35.0			(10.0)
Homeowners	(5.0)			—
Personal automobile	5.0			2.0
Total Standard Personal Lines	—			2.0
E&S	—			(5.0)
Total (favorable) unfavorable prior year casualty reserve development	$	35.0		(13.0)
(Favorable) unfavorable impact on loss ratio	3.3		pts	(1.4)

Prior year casualty reserve development in First Quarter 2024 was an unfavorable $35.0 million, or 3.3 points, compared to $13.0 million, or 1.4 points, of favorable development in First Quarter 2023. This quarter's unfavorable development of $50.0 million in our general liability line of business was driven by increased severities in accident years 2020 through 2023, and was partially offset by favorable workers compensation development of $15.0 million. For additional qualitative discussion on prior year casualty reserve development, refer to the insurance segment sections below.

Net catastrophe losses were lower in First Quarter 2024 compared to First Quarter 2023, despite experiencing slightly more Property Claim Services named events in First Quarter 2024 that impacted our footprint. Net catastrophe losses in both periods primarily impacted our commercial property and homeowners lines of businesses, resulting from winter storms and wind and thunderstorm events.

Underwriting Expenses

The underwriting expense ratio decreased 1.7 points in First Quarter 2024 compared to First Quarter 2023, primarily due to premium growth outpacing the growth in underwriting expenses.

Standard Commercial Lines Segment

	Quarter ended March 31,				Change % or Points
($ in thousands)	2024			2023
Insurance Segments Results:
NPW	$	931,677		813,316	15	%
NPE	834,110			731,615	14
Less:
Loss and loss expense incurred	555,833			447,326	24
Net underwriting expenses incurred	264,642			243,596	9
Dividends to policyholders	3,254			1,772	84
Underwriting income	10,381			38,921	(73)
Combined Ratios:
Loss and loss expense ratio	66.7		%	61.2	5.5	pts
Underwriting expense ratio	31.7			33.3	(1.6)
Dividends to policyholders ratio	0.4			0.2	0.2
Combined ratio	98.8			94.7	4.1

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NPW growth of 15% in First Quarter 2024 compared to First Quarter 2023 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 benefited from strong exposure growth on renewal policies.

	Quarter ended March 31,
($ in millions)	2024		2023
Direct new business premiums	$	172.1	147.7
Retention	86		86
Renewal pure price increases	7.6		7.0

The increase in NPE in First Quarter 2024 compared to the First Quarter 2023 resulted from the same impacts to NPW described above.

The loss and loss expense ratio increased 5.5 points in First Quarter 2024 compared to First Quarter 2023, primarily driven by the following:

	First Quarter 2024				First Quarter 2023
($ 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	$	38.5	4.6	pts	$	35.1	4.8	(0.2)	pts
Non-catastrophe property loss and loss expenses	115.0		13.8		105.5		14.4	(0.6)
(Favorable) unfavorable prior year casualty reserve development	35.0		4.2		(10.0)		(1.4)	5.6
Total	$	188.5	22.6		$	130.6	17.8	4.8

Prior year casualty reserve development in First Quarter 2024 was unfavorable by $35.0 million, or 4.2 points, compared to $10.0 million, or 1.4 points, of favorable development in First Quarter 2023. Despite increasing our overall expected loss trend in recent years, paid loss severities emerged more significantly than expected in First Quarter 2024. As a result, we recorded $50.0 million unfavorable prior year casualty reserve development in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023. This unfavorable development was partially offset by favorable workers compensation development of $15.0 million.

In addition, the loss and loss expense ratio was impacted by an increase in current year casualty loss costs of 0.7 points in First Quarter 2024 compared to First Quarter 2023, primarily due to increased loss trend expectations in response to social inflationary impacts. Refer to the line of business sections below for qualitative discussion on the significant drivers of unfavorable prior year casualty reserve development and current year loss costs.

The underwriting expense ratio decreased 1.6 points in First Quarter 2024 compared to First Quarter 2023, primarily due to premium growth outpacing the growth in underwriting expenses in First Quarter 2024 compared to First Quarter 2023.

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

General Liability
	Quarter ended March 31,				Change  % or Points1
($ in thousands)	2024			2023
NPW	$	307,444		272,126	13	%
Direct new business	50,229			44,731	n/a
Retention	87		%	86	n/a
Renewal pure price increases	6.5			5.5	n/a
NPE	$	273,415		243,349	12	%
Underwriting income	(29,441)			27,126	(209)
Combined ratio	110.8		%	88.9	21.9	pts
% of total Standard Commercial Lines NPW	33			33

1n/a: not applicable.

NPW grew 13% in First Quarter 2024 compared to First Quarter 2023, benefiting from exposure growth on renewal policies, strong retention, renewal pure price increases, and higher direct new business.

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The combined ratio increased 21.9 points in First Quarter 2024 compared to First Quarter 2023, primarily driven by unfavorable prior year casualty reserve development as follows:

	First Quarter 2024				First Quarter 2023
($ in millions)	Loss and Loss Expense Incurred		Impact on Combined Ratio		Loss and Loss Expense Incurred		Impact on Combined Ratio	Change in Ratio
Unfavorable prior year casualty reserve development	$	50.0	18.3	pts	$	—	—	18.3	pts

This line of business has experienced a long-term historical trend of meaningful severity increases, which have been partially offset by decreases in claim frequencies. The trend of lower frequencies has continued, while prior year severities have developed adversely, previously impacting the pre-pandemic period but now extending into the more recent accident years. We attribute the increased severities to elevated social inflation, which we see as an industry dynamic characterized by higher propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose heightened challenges. We are closely monitoring these jurisdictions and the broader trends across our business.

The unfavorable prior year casualty reserve development in First Quarter 2024 was primarily due to these social inflationary impacts. In response to social inflationary impacts, we have been embedding higher severity assumptions in our initial loss ratio estimates in recent years, which more recently are materializing in actual paid results. Despite planning for higher expected loss trends, claim emergence on paid losses in First Quarter 2024 exceeded our expectations and drove the unfavorable prior year development of $50.0 million, primarily in accident years 2020 through 2023. There was no prior year casualty reserve development in First Quarter 2023.

Additionally, the combined ratio was impacted by an increase in current year casualty loss costs of 4.5 points in First Quarter 2024 compared to First Quarter 2023, primarily driven by an increase to our loss trend expectations in response to increases in social inflationary impacts.

We believe that social inflation and elevated loss trends are an industry dynamic, and may lead to an acceleration of rate increases in this line of business. During First Quarter 2024, our renewal pure price increase in this line of business was 6.5%, up from 5.7% last quarter, and 5.4% for full-year 2023. We expect increases in our general liability pricing to accelerate in the coming months.

Commercial Automobile
	Quarter ended March 31,				Change  % or Points1
($ in thousands)	2024			2023
NPW	$	285,601		240,183	19	%
Direct new business	47,795			36,976	n/a
Retention	86		%	86	n/a
Renewal pure price increases	10.4			10.0	n/a
NPE	$	251,720		217,371	16	%
Underwriting (loss) income	262			(11,741)	102
Combined ratio	99.9		%	105.4	(5.5)	pts
% of total Standard Commercial Lines NPW	31			30

1n/a: not applicable.

NPW grew 19% in First Quarter 2024 compared to First Quarter 2023, benefiting from renewal pure price increases, higher direct new business, and strong retention. This higher new business and strong retention contributed to an 8% growth of in-force vehicle counts as of March 31, 2024 compared to March 31, 2023.

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The combined ratio decreased 5.5 points in First Quarter 2024 compared to First Quarter 2023, primarily driven by the following:

	First Quarter 2024				First Quarter 2023
($ 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	$	1.4	0.6	pts	$	0.3	0.1	0.5	pts
Non-catastrophe property loss and loss expenses	44.3		17.6		46.7		21.5	(3.9)
Total	$	45.7	18.2		$	47.0	21.6	(3.4)

First Quarter 2024 experienced lower non-catastrophe property loss and loss expenses than First Quarter 2023, primarily due to lower claim frequencies.

The combined ratio decrease in First Quarter 2024 also reflected a decrease in current year casualty loss costs of 1.3 points, primarily driven by the earned impact of higher renewal pure price increases highlighted above.

In addition, the combined ratio benefited from a 1.1-point decrease in the underwriting expense ratio in First Quarter 2024 compared to First Quarter 2023, primarily due to premium growth outpacing the growth in underwriting expenses.

Commercial Property1
	Quarter ended March 31,				Change  % or Points2
($ in thousands)	2024			2023
NPW	$	174,512		151,604	15	%
Direct new business	38,540			34,757	n/a
Retention	85		%	85	n/a
Renewal pure price increases	10.9			9.5	n/a
NPE	$	161,553		135,292	19	%
Underwriting income	9,567			10,078	5
Combined ratio	94.1		%	92.6	1.5	pts
% of total Standard Commercial Lines NPW	19			19

1includes Inland Marine.

2n/a: not applicable.

NPW grew 15% in First Quarter 2024 compared to First Quarter 2023, benefiting from renewal pure price increases, strong retention, exposure growth on renewal policies, and higher direct new business.

The combined ratio increased 1.5 points in First Quarter 2024 compared to First Quarter 2023, primarily driven by the following:

	First Quarter 2024				First Quarter 2023
($ 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	$	32.9	20.3	pts	27.7	20.5	(0.2)	pts
Non-catastrophe property loss and loss expenses	62.4		38.6		46.5	34.4	4.2
Total	$	95.3	58.9		74.2	54.9	4.0

We experienced higher non-catastrophe property loss and loss expense ratios in First Quarter 2024 compared to First Quarter 2023. This change continues to reflect the variability from period to period that is normally associated with the commercial property line of business. 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 2.7 points in First Quarter 2024 compared to First Quarter 2023, primarily due to premium growth outpacing the growth in underwriting expenses.

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Workers Compensation
	Quarter ended March 31,				Change  % or Points1
($ in thousands)	2024			2023
NPW	$	98,783		93,432	6	%
Direct new business	18,483			17,620	n/a
Retention	85		%	84	n/a
Renewal pure price increases (decreases)	(2.6)			(1.1)	n/a
NPE	$	87,777		84,184	4	%
Underwriting income	18,193			14,586	25
Combined ratio	79.3		%	82.7	(3.4)	pts
% of total Standard Commercial Lines NPW	11			11

1n/a: not applicable.

NPW increased 6% in First Quarter 2024 compared to First Quarter 2023, primarily due to higher direct new business, strong retention, and exposure growth on renewal policies.

The combined ratio decreased 3.4 points in First Quarter 2024 compared to First Quarter 2023, primarily driven by favorable prior year casualty reserve development as follows:

	First Quarter 2024				First Quarter 2023
($ 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	$	(15.0)	(17.1)	pts	$	(10.0)	(11.9)	(5.2)	pts

The favorable prior year casualty reserve development in First Quarter 2024 was primarily due to lower loss severities in accident years 2021 and prior. The favorable prior year casualty reserve development in First Quarter 2023 was primarily due to improved loss severities in accident years 2020 and prior.

In addition, the combined ratio benefited from a decrease in the underwriting expense ratio of 1.2 points in First Quarter 2024, compared to First Quarter 2023, primarily due to premium growth outpacing the growth in underwriting expenses.

Offsetting the combined ratio decreases mentioned above, the First Quarter 2024 combined ratio was adversely impacted by an increase in current year casualty loss costs of 3.5 points, primarily driven by the negative rate environment that has been impacting this line for several years.

Standard Personal Lines Segment

	Quarter ended March 31,				Change % or Points
($ in thousands)	2024			2023
Insurance Segments Results:
NPW	$	99,904		85,278	17	%
NPE	103,846			81,870	27
Less:
Loss and loss expense incurred	84,344			73,168	15
Net underwriting expenses incurred	24,837			21,775	14
Underwriting income (loss)	$	(5,335)		(13,073)	59
Combined Ratios:
Loss and loss expense ratio	81.2		%	89.4	(8.2)	pts
Underwriting expense ratio	23.9			26.6	(2.7)
Combined ratio	105.1			116.0	(10.9)

NPW increased 17% in First Quarter 2024 compared to First Quarter 2023, due to renewal pure price increases, exposure growth on renewal policies, and higher average policy sizes from our mass affluent market strategy, partially offset by reductions in direct new business and retention. New policy counts were down 37% in First Quarter 2024 compared to First Quarter 2023 These reductions were anticipated given the level of rate increases we are implementing as part of our overall profit improvement plan.

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	Quarter ended March 31,
($ in millions)	2024			2023
Direct new business premiums1	$	21.3		26.3
Retention	83		%	87
Renewal pure price increases	14.3			1.8

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

We are taking aggressive actions to improve the profitability of this business by continuing to prioritize additional rate filings on a state-by-state basis to mitigate inflationary impacts, and refining our pricing factors. These filed rate increases began to take effect early in 2023, increasing in number and magnitude throughout the year, have continued into 2024, and are expected to continue throughout the year. Our 14.3% renewal pure price increase achieved in First Quarter 2024 met our expectations, and keeps us on track to achieve an increase in excess of 20% for the full year. 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 older roofs based on a schedule of factors rather than replacement cost, and (ii) implementing mandatory wind/hail deductibles in states exposed to severe convective storms, where allowed by law.

The increase in NPE in First Quarter 2024 compared to First Quarter 2023 resulted from the same impacts to NPW described above.

The loss and loss expense ratio decreased 8.2 points in First Quarter 2024 compared to First Quarter 2023, driven by the following:

	First Quarter 2024				First Quarter 2023
($ 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	$	11.8	11.4	pts	14.6	17.9	(6.5)	pts
Non-catastrophe property loss and loss expenses	41.9		40.3		33.8	41.3	(1.0)
Unfavorable prior year casualty reserve development	—		—		2.0	2.4	(2.4)
Total	$	53.7	51.7		50.4	61.6	(9.9)

The decrease in net catastrophe losses in First Quarter 2024 compared to First Quarter 2023, was primarily due to two large wind and thunderstorm events in First Quarter 2023 that primarily impacted our homeowners line of business.

We experienced $5.0 million of favorable prior year casualty reserve development on our homeowners line of business in First Quarter 2024, primarily due to lower loss severities in accident years 2021 and prior. This favorable development was offset by $5.0 million of unfavorable prior year casualty reserve development on our personal automobile line of business in First Quarter 2024, primarily driven by increased loss severities in accident years 2021 through 2023. The unfavorable prior year casualty reserve development in First Quarter 2023 was primarily due to increased loss severities in accident year 2022 on our personal automobile line of business.

In addition, the loss and loss expense ratio was adversely impacted by an increase in current year casualty loss costs of 1.8 points in First Quarter 2024 compared to First Quarter 2023, primarily due to an expected increase in claim frequencies in the current year.

The underwriting expense ratio decreased 2.7 points in First Quarter 2024 compared to First Quarter 2023, primarily due to premium growth outpacing the growth in underwriting expenses.

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E&S Lines Segment

	Quarter ended March 31,				Change % or Points
($ in thousands)	2024			2023
Insurance Segments Results:
NPW	$	125,040		101,174	24	%
NPE	112,988			88,851	27
Less:
Loss and loss expense incurred	64,115			46,944	37
Net underwriting expenses incurred	34,888			28,572	22
Underwriting income (loss)	13,985			13,335	5
Combined Ratios:
Loss and loss expense ratio	56.7		%	52.8	3.9	pts
Underwriting expense ratio	30.9			32.2	(1.3)
Combined ratio	87.6			85.0	2.6

NPW grew 24% in First Quarter 2024 compared to First Quarter 2023, reflecting renewal pure price increases and higher direct new business as shown in the table below. In addition, NPW growth in First Quarter 2024 benefited from both property and casualty exposure growth on renewal policies, driven by increased property values, as well as higher rate per exposure.

	Quarter ended March 31,
($ in millions)	2024			2023
Direct new business premiums	$	67.4		42.9
Renewal pure price increases	5.2		%	7.4

The increase in NPE in First Quarter 2024 compared to First Quarter 2023 resulted from the same impacts to NPW described above.

The loss and loss expense ratio increased 3.9 points in First Quarter 2024 compared to First Quarter 2023, primarily driven by the following:

	First Quarter 2024				First Quarter 2023
($ 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	$	4.9	4.3	pts	$	5.6	6.3	(2.0)	pts
Non-catastrophe property loss and loss expenses	14.3		12.6		8.9		10.1	2.5
(Favorable) prior year casualty reserve development	—		—		(5.0)		(5.6)	5.6
Total	$	19.2	16.9		$	9.5	10.8	6.1

While the frequency of wind and thunderstorm events remained largely consistent, the severity of these events was lower in First Quarter 2024 compared to First Quarter 2023, resulting in a decrease in net catastrophe losses.

We experienced higher non-catastrophe property loss and loss expenses in First Quarter 2024 compared to First Quarter 2023, primarily due to several large fires, reflecting the continued variability from period to period that is normally associated with our E&S property line of business.

There was no prior year casualty reserve development in First Quarter 2024. The favorable prior year casualty reserve development in First Quarter 2023 was primarily due to lower severities in accident years 2021 and prior.

In addition, the loss and loss expense ratio was favorably impacted by a decrease in current year casualty loss costs of 2.3 points in First Quarter 2024 compared to First Quarter 2023, primarily due to the mix of business between our property and casualty lines of business. Our E&S property line of business, which has a lower loss ratio compared to our E&S casualty line of business, represented a larger portion of this segment in First Quarter 2024 compared to First Quarter 2023, resulting in a lower blended current year loss cost in First Quarter 2024.

The 1.3-point decrease in the underwriting expense ratio in First Quarter 2024 compared to First Quarter 2023, was primarily due to premium growth outpacing the growth in underwriting expenses.

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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 our fixed income and short-term investments was 4.0 years as of March 31, 2024. 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 and had investment grade holdings representing 96% of the total debt portfolio as of March 31, 2024 and December 31, 2023. Our fixed income and short-term investments portfolio had a weighted average credit rating of "A+" as of March 31, 2024 and "AA-" as of December 31, 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 2023 Annual Report.

Total Invested Assets
($ in thousands)	March 31, 2024		December 31, 2023	Change
Total invested assets	$	8,745,681	8,693,729	1		%
Invested assets per dollar of common stockholders' equity	3.12		3.16	(1)
Components of unrealized gains (losses) – before tax:
Fixed income securities	(369,373)		(353,253)	5	%
Equity securities	4,771		4,079	17	%
Net unrealized gains (losses) – before tax	(364,602)		(349,174)	4	%
Components of unrealized gains (losses) – after tax:
Fixed income securities	(291,805)		(279,070)	5	%
Equity securities	3,769		3,223	17	%
Net unrealized gains (losses) – after tax	(288,036)		(275,847)	4	%

Invested assets increased $52.0 million at March 31, 2024, compared to December 31, 2023, reflecting our active investment of operating and investing cash flows. Operating cash flows during First Quarter 2024 were 10% of NPW.

