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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Investments (Notes 5 and 6)    
Fixed-maturities available for sale—at fair value (amortized cost of $5,683,372 and $5,587,261) $ 5,037,747 $ 5,017,711
Trading securities—at fair value (amortized cost of $110,676 and $122,472) 99,769 115,665
Equity securities—at fair value (cost of $113,248 and $162,899) 108,911 148,965
Mortgage loans held for sale—at fair value 138,289 3,549
Other invested assets—at fair value 8,492 5,511
Short-term investments—at fair value (includes $119,197 and $99,735 of reinvested cash collateral held under securities lending agreements) 492,444 402,090
Total investments 5,885,652 5,693,491
Cash 55,489 56,183
Restricted cash 1,305 377
Accrued investment income 45,623 40,093
Accounts and notes receivable 144,614 119,834
Reinsurance recoverables (includes $68 and $18 for paid losses) 24,148 25,633
Deferred policy acquisition costs 18,817 18,460
Property and equipment, net 74,558 70,981
Goodwill and other acquired intangible assets, net (Note 7) 11,173 15,285
Prepaid federal income taxes (Note 10) 696,820 596,368
Other assets (Note 9) 420,483 427,024
Total assets 7,378,682 7,063,729
Liabilities    
Unearned premiums 236,400 271,479
Reserve for losses and LAE (Note 11) 367,568 426,843
Senior notes (Note 12) 1,416,687 1,413,504
Secured borrowings (Note 12) 241,753 155,822
Reinsurance funds withheld 156,114 152,067
Net deferred tax liability 497,560 391,083
Other liabilities 309,701 333,604
Total liabilities 3,225,783 3,144,402
Commitments and contingencies (Note 13)
Stockholders’ equity    
Common stock ($0.001 par value; 485,000 shares authorized; 2023: 175,636 and 155,582 shares issued and outstanding, respectively; 2022: 176,509 and 157,056 shares issued and outstanding, respectively) 175 176
Treasury stock, at cost (2023: 20,054 shares; 2022: 19,453 shares) (945,504) (930,643)
Additional paid-in capital 1,482,712 1,519,641
Retained earnings 4,136,598 3,786,952
Accumulated other comprehensive income (loss) (Note 15) (521,082) (456,799)
Total stockholders’ equity 4,152,899 3,919,327
Total liabilities and stockholders’ equity $ 7,378,682 $ 7,063,729