Net Investment Income

The components of net investment income earned were as follows:

	Quarter ended March 31,				Change % or Points
($ in thousands)	2024			2023
Fixed income securities	$	94,102		80,087	17	%
Commercial mortgage loans ("CMLs")	2,794			1,965	42
Equity securities	4,908			1,205	307
Short-term investments	3,519			4,650	(24)
Alternative investments	6,881			7,768	(11)
Other investments	263			43	512
Investment expenses	(4,618)			(4,212)	10
Net investment income earned – before tax	107,849			91,506	18
Net investment income tax expense	(22,209)			(18,454)	20
Net investment income earned – after tax	$	85,640		73,052	17
Effective tax rate	20.6		%	20.2	0.4	pts
Annualized after-tax yield on fixed income investments	4.0			3.8	0.2
Annualized after-tax yield on investment portfolio	3.9			3.7	0.2

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After-tax net investment income earned increased 17% in First Quarter 2024 compared to First Quarter 2023, primarily driven by active portfolio management and the reinvestment of cash flows in a higher interest rate environment, which provided the opportunity to increase the embedded pre-tax book yield by 60 basis points over the course of 2023. During First Quarter 2024, our pre-tax book yield improved an additional six basis points, bringing our pre-tax book yield to 4.8% as of March 31, 2024.

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 March 31,			Change %
($ in thousands)	2024		2023
Net realized gains (losses) on disposals	$	170	(9,146)	(102)	%
Net unrealized gains (losses) on equity securities	692		3,248	(79)
Net credit loss benefit (expense) on fixed income securities, AFS	(2,650)		9,529	(128)
Net credit loss benefit (expense) on CMLs	168		17	888
Losses on securities for which we have the intent to sell	(15)		(304)	(95)
Total net realized and unrealized investment gains (losses)	$	(1,635)	3,344	(149)

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 March 31,
($ in thousands)	2024			2023
Tax at statutory rate	$	21,539		24,099
Tax-advantaged interest	(402)			(720)
Dividends received deduction	(38)			(68)
Executive compensation	1,323			740
Stock-based compensation	(1,439)			(1,613)
Other	(935)			(253)
Federal income tax expense	$	20,048		22,185
Income before federal income tax, less preferred stock dividends	$	100,266		112,459
Effective tax rate	20.0		%	19.7

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 our business operations' short-term and long-term cash requirements. As discussed further below, we adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments.

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, intercompany revolving demand 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.

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The Parent's cash and components of its investment portfolio were as follows:

($ in thousands)	March 31, 2024		December 31, 2023
Fixed income securities	$	328,821	421,089
Equity securities	53,123		50,920
Short-term investments	77,670		17,671
Alternative investments	16,648		18,134
Cash	124		180
Total investments and cash	$	476,386	507,994

Short-term investments have historically been maintained in “AAA” rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.

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 liquid investments of at least twice its expected annual net cash outflow needs, or $210 million.

Insurance Subsidiary Dividends

The Insurance Subsidiaries generate liquidity through insurance float, 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 $44 million in total dividends to the Parent in First Quarter 2024. As of December 31, 2023, our allowable ordinary maximum dividend is $316 million for 2024. 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 have historically 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 2023 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 First Quarter 2024. 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 2023 Annual Report. We met all covenants under our Line of Credit as of March 31, 2024.

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Four 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 Carolina1 Selective Insurance Company of the Southeast1
FHLBNY	Selective Insurance Company of America Selective Insurance Company of New York ("SICNY")

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

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. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of March 31, 2024, we had remaining capacity of $528.3 million for FHLB borrowings, with a $21.3 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.

Short-term Borrowings

We did not make any short-term borrowings from FHLB branches during First Quarter 2024.

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. Like 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 $62.0 million as of March 31, 2024, and $67.0 million as of December 31, 2023. The remaining capacity under these intercompany loan agreements was $119.5 million as of March 31, 2024, and $114.5 million as of December 31, 2023. 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 First Quarter 2024. In addition, we had no common stock share repurchases during First Quarter 2024 under our existing share repurchase program. We had $84.2 million of remaining capacity under our share repurchase program as of March 31, 2024. For additional information on the share repurchase program, refer to Note 17. “Equity” in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.

Uses of Liquidity

The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. 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 May 1, 2024, our Board declared:

•A quarterly cash dividend on common stock of $0.35 per common share that is payable June 3, 2024, to holders of record on May 15, 2024; and

•A quarterly 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 June 17, 2024, to holders of record as of June 3, 2024.

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 March 31, 2024, we had GAAP stockholders' equity of $3.0

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billion and statutory surplus of $2.8 billion. With total debt of $503.3 million at March 31, 2024, our debt-to-capital ratio was 14.3%. 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 2023 Annual Report.

The following table summarizes certain contractual obligations we had at March 31, 2024, 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	$	259.7
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio	96.8
Non-publicly traded common stock within our equity portfolio	32.6
CMLs	1.6
Privately-placed corporate securities	33.8
Total	$	424.5

There is no certainty (i) that any such additional investments will be required, and (ii) about 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, 2023. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.1 years at December 31, 2023.

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 March 31, 2024, and December 31, 2023, 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 2023 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 Insurance 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 adjusting common stockholders’ dividends.

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

Book value per common share increased 2% to $46.17 as of March 31, 2024, from $45.42 as of December 31, 2023, driven by $1.31 in net income available to common stockholders per diluted common share, partially offset by a $0.22 increase in unrealized losses on our fixed income securities portfolio and $0.35 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. 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 $50.97 as of March 31, 2024, from 50.03 as of December 31, 2023.

Cash Flows

Net cash provided by operating activities decreased to $114.2 million in First Quarter 2024, compared to $135.8 million in First Quarter 2023, primarily driven by reduced underwriting results in our insurance operations. For more information on our underwriting results, refer to "Insurance Operations" above in this MD&A.

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Net cash used in investing activities decreased to $86.0 million in First Quarter 2024, compared to $98.2 million in First Quarter 2023, as a result of investing less cash from operating activities. Operating cash flows were 10% of NPW in First Quarter 2024 compared to 14% of NPW in First Quarter 2023.

Net cash used in financing activities remained relatively flat at $29.6 million in First Quarter 2024, compared to $27.1 million in First Quarter 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	A2	Positive
Fitch Ratings	A+	Stable
Standard & Poor's Global Ratings ("S&P")	A	Stable

On February 28, 2024, 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 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 2023 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 First Quarter 2024 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 March 31, 2024, 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.

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

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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 2023 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 First Quarter 2024:

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
January 1 – 31, 2024	158	$	100.66	—	$	84.2
February 1 – 29, 2024	68,021	96.85		—	84.2
March 1 – 31, 2024	889	104.00		—	84.2
Total	69,068	$	96.95	—	$	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 March 31, 2024, 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.
*10.1+	Selective Insurance Group, Inc. 2024 Omnibus Stock Plan Service-Based Restricted Stock Unit Agreement.
*10.2+	Selective Insurance Group, Inc. 2024 Omnibus Stock Plan Performance-Based Restricted Stock Unit Agreement.
*10.3+	Selective Insurance Group, Inc. 2024 Omnibus Stock Plan Non-Employee Director Restricted Stock Unit Agreement.
*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 March 31, 2024, 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 March 31, 2024, formatted in iXBRL.

* Filed herewith.

** Furnished and not filed herewith.

+ Management compensation plan or arrangement.

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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:	May 2, 2024	By: /s/ John J. Marchioni
		John J. Marchioni
		Chairman of the Board, President and Chief Executive Officer
		(principal executive officer)
Date:	May 2, 2024	By: /s/ Anthony D. Harnett
		Anthony D. Harnett
		Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer
		(principal financial officer and principal accounting officer)

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EX-10.1

Exhibit 10.1

SELECTIVE INSURANCE GROUP, INC.

2024 OMNIBUS STOCK PLAN

SERVICE-BASED

RESTRICTED STOCK UNIT AGREEMENT

This RESTRICTED STOCK UNIT AGREEMENT (the “Restricted Stock Unit Agreement”) is made and entered into as of the date appearing on the signature page below, by and between Selective Insurance Group, Inc., a New Jersey corporation (the “Company”), and [EMPLOYEE] (the “Recipient”).

WHEREAS, the Compensation and Human Capital Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) has approved on [GRANT DATE] (the “Date of Grant”) the grant of Restricted Stock Units to the Recipient as set forth below, pursuant to the Selective Insurance Group, Inc. 2024 Omnibus Stock Plan (the “Plan”).

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows:

1.Definitions. Capitalized terms which are not defined herein shall have the meanings set forth in the Plan.

2.Grant of Restricted Stock Units. The Company hereby grants to the Recipient an Award of [NUMBER] Restricted Stock Units, subject to all of the terms and conditions of this Restricted Stock Unit Agreement and the Plan.

3.Lapse of Restrictions. The Restricted Stock Units shall vest as set forth in this Section 3 and, except as herein provided, shall be forfeited upon the Recipient’s termination of employment with the Company and all its Affiliates.

(a)The Restricted Stock Units shall become vested if the Recipient is employed by the Company or any Affiliate as of the applicable date set forth below (the “Vesting Date”).1

Vesting Date	Percentage Vested
[Third anniversary of the Date of Grant]	[100%]2

In addition, the Recipient shall become fully vested in the Restricted Stock Units upon the Recipient’s termination of employment with the Company and all its Affiliates prior to the Vesting Date if the Recipient attains Early Retirement Age or Normal Retirement Age prior to such termination or if such termination is a result of the Recipient’s death or Disability or in such other circumstances as the Committee may determine.

“Early Retirement Age” shall mean the date on which the Recipient attains age fifty-five (55) and completes at least ten (10) Years of “Vesting Service” as such term is defined in the Retirement Income Plan for Selective Insurance Company of America. “Normal Retirement Age” shall mean the later of age sixty-five (65) or the date on which the Recipient completes five (5) years of Vesting Service.

4.Dividend Equivalents. Upon the settlement of a Restricted Stock Unit pursuant to Section 6, the Recipient shall also be entitled to receive the Fair Market Value of that number of shares of Company Stock that would have been payable had the aggregate dividends paid with respect to a share of Company Stock during the period commencing on the Date of Grant of the Restricted Stock Unit and terminating on the date on which the Recipient is entitled to settlement of such Restricted Stock Unit pursuant to Section 6 of this Restricted Stock Unit Agreement been immediately reinvested in Company Stock on the dividend payment date. All such dividend equivalents shall be subject to the same vesting and forfeiture requirements as apply to the Restricted Stock Units, and shall be paid to the Recipient in shares of Company Stock (with any fractional shares paid in cash) in accordance with, and at the same time as, settlement of the vested Restricted Stock Units to which they are related.

5.Restrictions on Transfer. The Restricted Stock Units may not be transferred, sold, assigned, hypothecated, pledged or otherwise disposed of, and any purported transfer of a Recipient’s rights with respect to the Restricted Stock Units, whether voluntary or involuntary, by operation of law or otherwise, including by way of sale, assignment, transfer, pledge or

1Actual dates and vesting percentages to be determined by the Committee at the time of grant.

otherwise, shall be null and void; provided, however that such Restricted Stock Units may be transferred, assigned or otherwise disposed of by will or the laws of descent and distribution, or as may be permitted by the Committee to the extent provided under Section 20 of the Plan.

6.Settlement of Restricted Stock Units.

(a)Employment Through Vesting Date. Subject to the provisions of Section 3 and this Section 6, the Company shall deliver to the Recipient (or, if applicable, the Recipient’s designated beneficiary or legal representative) that number of shares of Company Stock as is equal to the number of Restricted Stock Units covered by this Restricted Stock Unit Agreement that have become vested and nonforfeitable on, as soon as administratively practicable after, the Vesting Date, but in no event later than the end of the calendar year in which the Vesting Date occurs.

(b)Separation from Service Due to Death, Retirement or Disability. Notwithstanding Section 6(a), if the Recipient terminates employment with the Company and all its Affiliates prior to the Vesting Date as a result of the Recipient’s death or Disability or on or after attaining Early Retirement Age or Normal Retirement Age, or in such other circumstances as the Committee may determine, then the Company shall deliver to the Recipient (or, if applicable, the Recipient’s designated beneficiary or legal representative) that number of shares of Company Stock as is equal to the number of Restricted Stock Units granted under this Restricted Stock Unit Agreement as soon as administratively practicable after the Recipient’s Separation from Service, but in no event later than the end of the calendar year in which such Separation from Service occurs. The Recipient’s “Separation from Service” shall mean a “separation from service,” within the meaning of Section 409A of the Code and Treas. Reg. Section 1.409A-1(h)(1), from the Company.

7.Change in Control. Notwithstanding Section 3 or Section 6(a), in the event a Change in Control that also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A of the Code occurs prior to the Vesting Date and prior to the Recipient’s termination of employment with the Company and all its Affiliates, then the Restricted Stock Units shall fully vest and the Company shall deliver to the Recipient (or, if applicable, the Recipient’s designated beneficiary or legal representative) that number of shares of Company Stock equal to the number of Restricted Stock Units granted under this Restricted Stock Unit Agreement upon the consummation of such Change in Control. Notwithstanding the foregoing, if an employment agreement between the Company or any of its Affiliates and the Recipient provides that vesting of the Recipient’s Awards under the Plan upon a Change in Control shall occur only upon the Recipient’s termination of employment with the Company and all its Affiliates in certain circumstances following the Change in Control, then the provisions of the Recipient’s employment agreement shall apply, and the Recipient shall vest in the Restricted Stock Units following a Change in Control only to the extent and in the circumstances set forth in the employment agreement. In such case, settlement of any Restricted Stock Units that vest in accordance with the Recipient’s employment agreement following a Change in Control shall occur as soon as administratively practicable after the Recipient’s Separation from Service, but in no event later than the end of the calendar year in which such Separation from Service occurs.

8.Specified Employees. Notwithstanding anything in this Section 8 to the contrary, to the extent (i) the Recipient is entitled to settlement of Restricted Stock Units upon the Recipient’s Separation from Service pursuant to Section 6(b) or Section 7; and (ii) at the time of the Recipient’s Separation from Service, the Recipient is a “specified employee” of the Company under Section 409A of the Code (a “Specified Employee”), then delivery of Company Stock and payment of any related dividend equivalents upon settlement of the Recipient’s Restricted Stock Units shall be made, without interest, upon the earlier of (x) the first business day following the expiration of six months following the Recipient’s Separation from Service; or (y) the date of the Recipient’s death; provided, however, that such deferral shall be effected only if and to the extent required to avoid adverse tax treatment to the Recipient under Section 409A of the Code.

9.Covered Employees. If the Recipient is (or is reasonably expected to be) a “covered employee” within the meaning of Section 162(m) of the Code for the calendar year in which delivery of Company Stock or payment of dividend equivalents would ordinarily be made to the Recipient, then to the extent permitted by Section 409A of the Code, the Company may delay delivery to the Recipient of that portion of the shares of Company Stock and/or dividend equivalents for which the Company reasonably believes that Section 162(m) of the Code will preclude the Company from taking a compensation expense deduction, until the Recipient’s Separation from Service. Notwithstanding the foregoing, if the Recipient is a Specified Employee of the Company at the time of his Separation from Service, then such delayed delivery of Company Stock or payment of dividend equivalents shall be made on the first business day following the expiration of six months following the Recipient’s Separation from Service or, if earlier, the Recipient’s death.

10.No Rights as a Stockholder. Until shares of Company Stock are issued, if at all, in satisfaction of the Company’s obligations under this Restricted Stock Unit Agreement and entered on the books of the Company’s transfer agent, the Recipient shall have no rights as a stockholder.

11.Securities Laws Requirements. Notwithstanding anything contrary to the Plan, the Company shall not be obligated to cause its transfer agent to enter in its records the transfer of shares of Company Stock to the Recipient pursuant to the Plan unless and until the Company is advised by its counsel that such book entry is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Company Stock are traded. Further, the Committee may require, as a condition of such book entry, that the Recipient of such shares make such agreements and representations, and that such book entry contain such notations, as the Committee, in its sole discretion, deems necessary or advisable. The transfer of any shares of Company Stock under the Plan shall be effective only at such time as counsel to the Company shall have determined that the issuance is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Company Stock are traded. To the extent permitted by Section 409A of the Code, the Committee may, in its sole discretion, defer the effectiveness of any transfer of shares of Company Stock under the Plan in order to allow the issuance of such shares to be made pursuant to registration or an exemption from registration or other methods for compliance available under federal or state securities laws. In the event the Committee decides to defer the effectiveness of a transfer, the Committee shall inform the Recipient in writing of such decision.

12.Protections Against Violations of Constituent Documents. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the shares of Company Stock deliverable following the vesting of the Restricted Stock Units by any holder thereof in violation of the provisions of the Certificate of Incorporation or the By-Laws of the Company, shall be valid, and the Company will not transfer any of said shares of Company Stock on its books nor will the holder of any of said Company Stock be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

13.Taxes. The obligations of the Company under this Restricted Stock Unit Agreement shall be conditional on satisfaction of the Company’s legal tax withholding obligations and, unless the Recipient has made alternative arrangements satisfactory to the Company with respect to such tax withholding obligations, the Company will (1) withhold from the shares of Company Stock otherwise deliverable hereunder such number of shares as it determines is necessary to satisfy the applicable minimum tax withholding obligations in respect of such shares, or (2) to the extent permitted by law, deduct any such taxes from any payment of any kind otherwise due to the Recipient by the Company.

14.Notices. Any notice required or permitted to be given to the Company under this Restricted Stock Unit Agreement shall be addressed to Selective Insurance Group, Inc., Attention: Corporate Secretary, 40 Wantage Avenue, Branchville, New Jersey 07890; any notice required or permitted to be given to the Recipient hereunder shall be deemed given when delivered personally, when deposited with a United States Post Office, postage prepaid, addressed, as appropriate, either at the Recipient’s address as last known by the Company or such other address as the Recipient may designate in writing to the Company, or by electronic delivery to the Recipient’s electronic address as last known by the Company or such other address as the Recipient may designate in writing to the Company.

15.Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Restricted Stock Unit Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

16.Amendments. Except as otherwise provided in Section 19 of this Restricted Stock Unit Agreement, this Restricted Stock Unit Agreement may be amended or modified at any time only by an instrument in writing signed by each of the parties hereto.

17.Survival of Terms. This Restricted Stock Unit Agreement shall apply to and bind the Recipient and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors.

18.Agreement Not a Contract for Services. Neither the grant of Restricted Stock Units, the execution of this Restricted Stock Unit Agreement nor any other action taken pursuant to this Restricted Stock Unit Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the Recipient has a right to continue to provide services as an officer, director, employee or consultant of the Company or its Affiliates for any period of time or at any specific rate of compensation.

19.Severability. If a provision of this Restricted Stock Unit Agreement is held invalid by a court of competent jurisdiction, the remaining provisions will nonetheless be enforceable according to their terms. Further, if any provision is held to be over broad as written, that provision shall be amended to narrow its application to the extent necessary to make the provision enforceable according to applicable law and enforced as amended.

20.Governing Law. This Restricted Stock Unit Agreement shall be governed by and construed according to the laws of the State of New Jersey without regard to its principles of conflict of laws.

21.Company Policies; Clawback; Recoupment. As set forth in Section 18 of the Plan, the Restricted Stock Unit Award is subject to all applicable clawback or recoupment policies, share trading policies and other policies that may be implemented by the Board or Committee from time to time.

22.Incorporation of Plan; Acknowledgment. This Restricted Stock Unit Award is granted pursuant to the Plan, and the Restricted Stock Units and this Restricted Stock Unit Agreement are in all respects governed by the Plan and subject to all of the terms and provisions thereof, whether such terms and provisions are incorporated in this Restricted Stock Unit Agreement by reference or are expressly cited. By signing this Restricted Stock Unit Agreement, or accepting the terms and conditions of this Restricted Stock Unit Agreement electronically, the Recipient acknowledges receipt of copies of the Plan and of the prospectus relating to the Plan and further agrees and acknowledges that (a) the Recipient will be bound by the terms and conditions of this Restricted Stock Unit Agreement and the Plan and (b) all determinations by the Committee will be final and binding on all persons.

(The remainder of this page is intentionally left blank.)

IN WITNESS WHEREOF, the parties hereto have executed this Restricted Stock Unit Agreement on the day and year set forth below.

SELECTIVE INSURANCE GROUP, INC.
By:
	Name:
	Title:
[EMPLOYEE]
Current Date

EX-10.2

Exhibit 10.2

SELECTIVE INSURANCE GROUP, INC.

2024 OMNIBUS STOCK PLAN

PERFORMANCE-BASED

RESTRICTED STOCK UNIT AGREEMENT

This RESTRICTED STOCK UNIT AGREEMENT (the “Restricted Stock Unit Agreement”) is made and entered into as of the date appearing on the signature page below, by and between Selective Insurance Group, Inc., a New Jersey corporation (the “Company”), and [EMPLOYEE] (the “Recipient”).

WHEREAS, the Compensation and Human Capital Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) has approved on [GRANT DATE] (the “Date of Grant”) the grant of Restricted Stock Units to the Recipient as set forth below, pursuant to the Selective Insurance Group, Inc. 2024 Omnibus Stock Plan (the “Plan”).

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows:

1.Definitions. Capitalized terms which are not defined herein shall have the meanings set forth in the Plan.

2.Grant of Restricted Stock Units. The Company hereby grants to the Recipient an Award of [NUMBER] Restricted Stock Units, subject to all of the terms and conditions of this Restricted Stock Unit Agreement and the Plan.

3.Lapse of Restrictions. The Restricted Stock Units shall vest as set forth in this Section 3, and, except as herein provided, shall be forfeited upon the Recipient’s termination of employment with the Company and all its Affiliates. The Restricted Stock Units shall become vested if:

(a) the Recipient is employed by the Company or any Affiliate as of the applicable anniversary date set forth below (the “Ending Date”); and

(b) [satisfaction of performance goals].1

Ending Date	Percentage Vested
[Third anniversary of the Date of Grant]	100%2

Notwithstanding the foregoing, the Restricted Stock Units shall not be forfeited if the Recipient terminates employment with the Company and all its Affiliates prior to the Ending Date if the Recipient attains Early Retirement Age or Normal Retirement Age prior to such termination or if such termination is a result of the Recipient’s death or Disability, or in such other circumstances as the Committee may determine. However, the Recipient shall not vest in any of the Restricted Stock Units unless the performance goals set forth in paragraph (b) are satisfied.

“Early Retirement Age” shall mean the date on which the Recipient attains age fifty-five (55) and completes at least ten (10) years of “Vesting Service” as such term is defined in the Retirement Income Plan for Selective Insurance Company of America. “Normal Retirement Age” shall mean the later of age sixty-five (65) or the date on which the Recipient completes five (5) years of Vesting Service.

4.Dividend Equivalents. Upon the settlement of a Restricted Stock Unit pursuant to Section 6, the Recipient shall also be entitled to receive the Fair Market Value of that number of shares of Company Stock that would have been payable had the aggregate dividends paid with respect to a share of Company Stock during the period commencing on the Date of Grant of the Restricted Stock Unit and terminating on the date on which the Recipient is entitled to settlement of such Restricted Stock Unit pursuant to Section 6 of this Restricted Stock Unit Agreement been immediately reinvested in Company Stock on the dividend payment date. All such dividend equivalents shall be subject to the same vesting and forfeiture requirements as apply to the Restricted Stock Units, and shall be paid to the Recipient in shares of Company Stock (with any fractional shares

1 Performance Goals to be determined by the Committee at the time of grant.

2 Actual dates and vesting percentages to be determined by the Committee at the time of grant.

1

paid in cash) in accordance with, and at the same time as, settlement of the vested Restricted Stock Units to which they are related.

5.Restrictions on Transfer. The Restricted Stock Units may not be transferred, sold, assigned, hypothecated, pledged or otherwise disposed of, and any purported transfer of a Recipient’s rights with respect to the Restricted Stock Units, whether voluntary or involuntary, by operation of law or otherwise, including by way of sale, assignment, transfer, pledge or otherwise, shall be null and void; provided, however that such Restricted Stock Units may be transferred, assigned or otherwise disposed of by will or the laws of descent and distribution, or as may be permitted by the Committee to the extent provided under Section 20 of the Plan.

6.Settlement of Restricted Stock Units.

(a)Settlements Other Than on Change in Control. Subject to the provisions of Section 3 and this Section 6, the Company shall deliver to the Recipient (or, if applicable, the Recipient’s designated beneficiary or legal representative) that number of shares of Company Stock as is equal to the number of Restricted Stock Units that have become vested and nonforfeitable under this Restricted Stock Unit Agreement, including those Restricted Stock Units held by or for a Recipient who died or terminated employment upon a Disability or after attaining Early Retirement Age or Normal Retirement Age, on, or as soon as administratively practicable after, the Ending Date, but in no event later than the end of the calendar year in which the Ending Date occurs.

(b)Change in Control. Notwithstanding Section 6(a), in the event a Change in Control that also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A of the Code occurs prior to the Ending Date and prior to any forfeiture of the Restricted Stock Units pursuant to Section 3, then the Restricted Stock Units shall fully vest and the Company shall deliver to the Recipient (or, if applicable, the Recipient’s designated beneficiary or legal representative) that number of shares of Company Stock equal to the number of Restricted Stock Units granted under this Restricted Stock Unit Agreement upon the consummation of such Change in Control. Notwithstanding the foregoing, if an employment agreement between the Company or any of its Affiliates and the Recipient provides that vesting of the Recipient’s Awards under the Plan upon a Change in Control shall occur only upon the Recipient’s termination of employment with the Company and all its Affiliates in certain circumstances following the Change in Control, then the provisions of the Recipient’s employment agreement shall apply, and the Recipient shall vest in the Restricted Stock Units following a Change in Control only to the extent and in the circumstances set forth in the employment agreement. In such case, settlement of any Restricted Stock Units that vest in accordance with the Recipient’s employment agreement following a Change in Control shall occur as soon as administratively practicable after the Recipient’s Separation from Service, but in no event later than the end of the calendar year in which such Separation from Service occurs. The Recipient’s “Separation from Service” shall mean a “separation from service,” within the meaning of Section 409A of the Code and Treas. Reg. Section 1.409A-1(h)(1), from the Company.

(c)Specified Employees. Notwithstanding anything in this Section 6 to the contrary, to the extent (i) the Recipient is entitled to settlement of Restricted Stock Units upon the Recipient’s Separation from Service pursuant to Section 6(a) or (b); and (ii) at the time of the Recipient’s Separation from Service, the Recipient is a “specified employee” of the Company under Section 409A of the Code (a “Specified Employee”), then delivery of Company Stock and payment of any related dividend equivalents upon settlement of the Recipient’s Restricted Stock Units shall be made, without interest, upon the earlier of (x) the first business day following the expiration of six months following the Recipient’s Separation from Service; or (y) the date of the Recipient’s death; provided, however, that such deferral shall be effected only if and to the extent required to avoid adverse tax treatment to the Recipient under Section 409A of the Code.

(d)Covered Employees. If the Recipient is (or is reasonably expected to be) a “covered employee” within the meaning of Section 162(m) of the Code for the calendar year in which delivery of Company Stock or payment of dividend equivalents would ordinarily be made to the Recipient, then to the extent permitted by Section 409A of the Code, the Company may delay delivery to the Recipient of that portion of the shares of Company Stock and/or dividend equivalents for which the Company reasonably believes that Section 162(m) of the Code will preclude the Company from taking a compensation expense deduction, until the Recipient’s Separation from Service.

7.No Rights as a Stockholder. Until shares of Company Stock are issued, if at all, in satisfaction of the Company’s obligations under this Restricted Stock Unit Agreement and entered on the books of the Company’s transfer agent, the Recipient shall have no rights as a stockholder.

8.Securities Laws Requirements. Notwithstanding anything contrary to the Plan, the Company shall not be obligated to cause its transfer agent to enter in its records the transfer of shares of Company Stock to the Recipient pursuant to

2

the Plan unless and until the Company is advised by its counsel that such book entry is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Company Stock are traded. Further, the Committee may require, as a condition of such book entry, that the Recipient of such shares make such agreements and representations, and that such book entry contain such notations, as the Committee, in its sole discretion, deems necessary or advisable. The transfer of any shares of Company Stock under the Plan shall be effective only at such time as counsel to the Company shall have determined that the issuance is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Company Stock are traded. To the extent permitted by Section 409A of the Code, the Committee may, in its sole discretion, defer the effectiveness of any transfer of shares of Company Stock under the Plan in order to allow the issuance of such shares to be made pursuant to registration or an exemption from registration or other methods for compliance available under federal or state securities laws. In the event the Committee decides to defer the effectiveness of a transfer, the Committee shall inform the Recipient in writing of such decision.

9.Protections Against Violations of Constituent Documents. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the shares of Company Stock deliverable following the vesting of the Restricted Stock Units by any holder thereof in violation of the provisions of the Certificate of Incorporation or the By-Laws of the Company, shall be valid, and the Company will not transfer any of said shares of Company Stock on its books nor will the holder of any of said Company Stock be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

10.Taxes. The obligations of the Company under this Restricted Stock Unit Agreement shall be conditional on satisfaction of the Company’s legal tax withholding obligations and, unless the Recipient has made alternative arrangements satisfactory to the Company with respect to such tax withholding obligations, the Company will (1) withhold from the shares of Company Stock otherwise deliverable hereunder such number of shares as it determines is necessary to satisfy the applicable minimum tax withholding obligations in respect of such shares, or (2) to the extent permitted by law, deduct any such taxes from any payment of any kind otherwise due to the Recipient by the Company.

11.Notices. Any notice required or permitted to be given to the Company under this Restricted Stock Unit Agreement shall be addressed to Selective Insurance Group, Inc., Attention: Corporate Secretary, 40 Wantage Avenue, Branchville, New Jersey 07890; any notice required or permitted to be given to the Recipient hereunder shall be deemed given when delivered personally, when deposited with a United States Post Office, postage prepaid, addressed, as appropriate, either at the Recipient’s address as last known by the Company or such other address as the Recipient may designate in writing to the Company, or by electronic delivery to the Recipient’s electronic address as last known by the Company or such other address as the Recipient may designate in writing to the Company.

12.Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Restricted Stock Unit Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

13.Amendments. Except as otherwise provided in Section 16 of this Restricted Stock Unit Agreement, this Restricted Stock Unit Agreement may be amended or modified at any time only by an instrument in writing signed by each of the parties hereto.

14.Survival of Terms. This Restricted Stock Unit Agreement shall apply to and bind the Recipient and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors.

15.Agreement Not a Contract for Services. Neither the grant of Restricted Stock Units, the execution of this Restricted Stock Unit Agreement nor any other action taken pursuant to this Restricted Stock Unit Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the Recipient has a right to continue to provide services as an officer, director, employee or consultant of the Company or its Affiliates for any period of time or at any specific rate of compensation.

16.Severability. If a provision of this Restricted Stock Unit Agreement is held invalid by a court of competent jurisdiction, the remaining provisions will nonetheless be enforceable according to their terms. Further, if any provision is held to be over broad as written, that provision shall be amended to narrow its application to the extent necessary to make the provision enforceable according to applicable law and enforced as amended.

3

17.Governing Law. This Restricted Stock Unit Agreement shall be governed by and construed according to the laws of the State of New Jersey without regard to its principles of conflict of laws.

18.Company Policies; Clawback; Recoupment. As set forth in Section 18 of the Plan, the Restricted Stock Unit Award is subject to all applicable clawback or recoupment policies, share trading policies and other policies that may be implemented by the Board or Committee from time to time.

19.Incorporation of Plan; Acknowledgment. This Restricted Stock Unit Award is granted pursuant to the Plan, and the Restricted Stock Units and this Restricted Stock Unit Agreement are in all respects governed by the Plan and subject to all of the terms and provisions thereof, whether such terms and provisions are incorporated in this Restricted Stock Unit Agreement by reference or are expressly cited. By signing this Restricted Stock Unit Agreement, or accepting the terms and conditions of this Restricted Stock Unit Agreement electronically, the Recipient acknowledges receipt of copies of the Plan and the prospectus relating to the Plan and further agrees and knowledges that (a) the Recipient will be bound by the terms and conditions of this Restricted Stock Unit Agreement and the Plan and (b) all determinations by the Committee will be final and binding on all persons.

(The remainder of this page is intentionally left blank.)

4

INWITNESS WHEREOF, the parties hereto have executed this Restricted Stock Unit Agreement on the day and year set forth below.

SELECTIVE INSURANCE GROUP, INC.
By:
	Name:
	Title:
[EMPLOYEE]
Current Date

EX-10.3

Exhibit 10.3

SELECTIVE INSURANCE GROUP, INC.

2024 OMNIBUS STOCK PLAN

NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT AGREEMENT

This NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT AGREEMENT (the “Restricted Stock Unit Agreement”) is made and entered into as of the date appearing on the signature page below, by and between Selective Insurance Group, Inc., a New Jersey corporation (the “Company”) and [DIRECTOR] (the “Recipient”).

WHEREAS, the Board of Directors of the Company (the “Board”) has adopted the Selective Insurance Group, Inc. 2024 Omnibus Stock Plan (the “Plan”); and

WHEREAS, the Compensation and Human Capital Committee (the “Committee”) of the Board has approved a grant of Restricted Stock Units to the Recipient to be made on [GRANT DATE] (the “Date of Grant”) as set forth below, pursuant to the Plan.

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows:

1.Definitions. Capitalized terms which are not defined herein shall have the meanings set forth in the Plan.

2.Grant of Restricted Stock Units. The Company hereby grants to the Recipient an Award of [NUMBER] Restricted Stock Units, subject to all of the terms and conditions of this Restricted Stock Unit Agreement and the Plan.

3.Lapse of Restrictions. The Restricted Stock Units shall vest as set forth in this Section 3.

(a)The Recipient shall become vested in the Recipient’s Restricted Stock Units in the amounts set forth below upon the anniversary dates set forth below (any such date on which the Recipient becomes vested pursuant to this Section 3, a “Vesting Date”), provided that the Recipient continuously serves as a member of the Board of the Company from the Date of Grant through the applicable Vesting Date:

Anniversary of Date of Grant Percentage Settled

(b)Notwithstanding the foregoing, if the Recipient ceases to be a member of the Board for any reason other than Cause and experiences a “separation from service,” within the meaning of Section 409A of the Code and Treas. Reg. Section 1.409A-1(h), from the Company (“Separation from Service”), the Recipient shall become vested in any unvested Restricted Stock Units granted under this Restricted Stock Unit Agreement, and the date of such Separation from Service shall be the Vesting Date with respect to the Restricted Stock Units that vest pursuant to this Section 3(b); and

(c)Upon a Change in Control which also qualifies as a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as described in Section 409A of the Code and Treas. Reg. Section 1.409A-3(i)(5) that occurs prior to the Recipient’s cessation of service on the Board, the Recipient shall become vested in any unvested Restricted Stock Units granted under this Restricted Stock Unit Agreement, and the date of such Change in Control shall be the Vesting Date with respect to the Restricted Stock Units that vest pursuant to this Section 3(c).

Notwithstanding the foregoing, if the Recipient ceases to be a member of the Board by reason of Cause prior to an applicable Vesting Date, the Recipient shall not be entitled to settlement of any Restricted Stock Units and all such Restricted Stock Units shall immediately be forfeited.

4.Dividend Equivalents. Upon the settlement of a Restricted Stock Unit pursuant to Section 6, the Recipient shall also be entitled to receive the Fair Market Value of that number of shares of Company Stock that would have been payable

1

had the aggregate dividends paid with respect to a share of Company Stock during the period commencing on the Date of Grant of the Restricted Stock Unit and terminating on the date on which the Recipient is entitled to settlement of such Restricted Stock Unit pursuant to Section 6 of this Restricted Stock Unit Agreement been immediately reinvested in Company Stock on the dividend payment date. All such dividend equivalents shall be subject to the same vesting and forfeiture requirements as apply to the Restricted Stock Units, and shall be paid to the Recipient in shares of Company Stock (with any fractional shares paid in cash) in accordance with, and at the same time as, settlement of the vested Restricted Stock Units to which they are related.

5.Restrictions on Transfer. The Restricted Stock Units may not be transferred, sold, assigned, hypothecated, pledged or otherwise disposed of, and any purported transfer of a Recipient’s rights with respect to the Restricted Stock Units, whether voluntary or involuntary, by operation of law or otherwise, including by way of sale, assignment, transfer, pledge or otherwise, shall be null and void; provided, however that such Restricted Stock Units may be transferred, assigned or otherwise disposed of by will or the laws of descent and distribution, or as may be permitted by the Committee to the extent provided under Section 20 of the Plan.

6.Settlement of Restricted Stock Units. The Company shall deliver to the Recipient (or, if applicable, the Recipient’s designated beneficiary or legal representative) that number of shares of Company Stock as is equal to the number of Restricted Stock Units that vest pursuant to this Restricted Stock Unit Agreement as soon as administratively practicable after the applicable Vesting Date, but in no event later than the end of the calendar year in which the Vesting Date occurs.

7.Specified Employees. Notwithstanding anything in Sections 3 and 6 to the contrary, to the extent (i) the Recipient is entitled to settlement of Restricted Stock Units upon the Recipient’s Separation from Service pursuant to Section 3(b); and (ii) at the time of the Recipient’s Separation from Service, the Recipient is a “specified employee” of the Company under Section 409A of the Code (a “Specified Employee”), then delivery of Company Stock and payment of any related dividend equivalents upon settlement of the Recipient’s Restricted Stock Units shall be made, without interest, upon the earlier of (x) the first business day following the expiration of six months following the Recipient’s Separation from Service; or (y) the date of the Recipient’s death; provided, however, that such deferral shall be effected only if and to the extent required to avoid adverse tax treatment to the Recipient under Section 409A of the Code.

8.No Rights as a Stockholder. Until shares of Company Stock are issued, if at all, in satisfaction of the Company’s obligations under this Restricted Stock Unit Agreement and entered on the books of the Company’s transfer agent, the Recipient shall have no rights as a stockholder.

9.Securities Laws Requirements. Notwithstanding anything contrary to the Plan, the Company shall not be obligated to cause its transfer agent to enter in its records the transfer of shares of Company Stock to the Recipient pursuant to the Plan unless and until the Company is advised by its counsel that such book entry is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Company Stock are traded. Further, the Committee may require, as a condition of such book entry, that the Recipient of such shares make such agreements and representations, and that such book entry contain such notations, as the Committee, in its sole discretion, deems necessary or advisable. The transfer of any shares of Company Stock under the Plan shall be effective only at such time as counsel to the Company shall have determined that the issuance is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Company Stock are traded. To the extent permitted by Section 409A of the Code, the Committee may, in its sole discretion, defer the effectiveness of any transfer of shares of Company Stock under the Plan in order to allow the issuance of such shares to be made pursuant to registration or an exemption from registration or other methods for compliance available under federal or state securities laws. In the event the Committee decides to defer the effectiveness of a transfer, the Committee shall inform the Recipient in writing of such decision.

10.Protections Against Violations of Constituent Documents. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the shares of Company Stock deliverable following the vesting of the Restricted Stock Units by any holder thereof in violation of the provisions of the Certificate of Incorporation or the By-Laws of the Company, shall be valid, and the Company will not transfer any of said shares of Company Stock on its books nor will the holder of any of said Company Stock be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

11.Notices. Any notice required or permitted to be given to the Company under this Restricted Stock Unit Agreement shall be addressed to Selective Insurance Group, Inc., Attention: Corporate Secretary, 40 Wantage Avenue, Branchville, New Jersey 07890; any notice required or permitted to be given to the Recipient hereunder shall be deemed given

2

when delivered personally, when deposited with a United States Post Office, postage prepaid, addressed, as appropriate, either at the Recipient’s address as last known by the Company or such other address as the Recipient may designate in writing to the Company, or by electronic delivery to the Recipient’s electronic address as last known by the Company or such other address as the Recipient may designate in writing to the Company.

12.Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Restricted Stock Unit Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

13.Amendments. Except as otherwise provided in Section 16 of this Restricted Stock Unit Agreement, this Restricted Stock Unit Agreement may be amended or modified at any time only by an instrument in writing signed by each of the parties hereto.

14.Survival of Terms. This Restricted Stock Unit Agreement shall apply to and bind the Recipient and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors.

15.Agreement Not a Contract for Services. Neither the grant of Restricted Stock Units, the execution of this Restricted Stock Unit Agreement nor any other action taken pursuant to this Restricted Stock Unit Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the Recipient has a right to continue to provide services as an officer, director, employee or consultant of the Company or its Affiliates for any period of time or at any specific rate of compensation.

16.Severability. If a provision of this Restricted Stock Unit Agreement is held invalid by a court of competent jurisdiction, the remaining provisions will nonetheless be enforceable according to their terms. Further, if any provision is held to be over broad as written, that provision shall be amended to narrow its application to the extent necessary to make the provision enforceable according to applicable law and enforced as amended.

17.Governing Law. This Restricted Stock Unit Agreement shall be governed by and construed according to the laws of the State of New Jersey without regard to its principles of conflict of laws.

18.Taxes. The Company will not withhold or pay any amount to satisfy federal, state, provincial, and local taxes, domestic or foreign, with respect to any taxable event arising with respect to the Recipient as a result of the Restricted Stock Unit Award (“Taxes”), unless otherwise required by applicable law. The Recipient acknowledges and agrees that the Recipient shall be solely responsible for the payment of any Taxes arising in connection with the grant or vesting of the Restricted Stock Unit Award or otherwise arising under this Restricted Stock Unit Agreement or the Plan.

19.Company Policies; Clawback; Recoupment. As set forth in Section 18 of the Plan, the Restricted Stock Unit Award is subject to all applicable clawback or recoupment policies, share trading policies and other policies that may be implemented by the Board or Committee from time to time.

20.Incorporation of Plan; Acknowledgment. This Restricted Stock Unit Award is granted pursuant to the Plan, and the Restricted Stock Units and this Restricted Stock Unit Agreement are in all respects governed by the Plan and subject to all of the terms and provisions thereof, whether such terms and provisions are incorporated in this Restricted Stock Unit Agreement by reference or are expressly cited. By signing this Restricted Stock Unit Agreement, or accepting the terms and conditions of this Restricted Stock Unit Agreement electronically, the Recipient acknowledges receipt of copies of the Plan and the prospectus relating to the Plan and further agrees and acknowledges that (a) the Recipient will be bound by the terms and conditions of this Restricted Stock Unit Agreement and the Plan and (b) all determinations by the Committee will be final and binding on all persons.

(The remainder of this page is intentionally left blank)

3

IN WITNESS WHEREOF, the parties hereto have executed this Non-Employee Restricted Stock Unit Agreement on the day and year set forth below.

SELECTIVE INSURANCE GROUP, INC.
By:
	Name:
	Title:
[EMPLOYEE]
Current Date

4

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:	May 2, 2024	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, ANTHONY D. HARNETT, Senior Vice President, Chief Accounting Officer and Interim 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:	May 2, 2024	By: /s/ Anthony D. Harnett
		Anthony D. Harnett
		Senior Vice President, Chief Accounting Officer and Interim 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 March 31, 2024 (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:	May 2, 2024	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, ANTHONY D. HARNETT, Senior Vice President, Chief Accounting Officer and Interim 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 March 31, 2024 (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:	May 2, 2024	By: /s/ Anthony D. Harnett
		Anthony D. Harnett
		Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer

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Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,792,024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000230557
Current Fiscal Year End Date	--12-31
Common stock:
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $2 per share
Trading Symbol	SIGI
Security Exchange Name	NASDAQ
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value
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

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $19,183 – 2024; $21,923 – 2023)	$ 20,295	$ 22,700
Less: allowance for credit losses	0	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	20,295	22,700
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $30,381 – 2024 and $28,212 – 2023; amortized cost: $7,983,271 – 2024 and $7,880,697 – 2023)	7,583,504	7,499,197
Commercial mortgage loans – at carrying value (fair value: $197,807 – 2024 and $178,913 – 2023)	208,152	188,708
Less: allowance for credit losses	(122)	(291)
Commercial mortgage loans, net of allowance for credit losses	208,030	188,417
Equity securities – at fair value (cost:  $189,549 – 2024; $183,076 – 2023)	194,320	187,155
Short-term investments	247,883	309,317
Alternative investments	402,689	395,779
Other investments	88,960	91,164
Total investments (Note 4 and 5)	8,745,681	8,693,729
Cash	124	180
Restricted cash	11,720	13,092
Accrued investment income	68,034	66,339
Premiums receivable	1,459,112	1,331,979
Less: allowance for credit losses (Note 6)	(20,000)	(18,900)
Premiums receivable, net of allowance for credit losses	1,439,112	1,313,079
Reinsurance recoverable	653,085	658,525
Less: allowance for credit losses (Note 7)	(1,700)	(1,700)
Reinsurance recoverable, net of allowance for credit losses	651,385	656,825
Prepaid reinsurance premiums	207,979	203,320
Deferred federal income tax	144,719	140,237
Property and equipment – at cost, net of accumulated depreciation and amortization of: $277,945 – 2024; $271,409 – 2023	82,703	83,272
Deferred policy acquisition costs	448,340	424,864
Goodwill	7,849	7,849
Other assets	248,469	199,760
Total assets	12,056,115	11,802,546
Liabilities:
Reserve for loss and loss expense (Note 8)	5,501,750	5,336,911
Unearned premiums	2,440,992	2,330,656
Long-term debt	503,305	503,946
Current federal income tax	26,530	6,251
Accrued salaries and benefits	97,918	122,003
Other liabilities	479,126	548,398
Total liabilities	9,049,621	8,848,165
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 - 2024 and 2023	200,000	200,000
Common stock of $2 par value per share: Authorized shares 360,000,000; Issued: 105,447,377 - 2024; 105,223,307 - 2023	210,895	210,447
Additional paid-in capital	534,327	522,748
Retained earnings	3,088,150	3,029,396
Accumulated other comprehensive income (loss) (Note 11)	(384,972)	(373,001)
Treasury stock – at cost (shares:  44,655,938 – 2024; 44,586,870 – 2023)	(641,906)	(635,209)
Total stockholders’ equity	3,006,494	2,954,381
Commitments and contingencies
Total liabilities and stockholders’ equity	$ 12,056,115	$ 11,802,546

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Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Net premiums earned	$ 1,050,944	$ 902,336
Net investment income earned	107,849	91,506
Net realized and unrealized investment gains (losses)	(1,635)	3,344
Other income	7,801	2,634
Total revenues	1,164,959	999,820
Expenses:
Loss and loss expense incurred	704,292	567,438
Amortization of deferred policy acquisition costs	219,435	189,761
Other insurance expenses	115,987	108,588
Interest expense	7,181	7,166
Corporate expenses	15,498	12,108
Total expenses	1,062,393	885,061
Income before federal income tax	102,566	114,759
Federal income tax expense:
Current	21,413	25,505
Deferred	(1,365)	(3,320)
Total federal income tax expense	20,048	22,185
Net income	82,518	92,574
Preferred stock dividends	2,300	2,300
Net income available to common stockholders, basic	80,218	90,274
Net income available to common stockholders, diluted	$ 80,218	$ 90,274
Earnings per common share:
Net income available to common stockholders - Basic (in dollars per share)	$ 1.32	$ 1.49
Net income available to common stockholders - DIluted (in dollars per share)	$ 1.31	$ 1.48

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Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 82,518	$ 92,574
Other comprehensive income (loss), net of tax:
Unrealized holding gains (losses) arising during period	(12,293)	52,079
Unrealized gains (losses) on securities with credit loss recognized in earnings	(2,474)	17,721
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities	(61)	4,822
Credit loss (benefit) expense	2,093	(7,527)
Total unrealized gains (losses) on investment securities	(12,735)	67,095
Net actuarial loss	764	598
Total defined benefit pension and post-retirement plans	764	598
Other comprehensive income (loss)	(11,971)	67,693
Comprehensive income (loss)	$ 70,547	$ 160,267

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Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred stock:	Common stock:	Additional paid-in capital:	Retained earnings:	Accumulated other comprehensive income (loss):	Treasury stock:
Beginning of period at Dec. 31, 2022		$ 200,000	$ 209,694	$ 493,488	$ 2,749,703	$ (498,042)	$ (627,279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock		0
Dividend reinvestment plan			9	459
Stock purchase and compensation plans			446	8,766
Net income	$ 92,574				92,574
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(18,364)
Other comprehensive income (loss)	67,693					67,693
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans							(7,443)
End of period at Mar. 31, 2023	$ 2,669,404	$ 200,000	210,149	502,713	2,821,613	(430,349)	(634,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.30
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022	8,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock (in shares)		0
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023	8,000
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2022	60,338,900
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend reinvestment plan (in shares)	4,650
Stock purchase and compensation plan (in shares)	222,816
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)	(73,780)
Common stock, shares outstanding, end of period (in shares) at Mar. 31, 2023	60,492,586
Beginning of period at Dec. 31, 2023	$ 2,954,381	$ 200,000	210,447	522,748	3,029,396	(373,001)	(635,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock		0
Dividend reinvestment plan			10	488
Stock purchase and compensation plans			438	11,091
Net income	82,518				82,518
Dividends to preferred stockholders					(2,300)
Dividends to common stockholders					(21,464)
Other comprehensive income (loss)	(11,971)					(11,971)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans							(6,697)
End of period at Mar. 31, 2024	$ 3,006,494	$ 200,000	$ 210,895	$ 534,327	$ 3,088,150	$ (384,972)	$ (641,906)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared per preferred share (in dollars per share)	$ 287.50
Dividends declared per common share (in dollars per share)	$ 0.35
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023	8,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock (in shares)		0
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024	8,000
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2023	60,636,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend reinvestment plan (in shares)	4,806
Stock purchase and compensation plan (in shares)	219,264
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)	(69,068)
Common stock, shares outstanding, end of period (in shares) at Mar. 31, 2024	60,791,439

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Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income	$ 82,518	$ 92,574
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	9,084	8,957
Stock-based compensation expense	10,115	7,719
Undistributed gains of equity method investments	(5,873)	(6,693)
Distributions in excess of current year income of equity method investments	5,148	1,876
Net realized and unrealized (gains) losses	1,635	(3,344)
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable	170,279	70,397
Increase in unearned premiums, net of prepaid reinsurance	105,677	97,432
Decrease in net federal income taxes	18,979	20,522
Increase in premiums receivable	(126,033)	(68,478)
Increase in deferred policy acquisition costs	(23,476)	(19,320)
(Increase) decrease in accrued investment income	(2,091)	1,456
Decrease in accrued salaries and benefits	(24,085)	(26,406)
Increase in other assets	(6,226)	(4,083)
Decrease in other liabilities	(101,445)	(36,840)
Net cash provided by (used in) operating activities	114,206	135,769
Investing Activities
Purchases of fixed income securities, available-for-sale	(521,745)	(1,003,617)
Purchases of commercial mortgage loans	(22,256)	(8,447)
Purchases of equity securities	(6,473)	(3,229)
Purchases of alternative investments and other investments	(12,738)	(7,736)
Purchases of short-term investments	(1,232,780)	(1,361,774)
Sales of fixed income securities, available-for-sale	219,889	639,365
Proceeds from commercial mortgage loans	2,812	469
Sales of short-term investments	1,294,522	1,499,963
Redemption and maturities of fixed income securities, held-to-maturity	2,404	6,507
Redemption and maturities of fixed income securities, available-for-sale	193,109	109,999
Sales of equity securities	0	32,918
Distributions from alternative investments and other investments	3,448	2,854
Purchases of property and equipment	(6,199)	(5,510)
Net cash provided by (used in) investing activities	(86,007)	(98,238)
Financing Activities
Dividends to preferred stockholders	(2,300)	(2,300)
Dividends to common stockholders	(20,784)	(17,690)
Acquisition of treasury stock	(6,697)	(7,443)
Net proceeds from stock purchase and compensation plans	885	973
Repayments of finance lease obligations	(731)	(615)
Net cash provided by (used in) financing activities	(29,627)	(27,075)
Net increase (decrease) in cash and restricted cash	(1,428)	10,456
Cash and restricted cash, beginning of period	13,272	25,209
Cash and restricted cash, end of period	$ 11,844	$ 35,665

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed income securities, held-to-maturity, fair value	$ 19,183	$ 21,923
Fixed income securities, available-for-sale, allowance for credit loss	30,381	28,212
Fixed income securities, available-for-sale, amortized cost	7,983,271	7,880,697
Commercial mortgage loans, fair value	197,807	178,913
Equity securities, cost	189,549	183,076
Property and equipment, accumulated depreciation and amortization	$ 277,945	$ 271,409
Preferred stock, par or stated value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	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, authorized (in shares)	360,000,000	360,000,000
Common stock, issued (in shares)	105,447,377	105,223,307
Treasury stock, common (in shares)	44,655,938	44,586,870

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Basis of Presentation

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

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 first quarters ended March 31, 2024 (“First Quarter 2024”) and March 31, 2023 (“First Quarter 2023”). 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, 2023 (“2023 Annual Report”) filed with the SEC.

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Adoption of Accounting Pronouncements

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Adoption of Accounting Pronouncements

Adoption of Accounting Pronouncements 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. We adopted this guidance on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

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 adopted ASU 2023-02 on January 1, 2024 and it did not have a material impact to our financial condition, results of operations, or disclosures.

Pronouncements to be effective in the future

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends disclosure requirements for segment reporting by modifying and adding disclosure requirements. The additional disclosure requirements include the following on both an interim and annual basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"); (ii) amounts for "other segment items" by reportable segment and a description of its composition; and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting, to now be disclosed in interim periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-07 will not have an impact on our financial condition or results of operations.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items

that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As it only requires additional disclosure, ASU 2023-09 will not have an impact on our financial condition or results of operations.

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Statements of Cash Flows

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Statements of Cash Flows

Statements of Cash Flows

Supplemental cash flow information was as follows:

	Quarter ended March 31,
($ in thousands)	2024		2023
Cash paid (received) during the period for:
Interest	$	8,544	8,528
Federal income tax	—		—
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,777		2,235
Operating cash flows from financing leases	22		11
Financing cash flows from finance leases	731		615
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	2,298		4,629
Assets acquired under finance lease arrangements	3		—
Assets acquired under operating lease arrangements	674		4,237
Non-cash purchase of property and equipment	8		23

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)	March 31, 2024		December 31, 2023
Cash	$	124	180
Restricted cash	11,720		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	11,844	13,272

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

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

Investments

(a) Information regarding our AFS securities as of March 31, 2024 and December 31, 2023, were as follows:

March 31, 2024	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	$	161,335	—	70	(19,579)	141,826
Foreign government	10,703		(29)	—	(1,445)	9,229
Obligations of states and political subdivisions	570,438		(695)	1,101	(31,858)	538,986
Corporate securities	2,930,310		(15,442)	20,367	(140,185)	2,795,050
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,958,551		(2,627)	15,158	(73,997)	1,897,085
Residential mortgage-backed securities ("RMBS")	1,623,948		(11,580)	3,828	(104,237)	1,511,959
Commercial mortgage-backed securities ("CMBS")	727,986		(8)	1,103	(39,712)	689,369
Total AFS fixed income securities	$	7,983,271	(30,381)	41,627	(411,013)	7,583,504

December 31, 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	$	223,157	—	139	(18,261)	205,035
Foreign government	11,140		(35)	—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)	2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)	28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)	11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)	6,023	(85,851)	1,477,483
CMBS	718,623		(6)	1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	(28,212)	50,076	(403,364)	7,499,197

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 March 31, 2024	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	$	35	—	—	—	(6)	—	29
Obligations of states and political subdivisions	669		9	—	25	(8)	—	695
Corporate securities	12,999		1,015	—	1,792	(355)	(9)	15,442
CLO and other ABS	2,854		90	—	(314)	(3)	—	2,627
RMBS	11,649		—	—	31	(100)	—	11,580
CMBS	6		2	—	—	—	—	8
Total AFS fixed income securities	$	28,212	1,116	—	1,534	(472)	(9)	30,381

Quarter ended March 31, 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	—	—	(248)	—	—	36
Obligations of states and political subdivisions	1,024		50	—	(254)	(83)	—	737
Corporate securities	30,330		2,854	—	(13,964)	(2,453)	(11)	16,756
CLO and other ABS	2,375		787	—	736	(3)	—	3,895
RMBS	11,597		12	—	219	(88)	—	11,740
CMBS	111		27	—	252	—	—	390
Total AFS fixed income securities	$	45,721	3,730	—	(13,259)	(2,627)	(11)	33,554

During First Quarter 2024 and First Quarter 2023, 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 2023 Annual Report. Accrued interest on AFS securities was $66.3 million as of March 31, 2024, and $64.6 million as of December 31, 2023. We did not record any write-offs of accrued interest in First Quarter 2024 and First Quarter 2023.

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

March 31, 2024	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	$	8,149	(49)	107,151	(19,530)	115,300	(19,579)
Foreign government	—		—	9,229	(1,445)	9,229	(1,445)
Obligations of states and political subdivisions	161,084		(1,289)	303,259	(30,569)	464,343	(31,858)
Corporate securities	316,330		(4,043)	1,446,157	(136,142)	1,762,487	(140,185)
CLO and other ABS	385,471		(7,527)	824,843	(66,470)	1,210,314	(73,997)
RMBS	511,009		(8,770)	761,356	(95,467)	1,272,365	(104,237)
CMBS	133,266		(2,033)	494,395	(37,679)	627,661	(39,712)
Total AFS fixed income securities	$	1,515,309	(23,711)	3,946,390	(387,302)	5,461,699	(411,013)

December 31, 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	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

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. 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 2023 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 March 31, 2024. 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 March 31, 2024, 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	$	582,163	—	—
Due after one year through five years	3,435,983		15,716	14,898
Due after five years through 10 years	2,833,659		4,579	4,285
Due after 10 years	731,699		—	—
Total fixed income securities	$	7,583,504	20,295	19,183

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

	March 31, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	306,444	137,986	444,430	301,759	131,885	433,644
Private credit	53,392		90,569	143,961	54,500	89,401	143,901
Real assets	42,853		31,100	73,953	39,520	33,040	72,560
Total alternative investments	$	402,689	259,655	662,344	395,779	254,326	650,105

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 2024 or 2023.

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-month period ended December 31:

Income Statement Information	Quarter ended March 31,
($ in millions)	2024		2023
Net investment income (loss)	$	(346.0)	(70.7)
Realized gains	1,830.8		1,722.3
Net change in unrealized appreciation (depreciation)	3,819.0		1,443.7
Net income	$	5,303.8	3,095.3
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	6.9	7.8

(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 March 31, 2024 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 March 31, 2024:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	20.0	20.0
Obligations of states and political subdivisions	—		—	4.2	4.2
RMBS	66.2		24.1	—	90.3
CMBS	2.3		8.5	—	10.8
Total pledged as collateral	$	68.5	32.6	24.2	125.3

(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 March 31, 2024, or December 31, 2023.

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Fixed income securities	$	94,102	80,087
Commercial mortgage loans ("CMLs")	2,794		1,965
Equity securities	4,908		1,205
Short-term investments	3,519		4,650
Alternative investments	6,881		7,768
Other investments	263		43
Investment expenses	(4,618)		(4,212)
Net investment income earned	$	107,849	91,506

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Gross gains on sales	$	2,135	3,784
Gross losses on sales	(1,965)		(12,930)
Net realized gains (losses) on disposals	170		(9,146)
Net unrealized gains (losses) on equity securities	692		3,248
Net credit loss benefit (expense) on fixed income securities, AFS	(2,650)		9,529
Net credit loss benefit (expense) on CMLs	168		17
Losses on securities for which we have the intent to sell	(15)		(304)
Net realized and unrealized investment gains (losses)	$	(1,635)	3,344

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	692	(142)
On securities sold in period	—		3,390
Total unrealized gains (losses) recognized in income on equity securities	$	692	3,248

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, and December 31, 2023:

	March 31, 2024			December 31, 2023
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,927	51,137	49,926	53,047
6.70% Senior Notes	99,571		101,666	99,565	104,039
5.375% Senior Notes	294,548		286,927	294,523	288,787
3.03% borrowings from FHLBI	60,000		57,568	60,000	57,932
Subtotal long-term debt	504,046		497,298	504,014	503,805
Unamortized debt issuance costs	(2,650)			(2,704)
Finance lease obligations	1,909			2,636
Total long-term debt	$	503,305		503,946

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 2023 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at March 31, 2024, and December 31, 2023:

March 31, 2024			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	$	141,826	33,530	108,296	—
Foreign government	9,229		—	9,229	—
Obligations of states and political subdivisions	538,986		—	531,239	7,747
Corporate securities	2,795,050		—	2,507,554	287,496
CLO and other ABS	1,897,085		—	1,636,988	260,097
RMBS	1,511,959		—	1,511,959	—
CMBS	689,369		—	689,014	355
Total AFS fixed income securities	7,583,504		33,530	6,994,279	555,695
Equity securities:
Common stock1	192,510		36,333	—	1,067
Preferred stock	1,810		1,810	—	—
Total equity securities	194,320		38,143	—	1,067
Short-term investments	247,883		246,904	979	—
Total assets measured at fair value	$	8,025,707	318,577	6,995,258	556,762

December 31, 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	$	205,035	34,056	170,979	—
Foreign government	9,803		—	9,803	—
Obligations of states and political subdivisions	585,965		—	578,131	7,834
Corporate securities	2,711,239		—	2,413,907	297,332
CLO and other ABS	1,834,827		—	1,589,514	245,313
RMBS	1,477,483		—	1,477,483	—
CMBS	674,845		—	674,489	356
Total AFS fixed income securities	7,499,197		34,056	6,914,306	550,835
Equity securities:
Common stock1	185,339		20,582	—	854
Preferred stock	1,816		1,816	—	—
Total equity securities	187,155		22,398	—	854
Short-term investments	309,317		308,512	805	—
Total assets measured at fair value	$	7,995,669	364,966	6,915,111	551,689

1Investments amounting to $155.1 million at March 31, 2024, and $163.9 million at December 31, 2023, 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 First Quarter 2024 and First Quarter 2023:

March 31, 2024
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2023	$	7,834	297,332	245,313	356	854	551,689
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(86)		(376)	399	3	—	(60)
Net realized and unrealized gains (losses)	(1)		140	57	—	213	409
Net investment income earned	—		280	(1)	(1)	—	278
Purchases	—		1,152	14,658	—	—	15,810
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(2,870)	(1,173)	(3)	—	(4,046)
Transfers into Level 3	—		20,065	19,537	—	—	39,602
Transfers out of Level 3	—		(28,227)	(18,693)	—	—	(46,920)
Fair value, March 31, 2024	$	7,747	287,496	260,097	355	1,067	556,762
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(1)		140	57	—	213	409
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(86)		(376)	399	3	—	(60)

March 31, 2023
($ in thousands)	Obligation of state 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:
OCI	152		2,405	696	17	—	3,270
Net realized and unrealized gains (losses)	61		72	(73)	—	(269)	(209)
Net investment income earned	—		12	(32)	(1)	—	(21)
Purchases	—		24,799	13,403	—	—	38,202
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(4,044)	(1,192)	(3)	—	(5,239)
Transfers into Level 3	—		361	14,148	2,848	—	17,357
Transfers out of Level 3	—		—	(534)	—	—	(534)
Fair value, March 31, 2023	$	6,874	211,585	179,758	3,236	628	402,081
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	61		72	(73)	—	(269)	(209)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	152		2,405	696	17	—	3,270

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at March 31, 2024, and December 31, 2023:

March 31, 2024
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	155,633	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.8%
CLO and other ABS	155,287		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	310,920
Other1	245,842
Total Level 3 securities	$	556,762

December 31, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	135,524	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.9%
CLO and other ABS	127,210		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	262,734
Other1	288,955
Total Level 3 securities	$	551,689

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 March 31, 2024, and December 31, 2023:

March 31, 2024			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	$	19,183	—	19,183	—
Total HTM fixed income securities	19,183		—	19,183	—
CMLs	$	197,807	—	—	197,807
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,137	—	51,137	—
6.70% Senior Notes	101,666		—	101,666	—
5.375% Senior Notes	286,927		—	286,927	—
3.03% borrowings from FHLBI	57,568		—	57,568	—
Total long-term debt	$	497,298	—	497,298	—

December 31, 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	21,923		—	21,923	—
Total HTM fixed income securities	$	21,923	—	21,923	—
CMLs	$	178,913	—	—	178,913
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	53,047	—	53,047	—
6.70% Senior Notes	104,039		—	104,039	—
5.375% Senior Notes	288,787		—	288,787	—
3.03% borrowings from FHLBI	57,932		—	57,932	—
Total long-term debt	$	503,805	—	503,805	—

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Allowance for Credit Losses on Premiums Receivable

3 Months Ended

Mar. 31, 2024

Premiums Receivable Disclosure [Abstract]

Allowance for Credit Losses on Premiums Receivable

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 March 31,
($ in thousands)	2024		2023
Balance at beginning of period	$	18,900	16,100
Current period change for expected credit losses	1,784		1,910
Write-offs charged against the allowance for credit losses	(1,056)		(1,164)
Recoveries	372		254
Allowance for credit losses, end of period	$	20,000	17,100

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 2023 Annual Report.

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Reinsurance

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, and December 31, 2023:

	March 31, 2024
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	83,372	53	83,425
A+	366,428		1,172	367,600
A	115,086		582	115,668
A-	3,865		89	3,954
Total rated reinsurers	568,751		1,896	570,647
Non-rated reinsurers
Federal and state pools	77,799		—	77,799
Other than federal and state pools	4,135		504	4,639
Total non-rated reinsurers	81,934		504	82,438
Total reinsurance recoverable, gross	$	650,685	2,400	653,085
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				651,385

	December 31, 2023
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	82,466	21	82,487
A+	371,132		2,887	374,019
A	111,883		1,380	113,263
A-	3,596		89	3,685
Total rated reinsurers	569,077		4,377	573,454
Non-rated reinsurers
Federal and state pools	80,506		—	80,506
Other than federal and state pools	4,488		77	4,565
Total non-rated reinsurers	84,994		77	85,071
Total reinsurance recoverable, gross	$	654,071	4,454	658,525
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				656,825

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Balance at beginning of period	$	1,700	1,600
Current period change for expected credit losses	—		700
Write-offs charged against the allowance for credit losses	—		—
Recoveries	—		—
Allowance for credit losses, end of period	$	1,700	2,300

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 2023 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 2023 Annual Report.

	Quarter ended March 31,
($ in thousands)	2024		2023
Premiums written:
Direct	$	1,315,911	1,132,760
Assumed	5,985		5,394
Ceded	(165,275)		(138,386)
Net	1,156,621		999,768
Premiums earned:
Direct	1,205,368		1,032,228
Assumed	6,191		6,290
Ceded	(160,615)		(136,182)
Net	1,050,944		902,336
Loss and loss expense incurred:
Direct	753,567		613,229
Assumed	5,981		5,255
Ceded	(55,256)		(51,046)
Net	$	704,292	567,438

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Reserve for Loss and Loss Expense

3 Months Ended

Mar. 31, 2024

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:

	Quarter ended March 31,
($ in thousands)	2024		2023
Gross reserve for loss and loss expense, at beginning of period	$	5,336,911	5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601		757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310		4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	688,519		580,408
Prior years	15,773		(12,970)
Total incurred loss and loss expense	704,292		567,438
Paid loss and loss expense for claims occurring in the:
Current year	107,719		91,011
Prior years	435,489		418,194
Total paid loss and loss expense	543,208		509,205
Net reserve for loss and loss expense, at end of period	4,879,394		4,445,541
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	622,356		653,909
Gross reserve for loss and loss expense, at end of period	$	5,501,750	5,099,450

Prior year reserve development in First Quarter 2024 was unfavorable by $15.8 million, consisting of $35.0 million of unfavorable casualty reserve development, partially offset by $19.2 million of favorable property reserve development. The unfavorable casualty reserve development was driven by our Standard Commercial Lines segment, which included (i) $50.0

million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, partially offset by (ii) $15.0 million of favorable casualty reserve development in our workers compensation line of business.

Additionally, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business.

Prior year reserve development in First Quarter 2023 was favorable by $13.0 million, consisting of favorable casualty reserve development of $10.0 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 $2.0 million of unfavorable casualty reserve development in our personal automobile line of business.

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Segment Information

3 Months Ended

Mar. 31, 2024

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 March 31,
($ in thousands)	2024		2023
Standard Commercial Lines:
Net premiums earned:
General liability	$	273,415	243,349
Commercial automobile	251,720		217,371
Commercial property	161,553		135,292
Workers compensation	87,777		84,184
Businessowners' policies	39,921		33,171
Bonds	12,088		11,397
Other	7,636		6,851
Miscellaneous income	7,134		2,181
Total Standard Commercial Lines revenue	841,244		733,796
Standard Personal Lines:
Net premiums earned:
Personal automobile	56,960		44,914
Homeowners	44,113		35,013
Other	2,773		1,943
Miscellaneous income	640		453
Total Standard Personal Lines revenue	104,486		82,323
E&S Lines:
Net premiums earned:
Casualty lines	71,638		60,817
Property lines	41,350		28,034
Miscellaneous income	27		—
Total E&S Lines revenue	113,015		88,851
Investments:
Net investment income earned	107,849		91,506
Net realized and unrealized investment gains (losses)	(1,635)		3,344
Total Investments revenue	106,214		94,850
Total revenues	$	1,164,959	999,820

Income Before and After Federal Income Tax	Quarter ended March 31,
($ in thousands)	2024			2023
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	10,381		38,921
Underwriting income (loss), after federal income tax	8,201			30,748
Combined ratio	98.8		%	94.7
ROE contribution	1.2			5.1
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(5,335)		(13,073)
Underwriting income (loss), after federal income tax	(4,215)			(10,328)
Combined ratio	105.1		%	116.0
ROE contribution	(0.6)			(1.7)
E&S Lines:
Underwriting income (loss), before federal income tax	$	13,985		13,335
Underwriting income (loss), after federal income tax	11,048			10,535
Combined ratio	87.6		%	85.0
ROE contribution	1.6			1.8
Investments:
Net investment income earned	$	107,849		91,506
Net realized and unrealized investment gains (losses)	(1,635)			3,344
Total investments segment income, before federal income tax	106,214			94,850
Tax on investments segment income	21,866			19,156
Total investments segment income, after federal income tax	$	84,348		75,694
ROE contribution of after-tax net investment income earned	12.3			12.2

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended March 31,
($ in thousands)	2024		2023
Underwriting income (loss)
Standard Commercial Lines	$	10,381	38,921
Standard Personal Lines	(5,335)		(13,073)
E&S Lines	13,985		13,335
Investment income	106,214		94,850
Total all segments	125,245		134,033
Interest expense	(7,181)		(7,166)
Corporate expenses	(15,498)		(12,108)
Income, before federal income tax	$	102,566	114,759
Preferred stock dividends	(2,300)		(2,300)
Income available to common stockholders, before federal income tax	$	100,266	112,459

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Retirement Plans

3 Months Ended

Mar. 31, 2024

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 2023 Annual Report.

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended March 31,
($ in thousands)	2024		2023
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,888	3,866
Expected return on plan assets	(5,382)		(5,773)
Amortization of unrecognized net actuarial loss	955		751
Total net periodic pension cost (benefit)1	$	(539)	(1,156)

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
	Quarter ended March 31,
	2024		2023
Weighted-Average Expense Assumptions:
Discount rate	5.02	%	5.21	%
Effective interest rate for calculation of interest cost	4.91		5.09
Expected return on plan assets	6.40		6.90

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Comprehensive Income

3 Months Ended

Mar. 31, 2024

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 First Quarter 2024 and First Quarter 2023 were as follows:

First Quarter 2024
($ in thousands)	Gross		Tax	Net
Net income	$	102,566	20,048	82,518
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(15,560)		(3,267)	(12,293)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(3,132)		(658)	(2,474)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	(78)		(17)	(61)
Credit loss (benefit) expense	2,650		557	2,093
Total unrealized gains (losses) on investment securities	(16,120)		(3,385)	(12,735)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	967		203	764
Total defined benefit pension and post-retirement plans	967		203	764
Other comprehensive income (loss)	(15,153)		(3,182)	(11,971)
Comprehensive income (loss)	$	87,413	16,866	70,547
First Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	114,759	22,185	92,574
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	65,925		13,846	52,079
Unrealized gains (losses) on securities with credit loss recognized in earnings	22,431		4,710	17,721
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	6,104		1,282	4,822
Credit loss (benefit) expense	(9,529)		(2,002)	(7,527)
Total unrealized gains (losses) on investment securities	84,931		17,836	67,095
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	85,688		17,995	67,693
Comprehensive income (loss)	$	200,447	40,180	160,267

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of March 31, 2024, were as follows:

March 31, 2024	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, 2023	$	(84,442)	(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	(2,474)		(12,293)	(14,767)	—	(14,767)
Amounts reclassified from AOCI	2,093		(61)	2,032	764	2,796
Net current period OCI	(381)		(12,354)	(12,735)	764	(11,971)
Balance, March 31, 2024	$	(84,823)	(206,982)	(291,805)	(93,167)	(384,972)

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

The reclassifications out of AOCI were as follows:

	Quarter ended March 31,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2024		2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	(78)	6,104	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	17		(1,282)	Total federal income tax expense
Net of taxes	(61)		4,822	Net income
Credit loss related
Credit loss (benefit) expense	2,650		(9,529)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(557)		2,002	Total federal income tax expense
Net of taxes	2,093		(7,527)	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	222		175	Loss and loss expense incurred
Net actuarial loss	745		582	Other insurance expenses
Total	967		757	Income before federal income tax
Tax (benefit) expense	(203)		(159)	Total federal income tax expense
Net of taxes	764		598	Net income
Total reclassifications for the period	$	2,796	(2,107)	Net income

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Earnings per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Common 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 March 31,
(in thousands, except per share amounts)	2024		2023
Net income available to common stockholders:	$	80,218	90,274
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,827		60,536
Effect of dilutive securities - stock compensation plans	386		372
Weighted average common shares outstanding - diluted	61,213		60,908
EPS:
Basic	$	1.32	1.49
Diluted	1.31		1.48

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Litigation

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Litigation

Litigation

As of March 31, 2024, 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 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
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 82,518	$ 92,574

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information was as follows:

	Quarter ended March 31,
($ in thousands)	2024		2023
Cash paid (received) during the period for:
Interest	$	8,544	8,528
Federal income tax	—		—
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,777		2,235
Operating cash flows from financing leases	22		11
Financing cash flows from finance leases	731		615
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale ("AFS")1	2,298		4,629
Assets acquired under finance lease arrangements	3		—
Assets acquired under operating lease arrangements	674		4,237
Non-cash purchase of property and equipment	8		23

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

Schedule of Cash and Cash Equivalents

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)	March 31, 2024		December 31, 2023
Cash	$	124	180
Restricted cash	11,720		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	11,844	13,272

Schedule of Restrictions on Cash and Cash Equivalents

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)	March 31, 2024		December 31, 2023
Cash	$	124	180
Restricted cash	11,720		13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$	11,844	13,272

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Schedule of Available-for-Sale Securities

Information regarding our AFS securities as of March 31, 2024 and December 31, 2023, were as follows:

March 31, 2024	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	$	161,335	—	70	(19,579)	141,826
Foreign government	10,703		(29)	—	(1,445)	9,229
Obligations of states and political subdivisions	570,438		(695)	1,101	(31,858)	538,986
Corporate securities	2,930,310		(15,442)	20,367	(140,185)	2,795,050
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,958,551		(2,627)	15,158	(73,997)	1,897,085
Residential mortgage-backed securities ("RMBS")	1,623,948		(11,580)	3,828	(104,237)	1,511,959
Commercial mortgage-backed securities ("CMBS")	727,986		(8)	1,103	(39,712)	689,369
Total AFS fixed income securities	$	7,983,271	(30,381)	41,627	(411,013)	7,583,504

December 31, 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	$	223,157	—	139	(18,261)	205,035
Foreign government	11,140		(35)	—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)	2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)	28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)	11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)	6,023	(85,851)	1,477,483
CMBS	718,623		(6)	1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	(28,212)	50,076	(403,364)	7,499,197

Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss

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 March 31, 2024	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	$	35	—	—	—	(6)	—	29
Obligations of states and political subdivisions	669		9	—	25	(8)	—	695
Corporate securities	12,999		1,015	—	1,792	(355)	(9)	15,442
CLO and other ABS	2,854		90	—	(314)	(3)	—	2,627
RMBS	11,649		—	—	31	(100)	—	11,580
CMBS	6		2	—	—	—	—	8
Total AFS fixed income securities	$	28,212	1,116	—	1,534	(472)	(9)	30,381

Quarter ended March 31, 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	—	—	(248)	—	—	36
Obligations of states and political subdivisions	1,024		50	—	(254)	(83)	—	737
Corporate securities	30,330		2,854	—	(13,964)	(2,453)	(11)	16,756
CLO and other ABS	2,375		787	—	736	(3)	—	3,895
RMBS	11,597		12	—	219	(88)	—	11,740
CMBS	111		27	—	252	—	—	390
Total AFS fixed income securities	$	45,721	3,730	—	(13,259)	(2,627)	(11)	33,554

Schedule of Quantitative Information about Unrealized Losses on AFS

Quantitative information about unrealized losses on our AFS portfolio follows:

March 31, 2024	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	$	8,149	(49)	107,151	(19,530)	115,300	(19,579)
Foreign government	—		—	9,229	(1,445)	9,229	(1,445)
Obligations of states and political subdivisions	161,084		(1,289)	303,259	(30,569)	464,343	(31,858)
Corporate securities	316,330		(4,043)	1,446,157	(136,142)	1,762,487	(140,185)
CLO and other ABS	385,471		(7,527)	824,843	(66,470)	1,210,314	(73,997)
RMBS	511,009		(8,770)	761,356	(95,467)	1,272,365	(104,237)
CMBS	133,266		(2,033)	494,395	(37,679)	627,661	(39,712)
Total AFS fixed income securities	$	1,515,309	(23,711)	3,946,390	(387,302)	5,461,699	(411,013)

December 31, 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	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

Schedule of Fixed Maturity Securities by Contractual Maturities

AFS and held-to-maturity ("HTM") fixed income securities at March 31, 2024, 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	$	582,163	—	—
Due after one year through five years	3,435,983		15,716	14,898
Due after five years through 10 years	2,833,659		4,579	4,285
Due after 10 years	731,699		—	—
Total fixed income securities	$	7,583,504	20,295	19,183

Schedule of Alternative Investment Portfolio by Strategyand Remaining Commitment Amount and Maximum Exposure to Loss Associated with Each Strategy

The following table summarizes our alternative investment portfolio by strategy:

	March 31, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	306,444	137,986	444,430	301,759	131,885	433,644
Private credit	53,392		90,569	143,961	54,500	89,401	143,901
Real assets	42,853		31,100	73,953	39,520	33,040	72,560
Total alternative investments	$	402,689	259,655	662,344	395,779	254,326	650,105

Schedule of Aggregated Summarized Income Statement Financial Information for Partnerships in Alternative Investment Portfolio

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-month period ended December 31:

Income Statement Information	Quarter ended March 31,
($ in millions)	2024		2023
Net investment income (loss)	$	(346.0)	(70.7)
Realized gains	1,830.8		1,722.3
Net change in unrealized appreciation (depreciation)	3,819.0		1,443.7
Net income	$	5,303.8	3,095.3
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	6.9	7.8

Schedule of Securities Pledged as Collateral

The following table summarizes the market value of these securities at March 31, 2024:

($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	20.0	20.0
Obligations of states and political subdivisions	—		—	4.2	4.2
RMBS	66.2		24.1	—	90.3
CMBS	2.3		8.5	—	10.8
Total pledged as collateral	$	68.5	32.6	24.2	125.3

Schedule of Pre-Tax Net Investment Income Earned

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Fixed income securities	$	94,102	80,087
Commercial mortgage loans ("CMLs")	2,794		1,965
Equity securities	4,908		1,205
Short-term investments	3,519		4,650
Alternative investments	6,881		7,768
Other investments	263		43
Investment expenses	(4,618)		(4,212)
Net investment income earned	$	107,849	91,506

Schedule of Realized and Unrealized Gains (Losses) on Securities

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Gross gains on sales	$	2,135	3,784
Gross losses on sales	(1,965)		(12,930)
Net realized gains (losses) on disposals	170		(9,146)
Net unrealized gains (losses) on equity securities	692		3,248
Net credit loss benefit (expense) on fixed income securities, AFS	(2,650)		9,529
Net credit loss benefit (expense) on CMLs	168		17
Losses on securities for which we have the intent to sell	(15)		(304)
Net realized and unrealized investment gains (losses)	$	(1,635)	3,344

Schedule of Unrealized Gain (Loss) on Equity Securities

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	692	(142)
On securities sold in period	—		3,390
Total unrealized gains (losses) recognized in income on equity securities	$	692	3,248

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities

The following table presents the carrying amounts and fair values of our financial liabilities as of March 31, 2024, and December 31, 2023:

	March 31, 2024			December 31, 2023
($ in thousands)	Carrying Amount		Fair Value	Carrying Amount	Fair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	49,927	51,137	49,926	53,047
6.70% Senior Notes	99,571		101,666	99,565	104,039
5.375% Senior Notes	294,548		286,927	294,523	288,787
3.03% borrowings from FHLBI	60,000		57,568	60,000	57,932
Subtotal long-term debt	504,046		497,298	504,014	503,805
Unamortized debt issuance costs	(2,650)			(2,704)
Finance lease obligations	1,909			2,636
Total long-term debt	$	503,305		503,946

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at March 31, 2024, and December 31, 2023:

March 31, 2024			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	$	141,826	33,530	108,296	—
Foreign government	9,229		—	9,229	—
Obligations of states and political subdivisions	538,986		—	531,239	7,747
Corporate securities	2,795,050		—	2,507,554	287,496
CLO and other ABS	1,897,085		—	1,636,988	260,097
RMBS	1,511,959		—	1,511,959	—
CMBS	689,369		—	689,014	355
Total AFS fixed income securities	7,583,504		33,530	6,994,279	555,695
Equity securities:
Common stock1	192,510		36,333	—	1,067
Preferred stock	1,810		1,810	—	—
Total equity securities	194,320		38,143	—	1,067
Short-term investments	247,883		246,904	979	—
Total assets measured at fair value	$	8,025,707	318,577	6,995,258	556,762

December 31, 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	$	205,035	34,056	170,979	—
Foreign government	9,803		—	9,803	—
Obligations of states and political subdivisions	585,965		—	578,131	7,834
Corporate securities	2,711,239		—	2,413,907	297,332
CLO and other ABS	1,834,827		—	1,589,514	245,313
RMBS	1,477,483		—	1,477,483	—
CMBS	674,845		—	674,489	356
Total AFS fixed income securities	7,499,197		34,056	6,914,306	550,835
Equity securities:
Common stock1	185,339		20,582	—	854
Preferred stock	1,816		1,816	—	—
Total equity securities	187,155		22,398	—	854
Short-term investments	309,317		308,512	805	—
Total assets measured at fair value	$	7,995,669	364,966	6,915,111	551,689

1Investments amounting to $155.1 million at March 31, 2024, and $163.9 million at December 31, 2023, 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

The following tables provide a summary of Level 3 changes in First Quarter 2024 and First Quarter 2023:

March 31, 2024
($ in thousands)	Obligations of States and Political Subdivisions		Corporate Securities	CLO and Other ABS	CMBS	Common Stock	Total
Fair value, December 31, 2023	$	7,834	297,332	245,313	356	854	551,689
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")	(86)		(376)	399	3	—	(60)
Net realized and unrealized gains (losses)	(1)		140	57	—	213	409
Net investment income earned	—		280	(1)	(1)	—	278
Purchases	—		1,152	14,658	—	—	15,810
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(2,870)	(1,173)	(3)	—	(4,046)
Transfers into Level 3	—		20,065	19,537	—	—	39,602
Transfers out of Level 3	—		(28,227)	(18,693)	—	—	(46,920)
Fair value, March 31, 2024	$	7,747	287,496	260,097	355	1,067	556,762
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(1)		140	57	—	213	409
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(86)		(376)	399	3	—	(60)

March 31, 2023
($ in thousands)	Obligation of state 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:
OCI	152		2,405	696	17	—	3,270
Net realized and unrealized gains (losses)	61		72	(73)	—	(269)	(209)
Net investment income earned	—		12	(32)	(1)	—	(21)
Purchases	—		24,799	13,403	—	—	38,202
Sales	—		—	—	—	—	—
Issuances	—		—	—	—	—	—
Settlements	—		(4,044)	(1,192)	(3)	—	(5,239)
Transfers into Level 3	—		361	14,148	2,848	—	17,357
Transfers out of Level 3	—		—	(534)	—	—	(534)
Fair value, March 31, 2023	$	6,874	211,585	179,758	3,236	628	402,081
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	61		72	(73)	—	(269)	(209)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	152		2,405	696	17	—	3,270

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at March 31, 2024, and December 31, 2023:

March 31, 2024
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	155,633	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.8%
CLO and other ABS	155,287		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	310,920
Other1	245,842
Total Level 3 securities	$	556,762

December 31, 2023
($ in thousands)	Assets Measured at Fair Value		Valuation Techniques	Unobservable Inputs	Range	Weighted Average
Internal valuations:
Corporate securities	$	135,524	Discounted Cash Flow	Illiquidity Spread	(4.4)% - 5.3%	1.9%
CLO and other ABS	127,210		Discounted Cash Flow	Illiquidity Spread	0.01% - 19.6%	2.4%
Total internal valuations	262,734
Other1	288,955
Total Level 3 securities	$	551,689

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 Financial Assets and Liabilities, Disclosed at Fair Value

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 March 31, 2024, and December 31, 2023:

March 31, 2024			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	$	19,183	—	19,183	—
Total HTM fixed income securities	19,183		—	19,183	—
CMLs	$	197,807	—	—	197,807
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	51,137	—	51,137	—
6.70% Senior Notes	101,666		—	101,666	—
5.375% Senior Notes	286,927		—	286,927	—
3.03% borrowings from FHLBI	57,568		—	57,568	—
Total long-term debt	$	497,298	—	497,298	—

December 31, 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	21,923		—	21,923	—
Total HTM fixed income securities	$	21,923	—	21,923	—
CMLs	$	178,913	—	—	178,913
Financial Liabilities
Long-term debt:
7.25% Senior Notes	$	53,047	—	53,047	—
6.70% Senior Notes	104,039		—	104,039	—
5.375% Senior Notes	288,787		—	288,787	—
3.03% borrowings from FHLBI	57,932		—	57,932	—
Total long-term debt	$	503,805	—	503,805	—

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Allowance for Credit Losses on Premiums Receivable (Tables)

3 Months Ended

Mar. 31, 2024

Premiums Receivable Disclosure [Abstract]

Schedule of 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 March 31,
($ in thousands)	2024		2023
Balance at beginning of period	$	18,900	16,100
Current period change for expected credit losses	1,784		1,910
Write-offs charged against the allowance for credit losses	(1,056)		(1,164)
Recoveries	372		254
Allowance for credit losses, end of period	$	20,000	17,100

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Reinsurance (Tables)

3 Months Ended

Mar. 31, 2024

Reinsurance Disclosures [Abstract]

Schedule of Reinsurance Recoverable, Credit Quality Indicator

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 March 31, 2024, and December 31, 2023:

	March 31, 2024
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	83,372	53	83,425
A+	366,428		1,172	367,600
A	115,086		582	115,668
A-	3,865		89	3,954
Total rated reinsurers	568,751		1,896	570,647
Non-rated reinsurers
Federal and state pools	77,799		—	77,799
Other than federal and state pools	4,135		504	4,639
Total non-rated reinsurers	81,934		504	82,438
Total reinsurance recoverable, gross	$	650,685	2,400	653,085
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				651,385

	December 31, 2023
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	82,466	21	82,487
A+	371,132		2,887	374,019
A	111,883		1,380	113,263
A-	3,596		89	3,685
Total rated reinsurers	569,077		4,377	573,454
Non-rated reinsurers
Federal and state pools	80,506		—	80,506
Other than federal and state pools	4,488		77	4,565
Total non-rated reinsurers	84,994		77	85,071
Total reinsurance recoverable, gross	$	654,071	4,454	658,525
Less: allowance for credit losses				(1,700)
Total reinsurance recoverable, net				656,825

Schedule of Reinsurance Recoverable, Allowance for Credit Loss

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

	Quarter ended March 31,
($ in thousands)	2024		2023
Balance at beginning of period	$	1,700	1,600
Current period change for expected credit losses	—		700
Write-offs charged against the allowance for credit losses	—		—
Recoveries	—		—
Allowance for credit losses, end of period	$	1,700	2,300

Schedule of List of Direct, Assumed, and Ceded Reinsurance Amounts

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 2023 Annual Report.

	Quarter ended March 31,
($ in thousands)	2024		2023
Premiums written:
Direct	$	1,315,911	1,132,760
Assumed	5,985		5,394
Ceded	(165,275)		(138,386)
Net	1,156,621		999,768
Premiums earned:
Direct	1,205,368		1,032,228
Assumed	6,191		6,290
Ceded	(160,615)		(136,182)
Net	1,050,944		902,336
Loss and loss expense incurred:
Direct	753,567		613,229
Assumed	5,981		5,255
Ceded	(55,256)		(51,046)
Net	$	704,292	567,438

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Reserve for Loss and Loss Expense (Tables)

3 Months Ended

Mar. 31, 2024

Insurance Loss Reserves [Abstract]

Schedule of Roll Forward of 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:

	Quarter ended March 31,
($ in thousands)	2024		2023
Gross reserve for loss and loss expense, at beginning of period	$	5,336,911	5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601		757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310		4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	688,519		580,408
Prior years	15,773		(12,970)
Total incurred loss and loss expense	704,292		567,438
Paid loss and loss expense for claims occurring in the:
Current year	107,719		91,011
Prior years	435,489		418,194
Total paid loss and loss expense	543,208		509,205
Net reserve for loss and loss expense, at end of period	4,879,394		4,445,541
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	622,356		653,909
Gross reserve for loss and loss expense, at end of period	$	5,501,750	5,099,450

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Segment Information - (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue By Segment

Revenue by Segment	Quarter ended March 31,
($ in thousands)	2024		2023
Standard Commercial Lines:
Net premiums earned:
General liability	$	273,415	243,349
Commercial automobile	251,720		217,371
Commercial property	161,553		135,292
Workers compensation	87,777		84,184
Businessowners' policies	39,921		33,171
Bonds	12,088		11,397
Other	7,636		6,851
Miscellaneous income	7,134		2,181
Total Standard Commercial Lines revenue	841,244		733,796
Standard Personal Lines:
Net premiums earned:
Personal automobile	56,960		44,914
Homeowners	44,113		35,013
Other	2,773		1,943
Miscellaneous income	640		453
Total Standard Personal Lines revenue	104,486		82,323
E&S Lines:
Net premiums earned:
Casualty lines	71,638		60,817
Property lines	41,350		28,034
Miscellaneous income	27		—
Total E&S Lines revenue	113,015		88,851
Investments:
Net investment income earned	107,849		91,506
Net realized and unrealized investment gains (losses)	(1,635)		3,344
Total Investments revenue	106,214		94,850
Total revenues	$	1,164,959	999,820

Schedule of Income Before and After Federal Income Tax

Income Before and After Federal Income Tax	Quarter ended March 31,
($ in thousands)	2024			2023
Standard Commercial Lines:
Underwriting income (loss), before federal income tax	$	10,381		38,921
Underwriting income (loss), after federal income tax	8,201			30,748
Combined ratio	98.8		%	94.7
ROE contribution	1.2			5.1
Standard Personal Lines:
Underwriting income (loss), before federal income tax	$	(5,335)		(13,073)
Underwriting income (loss), after federal income tax	(4,215)			(10,328)
Combined ratio	105.1		%	116.0
ROE contribution	(0.6)			(1.7)
E&S Lines:
Underwriting income (loss), before federal income tax	$	13,985		13,335
Underwriting income (loss), after federal income tax	11,048			10,535
Combined ratio	87.6		%	85.0
ROE contribution	1.6			1.8
Investments:
Net investment income earned	$	107,849		91,506
Net realized and unrealized investment gains (losses)	(1,635)			3,344
Total investments segment income, before federal income tax	106,214			94,850
Tax on investments segment income	21,866			19,156
Total investments segment income, after federal income tax	$	84,348		75,694
ROE contribution of after-tax net investment income earned	12.3			12.2

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

Reconciliation of Segment Results to Income Before Federal Income Tax	Quarter ended March 31,
($ in thousands)	2024		2023
Underwriting income (loss)
Standard Commercial Lines	$	10,381	38,921
Standard Personal Lines	(5,335)		(13,073)
E&S Lines	13,985		13,335
Investment income	106,214		94,850
Total all segments	125,245		134,033
Interest expense	(7,181)		(7,166)
Corporate expenses	(15,498)		(12,108)
Income, before federal income tax	$	102,566	114,759
Preferred stock dividends	(2,300)		(2,300)
Income available to common stockholders, before federal income tax	$	100,266	112,459

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Retirement Plans (Table)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The following tables provide information about the Pension Plan:

	Pension Plan
	Quarter ended March 31,
($ in thousands)	2024		2023
Net Periodic Pension Cost (Benefit):
Interest cost	$	3,888	3,866
Expected return on plan assets	(5,382)		(5,773)
Amortization of unrecognized net actuarial loss	955		751
Total net periodic pension cost (benefit)1	$	(539)	(1,156)

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
	Quarter ended March 31,
	2024		2023
Weighted-Average Expense Assumptions:
Discount rate	5.02	%	5.21	%
Effective interest rate for calculation of interest cost	4.91		5.09
Expected return on plan assets	6.40		6.90

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Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2024

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

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

The components of comprehensive income, both gross and net of tax, for First Quarter 2024 and First Quarter 2023 were as follows:

First Quarter 2024
($ in thousands)	Gross		Tax	Net
Net income	$	102,566	20,048	82,518
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	(15,560)		(3,267)	(12,293)
Unrealized gains (losses) on securities with credit loss recognized in earnings	(3,132)		(658)	(2,474)
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	(78)		(17)	(61)
Credit loss (benefit) expense	2,650		557	2,093
Total unrealized gains (losses) on investment securities	(16,120)		(3,385)	(12,735)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	967		203	764
Total defined benefit pension and post-retirement plans	967		203	764
Other comprehensive income (loss)	(15,153)		(3,182)	(11,971)
Comprehensive income (loss)	$	87,413	16,866	70,547
First Quarter 2023
($ in thousands)	Gross		Tax	Net
Net income	$	114,759	22,185	92,574
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period	65,925		13,846	52,079
Unrealized gains (losses) on securities with credit loss recognized in earnings	22,431		4,710	17,721
Amounts reclassified into net income:
Net realized (gains) losses on disposals and intent-to-sell AFS securities	6,104		1,282	4,822
Credit loss (benefit) expense	(9,529)		(2,002)	(7,527)
Total unrealized gains (losses) on investment securities	84,931		17,836	67,095
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income:
Net actuarial (gain) loss	757		159	598
Total defined benefit pension and post-retirement plans	757		159	598
Other comprehensive income (loss)	85,688		17,995	67,693
Comprehensive income (loss)	$	200,447	40,180	160,267

Schedule of Components of Accumulated Other Comprehensive Income Net of Tax

The balances of, and changes in, each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes) as of March 31, 2024, were as follows:

March 31, 2024	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, 2023	$	(84,442)	(194,628)	(279,070)	(93,931)	(373,001)
OCI before reclassifications	(2,474)		(12,293)	(14,767)	—	(14,767)
Amounts reclassified from AOCI	2,093		(61)	2,032	764	2,796
Net current period OCI	(381)		(12,354)	(12,735)	764	(11,971)
Balance, March 31, 2024	$	(84,823)	(206,982)	(291,805)	(93,167)	(384,972)

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

Schedule of Reclassifications of Accumulated Other Comprehensive Income

The reclassifications out of AOCI were as follows:

	Quarter ended March 31,			Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)	2024		2023
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses	$	(78)	6,104	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	17		(1,282)	Total federal income tax expense
Net of taxes	(61)		4,822	Net income
Credit loss related
Credit loss (benefit) expense	2,650		(9,529)	Net realized and unrealized investment gains (losses)
Tax (benefit) expense	(557)		2,002	Total federal income tax expense
Net of taxes	2,093		(7,527)	Net income
Defined benefit pension and post-retirement life plans
Net actuarial loss	222		175	Loss and loss expense incurred
Net actuarial loss	745		582	Other insurance expenses
Total	967		757	Income before federal income tax
Tax (benefit) expense	(203)		(159)	Total federal income tax expense
Net of taxes	764		598	Net income
Total reclassifications for the period	$	2,796	(2,107)	Net income

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Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Share, Basic and Diluted

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

	Quarter ended March 31,
(in thousands, except per share amounts)	2024		2023
Net income available to common stockholders:	$	80,218	90,274
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic	60,827		60,536
Effect of dilutive securities - stock compensation plans	386		372
Weighted average common shares outstanding - diluted	61,213		60,908
EPS:
Basic	$	1.32	1.49
Diluted	1.31		1.48

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Statements of Cash Flows - Cash Flow Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Interest	$ 8,544	$ 8,528
Federal income tax	0	0
Operating cash flows from operating leases	1,777	2,235
Operating cash flows from financing leases	22	11
Financing cash flows from finance leases	731	615
Corporate actions related to fixed income securities, available-for-sale ("AFS")	2,298	4,629
Assets acquired under finance lease arrangements	3	0
Assets acquired under operating lease arrangements	674	4,237
Non-cash purchase of property and equipment	$ 8	$ 23

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Statements of Cash Flows - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Cash	$ 124	$ 180
Restricted cash	11,720	13,092
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	$ 11,844	$ 13,272	$ 35,665	$ 25,209

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Investments - Available-For-Sale Securities Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	$ 7,983,271	$ 7,880,697
Allowance for Credit Losses	(30,381)	(28,212)	$ (33,554)	$ (45,721)
Unrealized Gains	41,627	50,076
Unrealized Losses	(411,013)	(403,364)
Fair Value	7,583,504	7,499,197
U.S. government and government agencies
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	161,335	223,157
Allowance for Credit Losses	0	0
Unrealized Gains	70	139
Unrealized Losses	(19,579)	(18,261)
Fair Value	141,826	205,035
Foreign government
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	10,703	11,140
Allowance for Credit Losses	(29)	(35)	(36)	(284)
Unrealized Gains	0	0
Unrealized Losses	(1,445)	(1,302)
Fair Value	9,229	9,803
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	570,438	612,938
Allowance for Credit Losses	(695)	(669)	(737)	(1,024)
Unrealized Gains	1,101	2,623
Unrealized Losses	(31,858)	(28,927)
Fair Value	538,986	585,965
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	2,930,310	2,834,048
Allowance for Credit Losses	(15,442)	(12,999)	(16,756)	(30,330)
Unrealized Gains	20,367	28,078
Unrealized Losses	(140,185)	(137,888)
Fair Value	2,795,050	2,711,239
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,958,551	1,911,831
Allowance for Credit Losses	(2,627)	(2,854)	(3,895)	(2,375)
Unrealized Gains	15,158	11,855
Unrealized Losses	(73,997)	(86,005)
Fair Value	1,897,085	1,834,827
Residential mortgage-backed securities ("RMBS")
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	1,623,948	1,568,960
Allowance for Credit Losses	(11,580)	(11,649)	(11,740)	(11,597)
Unrealized Gains	3,828	6,023
Unrealized Losses	(104,237)	(85,851)
Fair Value	1,511,959	1,477,483
Commercial mortgage-backed securities ("CMBS")
Debt Securities, Available-for-sale [Line Items]
Cost/ Amortized Cost	727,986	718,623
Allowance for Credit Losses	(8)	(6)	$ (390)	$ (111)
Unrealized Gains	1,103	1,358
Unrealized Losses	(39,712)	(45,130)
Fair Value	$ 689,369	$ 674,845

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Investments - Available-for-Sale Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, period beginning balance	$ 28,212	$ 45,721
Current Provision for Securities without Prior Allowance	1,116	3,730
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	1,534	(13,259)
Reductions for Securities Sold	(472)	(2,627)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	(9)	(11)
Allowance for credit losses, period ending balance	30,381	33,554
Foreign government
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, period beginning balance	35	284
Current Provision for Securities without Prior Allowance	0	0
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	0	(248)
Reductions for Securities Sold	(6)	0
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0
Allowance for credit losses, period ending balance	29	36
Obligations of states and political subdivisions
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, period beginning balance	669	1,024
Current Provision for Securities without Prior Allowance	9	50
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	25	(254)
Reductions for Securities Sold	(8)	(83)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0
Allowance for credit losses, period ending balance	695	737
Corporate securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, period beginning balance	12,999	30,330
Current Provision for Securities without Prior Allowance	1,015	2,854
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	1,792	(13,964)
Reductions for Securities Sold	(355)	(2,453)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	(9)	(11)
Allowance for credit losses, period ending balance	15,442	16,756
CLO and other ABS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, period beginning balance	2,854	2,375
Current Provision for Securities without Prior Allowance	90	787
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	(314)	736
Reductions for Securities Sold	(3)	(3)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0
Allowance for credit losses, period ending balance	2,627	3,895
RMBS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, period beginning balance	11,649	11,597
Current Provision for Securities without Prior Allowance	0	12
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	31	219
Reductions for Securities Sold	(100)	(88)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0
Allowance for credit losses, period ending balance	11,580	11,740
CMBS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, period beginning balance	6	111
Current Provision for Securities without Prior Allowance	2	27
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	0	0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	0	252
Reductions for Securities Sold	0	0
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	0	0
Allowance for credit losses, period ending balance	$ 8	$ 390

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Investments - Accrued Investment Income (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Interest on Investments [Line Items]
Accrued investment income	$ 68,034	$ 66,339
Available-for-Sale Securities
Accrued Interest on Investments [Line Items]
Accrued investment income	$ 66,300	$ 64,600

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Investments - Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities By Length of Time (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
U.S. government and government agencies
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	$ 8,149	$ 77,698
AFS Unrealized Losses, Less than 12 months	(49)	(188)
AFS Fair Value, 12 months or longer	107,151	108,578
AFS Unrealized Losses, 12 months or longer	(19,530)	(18,073)
AFS Fair Value	115,300	186,276
AFS Unrealized Losses	(19,579)	(18,261)
Foreign government
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	0	1,552
AFS Unrealized Losses, Less than 12 months	0	(87)
AFS Fair Value, 12 months or longer	9,229	8,251
AFS Unrealized Losses, 12 months or longer	(1,445)	(1,215)
AFS Fair Value	9,229	9,803
AFS Unrealized Losses	(1,445)	(1,302)
Obligations of states and political subdivisions
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	161,084	137,031
AFS Unrealized Losses, Less than 12 months	(1,289)	(962)
AFS Fair Value, 12 months or longer	303,259	290,964
AFS Unrealized Losses, 12 months or longer	(30,569)	(27,965)
AFS Fair Value	464,343	427,995
AFS Unrealized Losses	(31,858)	(28,927)
Corporate securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	316,330	263,423
AFS Unrealized Losses, Less than 12 months	(4,043)	(6,369)
AFS Fair Value, 12 months or longer	1,446,157	1,439,422
AFS Unrealized Losses, 12 months or longer	(136,142)	(131,519)
AFS Fair Value	1,762,487	1,702,845
AFS Unrealized Losses	(140,185)	(137,888)
CLO and other ABS
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	385,471	278,940
AFS Unrealized Losses, Less than 12 months	(7,527)	(7,120)
AFS Fair Value, 12 months or longer	824,843	984,175
AFS Unrealized Losses, 12 months or longer	(66,470)	(78,885)
AFS Fair Value	1,210,314	1,263,115
AFS Unrealized Losses	(73,997)	(86,005)
RMBS
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	511,009	351,976
AFS Unrealized Losses, Less than 12 months	(8,770)	(4,765)
AFS Fair Value, 12 months or longer	761,356	757,914
AFS Unrealized Losses, 12 months or longer	(95,467)	(81,086)
AFS Fair Value	1,272,365	1,109,890
AFS Unrealized Losses	(104,237)	(85,851)
CMBS
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	133,266	130,189
AFS Unrealized Losses, Less than 12 months	(2,033)	(2,995)
AFS Fair Value, 12 months or longer	494,395	471,256
AFS Unrealized Losses, 12 months or longer	(37,679)	(42,135)
AFS Fair Value	627,661	601,445
AFS Unrealized Losses	(39,712)	(45,130)
Available-for-Sale Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
AFS Fair Value, Less than 12 Months	1,515,309	1,240,809
AFS Unrealized Losses, Less than 12 months	(23,711)	(22,486)
AFS Fair Value, 12 months or longer	3,946,390	4,060,560
AFS Unrealized Losses, 12 months or longer	(387,302)	(380,878)
AFS Fair Value	5,461,699	5,301,369
AFS Unrealized Losses	$ (411,013)	$ (403,364)

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Investments - Fixed Income Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
AFS, Fair Value
Due in one year or less fair value, AFS	$ 582,163
Due after one year through five years fair value, AFS	3,435,983
Due after five years through 10 years fair value, AFS	2,833,659
Due after 10 years fair value, AFS	731,699
Total AFS fixed income securities, Fair Value	7,583,504	$ 7,499,197
HTM, Carrying Value
Due in one year or less carrying value, HTM	0
Due after one year through five years carrying value, HTM	15,716
Due after five years through 10 years carrying value, HTM	4,579
Due after 10 years carrying value, HTM	0
Fixed income securities, held-to-maturity, net of allowance for credit losses	20,295	22,700
HTM, Fair Value
Due in one year or less fair value, HTM	0
Due after one year through five years fair value, HTM	14,898
Due after five years through 10 years fair value, HTM	4,285
Due after 10 years fair value, HTM	0
Total HTM fixed income securities, Fair Value	$ 19,183	$ 21,923

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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	Mar. 31, 2024	Dec. 31, 2023
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	$ 402,689	$ 395,779
Private equity
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	306,444	301,759
Remaining Commitment	137,986	131,885
Maximum Exposure to Loss	444,430	433,644
Private credit
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	53,392	54,500
Remaining Commitment	90,569	89,401
Maximum Exposure to Loss	143,961	143,901
Real assets
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	42,853	39,520
Remaining Commitment	31,100	33,040
Maximum Exposure to Loss	73,953	72,560
Alternative investments
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]
Carrying Value	402,689	395,779
Remaining Commitment	259,655	254,326
Maximum Exposure to Loss	$ 662,344	$ 650,105

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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
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$ 107,849	$ 91,506
Investments Accounted For Under The Equity Method
Schedule of Equity Method Investments [Line Items]
Net investment income (loss)	(346,000)	(70,700)
Realized gains	1,830,800	1,722,300
Net change in unrealized appreciation (depreciation)	3,819,000	1,443,700
Net income	5,303,800	3,095,300
Alternative investments
Schedule of Equity Method Investments [Line Items]
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$ 6,881	$ 7,768

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Investments - Investments Pledged as Collateral (Details) $ in Millions	Mar. 31, 2024 USD ($)
U.S. government and government agencies
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	$ 20.0
Securities owned and pledged as collateral, fair value	20.0
Obligations of states and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	4.2
Securities owned and pledged as collateral, fair value	4.2
RMBS
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	90.3
CMBS
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	10.8
Total pledged as collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral on deposit with various state and regulatory agencies	24.2
Securities owned and pledged as collateral, fair value	125.3
Federal Home Loan Bank of Indianapolis | U.S. government and government agencies
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of Indianapolis | Obligations of states and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of Indianapolis | RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	66.2
Federal Home Loan Bank of Indianapolis | CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	2.3
Federal Home Loan Bank of Indianapolis | Total pledged as collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	68.5
Federal Home Loan Bank of New York | U.S. government and government agencies
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of New York | Obligations of states and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	0.0
Federal Home Loan Bank of New York | RMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	24.1
Federal Home Loan Bank of New York | CMBS
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	8.5
Federal Home Loan Bank of New York | Total pledged as collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral with FHLB	$ 32.6

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Investments - Credit Concentration Risk (Details)	Mar. 31, 2024	Dec. 31, 2023
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
	Mar. 31, 2024	Mar. 31, 2023
Net Investment Income [Line Items]
Net investment income earned	$ 107,849	$ 91,506
Fixed income securities
Net Investment Income [Line Items]
Net investment income earned	94,102	80,087
Commercial mortgage loans ("CMLs")
Net Investment Income [Line Items]
Net investment income earned	2,794	1,965
Equity securities
Net Investment Income [Line Items]
Net investment income earned	4,908	1,205
Short-term investments
Net Investment Income [Line Items]
Net investment income earned	3,519	4,650
Alternative investments
Net Investment Income [Line Items]
Net investment income earned	6,881	7,768
Other investments
Net Investment Income [Line Items]
Net investment income earned	263	43
Investment expenses
Net Investment Income [Line Items]
Investment expenses	$ (4,618)	$ (4,212)

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Investments - Net Realized and Unrealized Investment Gains and (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Gross gains on sales	$ 2,135	$ 3,784
Gross losses on sales	(1,965)	(12,930)
Net realized gains (losses) on disposals	170	(9,146)
Net unrealized gains (losses) on equity securities	692	3,248
Losses on securities for which we have the intent to sell	(15)	(304)
Net realized and unrealized investment gains (losses)	(1,635)	3,344
Available-for-Sale Securities
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense)	(2,650)	9,529
Commercial mortgage loans ("CMLs")
Gain (Loss) on Securities [Line Items]
Net credit loss benefit (expense)	$ 168	$ 17

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Investments - Realized and Unrealized Gains (Losses) on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments [Abstract]
Unrealized gains (losses) recognized in income on equity securities remaining in our portfolio at end of period	$ 692	$ (142)
Unrealized gains (losses) recognized in income on equity securities sold in period	0	3,390
Total unrealized gains (losses) recognized in income on equity securities	$ 692	$ 3,248

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Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 503,305	$ 503,946
Long-term debt, fair value	497,298	503,805
Finance lease obligations	$ 1,909	2,636
7.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	7.25%
Long-term debt, fair value	$ 51,137	53,047
7.25% Senior Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 49,927	49,926
6.70% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	6.70%
Long-term debt, fair value	$ 101,666	104,039
6.70% Senior Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 99,571	99,565
5.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.375%
Long-term debt, fair value	$ 286,927	288,787
5.375% Senior Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 294,548	294,523
3.03% borrowings from FHLBI
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	3.03%
Long-term debt, fair value	$ 57,568	57,932
3.03% borrowings from FHLBI | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	60,000	60,000
Long Term Debt Excluding Issuance Costs and Finance Lease Obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	497,298	503,805
Long Term Debt Excluding Issuance Costs and Finance Lease Obligations | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	504,046	504,014
Unamortized Debt Issuance Costs | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ (2,650)	$ (2,704)

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Fair Value Measurements - Quantitative Disclosures of Fair Value Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
AFS fixed income securities	$ 7,583,504	$ 7,499,197
Equity securities	194,320	187,155
Short-term investments	247,883	309,317
Fair Value, Recurring
AFS fixed income securities	7,583,504	7,499,197
Equity securities	194,320	187,155
Short-term investments	247,883	309,317
Total assets measured at fair value	8,025,707	7,995,669
U.S. government and government agencies
AFS fixed income securities	141,826	205,035
U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	141,826	205,035
Foreign government
AFS fixed income securities	9,229	9,803
Foreign government | Fair Value, Recurring
AFS fixed income securities	9,229	9,803
Obligations of states and political subdivisions
AFS fixed income securities	538,986	585,965
Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	538,986	585,965
Corporate securities
AFS fixed income securities	2,795,050	2,711,239
Corporate securities | Fair Value, Recurring
AFS fixed income securities	2,795,050	2,711,239
CLO and other ABS
AFS fixed income securities	1,897,085	1,834,827
CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	1,897,085	1,834,827
RMBS
AFS fixed income securities	1,511,959	1,477,483
RMBS | Fair Value, Recurring
AFS fixed income securities	1,511,959	1,477,483
CMBS
AFS fixed income securities	689,369	674,845
CMBS | Fair Value, Recurring
AFS fixed income securities	689,369	674,845
Common stock: | Fair Value, Recurring
Equity securities	192,510	185,339
Preferred stock | Fair Value, Recurring
Equity securities	1,810	1,816
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Fair Value, Recurring
AFS fixed income securities	33,530	34,056
Equity securities	38,143	22,398
Short-term investments	246,904	308,512
Total assets measured at fair value	318,577	364,966
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	33,530	34,056
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Foreign government | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Corporate securities | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | RMBS | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | CMBS | Fair Value, Recurring
AFS fixed income securities	0	0
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Common stock: | Fair Value, Recurring
Equity securities	36,333	20,582
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | Preferred stock | Fair Value, Recurring
Equity securities	1,810	1,816
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
AFS fixed income securities	6,994,279	6,914,306
Equity securities	0	0
Short-term investments	979	805
Total assets measured at fair value	6,995,258	6,915,111
Significant Other Observable Inputs (Level 2) | U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	108,296	170,979
Significant Other Observable Inputs (Level 2) | Foreign government | Fair Value, Recurring
AFS fixed income securities	9,229	9,803
Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	531,239	578,131
Significant Other Observable Inputs (Level 2) | Corporate securities | Fair Value, Recurring
AFS fixed income securities	2,507,554	2,413,907
Significant Other Observable Inputs (Level 2) | CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	1,636,988	1,589,514
Significant Other Observable Inputs (Level 2) | RMBS | Fair Value, Recurring
AFS fixed income securities	1,511,959	1,477,483
Significant Other Observable Inputs (Level 2) | CMBS | Fair Value, Recurring
AFS fixed income securities	689,014	674,489
Significant Other Observable Inputs (Level 2) | Common stock: | Fair Value, Recurring
Equity securities	0	0
Significant Other Observable Inputs (Level 2) | Preferred stock | Fair Value, Recurring
Equity securities	0	0
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
AFS fixed income securities	555,695	550,835
Equity securities	1,067	854
Short-term investments	0	0
Total assets measured at fair value	556,762	551,689
Significant Unobservable Inputs (Level 3) | U.S. government and government agencies | Fair Value, Recurring
AFS fixed income securities	0	0
Significant Unobservable Inputs (Level 3) | Foreign government | Fair Value, Recurring
AFS fixed income securities	0	0
Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | Fair Value, Recurring
AFS fixed income securities	7,747	7,834
Significant Unobservable Inputs (Level 3) | Corporate securities | Fair Value, Recurring
AFS fixed income securities	287,496	297,332
Significant Unobservable Inputs (Level 3) | CLO and other ABS | Fair Value, Recurring
AFS fixed income securities	260,097	245,313
Significant Unobservable Inputs (Level 3) | RMBS | Fair Value, Recurring
AFS fixed income securities	0	0
Significant Unobservable Inputs (Level 3) | CMBS | Fair Value, Recurring
AFS fixed income securities	355	356
Significant Unobservable Inputs (Level 3) | Common stock: | Fair Value, Recurring
Equity securities	1,067	854
Significant Unobservable Inputs (Level 3) | Preferred stock | Fair Value, Recurring
Equity securities	0	0
Fair Value Measured at Net Asset Value Per Share
Equity securities	$ 155,100	$ 163,900

XML

Fair Value Measurements - Changes in Fair Value of Securities Using Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 551,689
Fair value, ending balance	556,762
Obligations of states and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	7,834	$ 6,661
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, ending balance	7,747	6,874
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	(1)	61
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(86)	152
Obligations of states and political subdivisions | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	(86)	152
Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	297,332	187,980
Purchases	1,152	24,799
Sales	0	0
Issuances	0	0
Settlements	(2,870)	(4,044)
Transfers into Level 3	20,065	361
Transfers out of Level 3	(28,227)	0
Fair value, ending balance	287,496	211,585
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	140	72
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(376)	2,405
Corporate securities | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	(376)	2,405
CLO and other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	245,313	153,342
Purchases	14,658	13,403
Sales	0	0
Issuances	0	0
Settlements	(1,173)	(1,192)
Transfers into Level 3	19,537	14,148
Transfers out of Level 3	(18,693)	(534)
Fair value, ending balance	260,097	179,758
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	57	(73)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	399	696
CLO and other ABS | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	399	696
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	356	375
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(3)	(3)
Transfers into Level 3	0	2,848
Transfers out of Level 3	0	0
Fair value, ending balance	355	3,236
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	0	0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	3	17
CMBS | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	3	17
Common stock:
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	854	897
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, ending balance	1,067	628
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	213	(269)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	0	0
Common stock: | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	0	0
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	551,689	349,255
Purchases	15,810	38,202
Sales	0	0
Issuances	0	0
Settlements	(4,046)	(5,239)
Transfers into Level 3	39,602	17,357
Transfers out of Level 3	(46,920)	(534)
Fair value, ending balance	556,762	402,081
Change in unrealized gains (losses) for the period included in earnings for assets held at period end	409	(209)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end	(60)	3,270
Investments | Other Comprehensive Income (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in OCI	(60)	3,270
Gain (Loss) on Investments | Obligations of states and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	(1)	61
Gain (Loss) on Investments | Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	140	72
Gain (Loss) on Investments | CLO and other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	57	(73)
Gain (Loss) on Investments | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0	0
Gain (Loss) on Investments | Common stock:
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	213	(269)
Gain (Loss) on Investments | Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	409	(209)
Net Investment Income Earned | Obligations of states and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0	0
Net Investment Income Earned | Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	280	12
Net Investment Income Earned | CLO and other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	(1)	(32)
Net Investment Income Earned | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	(1)	(1)
Net Investment Income Earned | Common stock:
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	0	0
Net Investment Income Earned | Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total net gains (losses) for the period included in net income	$ 278	$ (21)

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Fair Value Measurements - Quantitative Information about Significant Unobservable Inputs in the Fair Value Measurement of Level 3 Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investment assets measured at fair value	$ 245,842	$ 288,955
Total Level 3 securities	556,762	551,689
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 securities	287,496	297,332	$ 211,585	$ 187,980
CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Level 3 securities	260,097	245,313	$ 179,758	$ 153,342
Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	310,920	262,734
Valuation Technique, Discounted Cash Flow | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	155,633	135,524
Valuation Technique, Discounted Cash Flow | CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 155,287	$ 127,210
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum | Corporate securities
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 | CLO and other ABS
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
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 | CLO and other ABS
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	0.018	0.019
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Weighted Average | CLO and other ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, measurement input	0.024	0.024

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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	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	$ 19,183	$ 21,923
Commercial mortgage loans, fair value	197,807	178,913
Long-term debt, fair value	497,298	503,805
Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	19,183	21,923
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
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) | Corporate securities
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)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	19,183	21,923
Commercial mortgage loans, fair value	0	0
Long-term debt, fair value	497,298	503,805
Significant Other Observable Inputs (Level 2) | Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	19,183	21,923
Significant Unobservable Inputs (Level 3)
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	197,807	178,913
Long-term debt, fair value	0	0
Significant Unobservable Inputs (Level 3) | Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed income securities, held-to-maturity - fair value	0	0
7.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	51,137	53,047
7.25% Senior Notes | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
7.25% Senior Notes | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	51,137	53,047
7.25% Senior Notes | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
6.70% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	101,666	104,039
6.70% Senior Notes | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
6.70% Senior Notes | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	101,666	104,039
6.70% Senior Notes | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
5.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	286,927	288,787
5.375% Senior Notes | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
5.375% Senior Notes | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	286,927	288,787
5.375% Senior Notes | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
3.03% borrowings from FHLBI
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	57,568	57,932
3.03% borrowings from FHLBI | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	0	0
3.03% borrowings from FHLBI | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	57,568	57,932
3.03% borrowings from FHLBI | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 0	$ 0

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Allowance for Credit Losses on Premiums Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 18,900	$ 16,100
Current period change for expected credit losses	1,784	1,910
Write-offs charged against the allowance for credit losses	(1,056)	(1,164)
Recoveries	372	254
Allowance for credit losses, end of period	$ 20,000	$ 17,100

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Reinsurance - Disaggregation of Reinsurance Recoverable by Financial Strength Rating and Aging Analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	$ 653,085	$ 658,525
Less: allowance for credit losses	(1,700)	(1,700)	$ (2,300)	$ (1,600)
Total reinsurance recoverable, net	651,385	656,825
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	653,085
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	650,685	654,071
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	2,400	4,454
Federal and state pools
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	77,799	80,506
Federal and state pools | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	77,799	80,506
Federal and state pools | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	0	0
Other than federal and state pools
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	4,639	4,565
Other than federal and state pools | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	4,135	4,488
Other than federal and state pools | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	504	77
Total non-rated reinsurers
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	82,438	85,071
Total non-rated reinsurers | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	81,934	84,994
Total non-rated reinsurers | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	504	77
A++
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	83,425	82,487
A++ | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	83,372	82,466
A++ | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	53	21
A+
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	367,600	374,019
A+ | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	366,428	371,132
A+ | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	1,172	2,887
A
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	115,668	113,263
A | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	115,086	111,883
A | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	582	1,380
A-
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	3,954	3,685
A- | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	3,865	3,596
A- | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	89	89
Total rated reinsurers
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	570,647	573,454
Total rated reinsurers | Current
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	568,751	569,077
Total rated reinsurers | Past Due
Reinsurance Recoverable, Credit Quality Indicator [Line Items]
Total reinsurance recoverable, gross	$ 1,896	$ 4,377

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Reinsurance - Allowance for Credit Losses on Reinsurance Recoverable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 1,700	$ 1,600
Current period change for expected credit losses	0	700
Write-offs charged against the allowance for credit losses	0	0
Recoveries	0	0
Allowance for credit losses, end of period	$ 1,700	$ 2,300

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Reinsurance - List of Direct, Assumed, and Ceded Reinsurance Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums written:
Direct	$ 1,315,911	$ 1,132,760
Assumed	5,985	5,394
Ceded	(165,275)	(138,386)
Net	1,156,621	999,768
Premiums earned:
Direct	1,205,368	1,032,228
Assumed	6,191	6,290
Ceded	(160,615)	(136,182)
Net	1,050,944	902,336
Loss and loss expense incurred:
Direct	753,567	613,229
Assumed	5,981	5,255
Ceded	(55,256)	(51,046)
Net	$ 704,292	$ 567,438

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Reserve for Loss and Loss Expense - Rollforward of Reserve for Loss and Loss Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserve for loss and loss expense, at beginning of period	$ 5,336,911	$ 5,144,821
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period	618,601	757,513
Net reserve for loss and loss expense, at beginning of period	4,718,310	4,387,308
Incurred loss and loss expense for claims occurring in the:
Current year	688,519	580,408
Prior years	15,773	(12,970)
Total incurred loss and loss expense	704,292	567,438
Paid loss and loss expense for claims occurring in the:
Current year	107,719	91,011
Prior years	435,489	418,194
Total paid loss and loss expense	543,208	509,205
Net reserve for loss and loss expense, at end of period	4,879,394	4,445,541
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period	622,356	653,909
Gross reserve for loss and loss expense, at end of period	$ 5,501,750	$ 5,099,450

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Reserve for Loss and Loss Expense - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	$ 15,773	$ (12,970)
Casualty reserve
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	35,000
Casualty reserve | Workers' compensation
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year		(10,000)
Casualty reserve | E&S
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year		(5,000)
Casualty reserve | Personal automobile
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year		$ 2,000
Casualty reserve | Standard Commercial Lines | General liability
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	50,000
Casualty reserve | Standard Commercial Lines | Workers' compensation
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	(15,000)
Casualty reserve | Standard Personal Lines | Homeowners
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	(5,000)
Casualty reserve | Standard Personal Lines | Personal automobile
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	5,000
Property reserve
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred loss and loss expense for claims occurring in the prior year	$ (19,200)

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Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

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Segment Information - Revenue by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net premiums earned:	$ 1,050,944	$ 902,336
Miscellaneous income	7,801	2,634
Net investment income earned	107,849	91,506
Net realized and unrealized investment gains (losses)	(1,635)	3,344
Total Investments revenue	106,214	94,850
Total revenues	1,164,959	999,820
Standard Commercial Lines
Segment Reporting Information [Line Items]
Total revenues	841,244	733,796
Standard Commercial Lines | General liability
Segment Reporting Information [Line Items]
Net premiums earned:	273,415	243,349
Standard Commercial Lines | Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned:	251,720	217,371
Standard Commercial Lines | Commercial property
Segment Reporting Information [Line Items]
Net premiums earned:	161,553	135,292
Standard Commercial Lines | Workers compensation
Segment Reporting Information [Line Items]
Net premiums earned:	87,777	84,184
Standard Commercial Lines | Businessowners' policies
Segment Reporting Information [Line Items]
Net premiums earned:	39,921	33,171
Standard Commercial Lines | Bonds
Segment Reporting Information [Line Items]
Net premiums earned:	12,088	11,397
Standard Commercial Lines | Other
Segment Reporting Information [Line Items]
Net premiums earned:	7,636	6,851
Standard Commercial Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Miscellaneous income	7,134	2,181
Standard Personal Lines
Segment Reporting Information [Line Items]
Total revenues	104,486	82,323
Standard Personal Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Miscellaneous income	640	453
Standard Personal Lines | Personal automobile
Segment Reporting Information [Line Items]
Net premiums earned:	56,960	44,914
Standard Personal Lines | Homeowners
Segment Reporting Information [Line Items]
Net premiums earned:	44,113	35,013
Standard Personal Lines | Other
Segment Reporting Information [Line Items]
Net premiums earned:	2,773	1,943
E&S Lines
Segment Reporting Information [Line Items]
Total revenues	113,015	88,851
E&S Lines | Miscellaneous income
Segment Reporting Information [Line Items]
Miscellaneous income	27	0
E&S Lines | Casualty lines
Segment Reporting Information [Line Items]
Net premiums earned:	71,638	60,817
E&S Lines | Property lines
Segment Reporting Information [Line Items]
Net premiums earned:	$ 41,350	$ 28,034

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Segment Information - Income Before and After Federal Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net investment income earned	$ 107,849	$ 91,506
Net realized and unrealized investment gains (losses)	(1,635)	3,344
Total investments segment income, before federal income tax	106,214	94,850
Tax on investments segment income	21,866	19,156
Total investments segment income, after federal income tax	84,348	75,694
Standard Commercial Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	10,381	38,921
Underwriting income (loss), after federal income tax	$ 8,201	$ 30,748
Combined ratio	98.80%	94.70%
ROE contribution	1.20%	5.10%
Standard Personal Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ (5,335)	$ (13,073)
Underwriting income (loss), after federal income tax	$ (4,215)	$ (10,328)
Combined ratio	105.10%	116.00%
ROE contribution	(0.60%)	(1.70%)
E&S Lines
Segment Reporting Information [Line Items]
Underwriting income (loss), before federal income tax	$ 13,985	$ 13,335
Underwriting income (loss), after federal income tax	$ 11,048	$ 10,535
Combined ratio	87.60%	85.00%
ROE contribution	1.60%	1.80%
Investments:
Segment Reporting Information [Line Items]
ROE contribution	12.30%	12.20%
Total investments segment income, before federal income tax	$ 106,214	$ 94,850

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Segment Information - Reconciliation of Segment Results to Income Before Federal Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment income	$ 106,214	$ 94,850
Interest expense	(7,181)	(7,166)
Corporate expenses	(15,498)	(12,108)
Income, before federal income tax	102,566	114,759
Preferred stock dividends	(2,300)	(2,300)
Income available to common stockholders, before federal income tax	100,266	112,459
Standard Commercial Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss)	10,381	38,921
Standard Personal Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss)	(5,335)	(13,073)
E&S Lines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Underwriting income (loss)	13,985	13,335
Investments:
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Investment income	106,214	94,850
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total all segments	$ 125,245	$ 134,033

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Retirement Plans - Components of Net Periodic Benefit Cost (Details) - Defined benefit pension and post-retirement life plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Interest cost	$ 3,888	$ 3,866
Expected return on plan assets	(5,382)	(5,773)
Amortization of unrecognized net actuarial loss	955	751
Total net periodic pension cost (benefit)	$ (539)	$ (1,156)

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Retirement Plans - Weighted-Average Expense Assumptions (Details) - Defined benefit pension and post-retirement life plans	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Discount rate	5.02%	5.21%
Effective interest rate for calculation of interest cost	4.91%	5.09%
Expected return on plan assets	6.40%	6.90%

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Comprehensive Income - Components of Comprehensive Income-Gross and Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income, Gross	$ 102,566	$ 114,759
Unrealized holding gains (losses) during the period, Gross	(15,560)	65,925
Unrealized gains (losses) on securities with credit loss recognized in earnings, Gross	(3,132)	22,431
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Gross	(78)	6,104
Amounts reclassified into net income: Credit loss (benefit) expense, Gross	2,650	(9,529)
Total unrealized gains (losses) on investment securities, Gross	(16,120)	84,931
Amount reclassified into net income: Net actuarial (gain) loss, Gross	967	757
Total defined benefit pension and post-retirement plans, Gross	967	757
Other comprehensive income (loss), Gross	(15,153)	85,688
Comprehensive income (loss), Gross	87,413	200,447
Net income, Tax	20,048	22,185
Unrealized holding gains (losses) during the period, Tax	(3,267)	13,846
Unrealized gains (losses) on securities with credit loss recognized in earnings, Tax	(658)	4,710
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Tax	(17)	1,282
Amounts reclassified into net income: Credit loss (benefit) expense, Tax	557	(2,002)
Total unrealized gains (losses) on investment securities, Tax	(3,385)	17,836
Amount reclassified into net income: Net actuarial (gain) loss, Tax	203	159
Total defined benefit pension and post-retirement plans, Tax	203	159
Other comprehensive income (loss), Tax	(3,182)	17,995
Comprehensive income (loss), Tax	16,866	40,180
Net income	82,518	92,574
Unrealized holding gains (losses) during the period, Net	(12,293)	52,079
Unrealized gains (losses) on securities with credit loss recognized in earnings, Net	(2,474)	17,721
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Net	(61)	4,822
Amounts reclassified into net income: Credit loss (benefit) expense, Net	2,093	(7,527)
Total unrealized gains (losses) on investment securities	(12,735)	67,095
Amount reclassified into net income: Net actuarial (gain) loss, Net	764	598
Total defined benefit pension and post-retirement plans	764	598
Other comprehensive income (loss)	(11,971)	67,693
Comprehensive income (loss)	$ 70,547	$ 160,267

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Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance, December 31, 2023	$ (373,001)
Net current period OCI	(11,971)	$ 67,693
Ending Balance, March 31, 2024	(384,972)
Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance, December 31, 2023	(194,628)
OCI before reclassifications	(12,293)
Amounts reclassified from AOCI	(61)
Net current period OCI	(12,354)
Ending Balance, March 31, 2024	(206,982)
Investments Subtotal
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance, December 31, 2023	(279,070)
OCI before reclassifications	(14,767)
Amounts reclassified from AOCI	2,032
Net current period OCI	(12,735)
Ending Balance, March 31, 2024	(291,805)
Credit Loss Related
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance, December 31, 2023	(84,442)
OCI before reclassifications	(2,474)
Amounts reclassified from AOCI	2,093
Net current period OCI	(381)
Ending Balance, March 31, 2024	(84,823)
Defined benefit pension and post-retirement life plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance, December 31, 2023	(93,931)
OCI before reclassifications	0
Amounts reclassified from AOCI	764
Net current period OCI	764
Ending Balance, March 31, 2024	(93,167)
Total AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance, December 31, 2023	(373,001)
OCI before reclassifications	(14,767)
Amounts reclassified from AOCI	2,796
Net current period OCI	(11,971)	$ 67,693
Ending Balance, March 31, 2024	$ (384,972)

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Comprehensive Income - Reclassification out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net realized and unrealized investment gains (losses)	$ (1,635)	$ 3,344
Total federal income tax expense	(20,048)	(22,185)
Loss and loss expense incurred	704,292	567,438
Other insurance expenses	115,987	108,588
Income, before federal income tax	102,566	114,759
Net income	82,518	92,574
Reclassification out of AOCI
Net income	2,796	(2,107)
Reclassification out of AOCI | Defined benefit pension and post-retirement life plans
Total federal income tax expense	(203)	(159)
Loss and loss expense incurred	222	175
Other insurance expenses	745	582
Income, before federal income tax	967	757
Net income	764	598
Reclassification out of AOCI | Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized and unrealized investment gains (losses)	(78)	6,104
Total federal income tax expense	17	(1,282)
Net income	(61)	4,822
Reclassification out of AOCI | Credit loss related
Net realized and unrealized investment gains (losses)	2,650	(9,529)
Total federal income tax expense	(557)	2,002
Net income	$ 2,093	$ (7,527)

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Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income available to common stockholders:	$ 80,218	$ 90,274
Weighted average common shares outstanding - basic (in shares)	60,827	60,536
Effect of dilutive securities - stock compensation plans (in shares)	386	372
Weighted average common shares outstanding - diluted (in shares)	61,213	60,908
Earnings per share - Basic (in dollars per share)	$ 1.32	$ 1.49
Earnings per share - Diluted (in dollars per share)	$ 1.31	$ 1.48

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Litigation (Details)	Mar. 31, 2024 subsidiary
Commitments and Contingencies Disclosure [Abstract]
Number of insurance subsidiaries	10