Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33067 | |
Entity Registrant Name | SELECTIVE INSURANCE GROUP, INC | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-2168890 | |
Entity Address, Address Line One | 40 Wantage Avenue | |
Entity Address, City or Town | Branchville | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07890 | |
City Area Code | (973) | |
Local Phone Number | 948-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 60,566,856 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000230557 | |
Current Fiscal Year End Date | --12-31 | |
Noncumulative Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value | |
Trading Symbol | SIGIP | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $2 per share | |
Trading Symbol | SIGI | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Fixed income securities, held-to-maturity - at carrying value | $ 23,676 | $ 31,157 |
Less: allowance for credit losses | 0 | 0 |
Fixed income securities, held-to-maturity, net of allowance for credit losses | 23,676 | 31,157 |
Fixed income securities, available-for-sale - at fair value | 7,032,348 | 6,612,107 |
Commercial mortgage loans - at carrying value | 175,538 | 149,305 |
Less: allowance for credit losses | (177) | (116) |
Commercial mortgage loans, net of allowance for credit losses | 175,361 | 149,189 |
Equity securities - at fair value | 121,640 | 162,000 |
Short-term investments | 319,456 | 440,456 |
Alternative investments | 389,173 | 371,316 |
Other investments | 71,545 | 71,244 |
Total investments (Note 4 and 5) | 8,133,199 | 7,837,469 |
Cash | 354 | 26 |
Restricted cash | 20,904 | 25,183 |
Accrued investment income | 59,441 | 59,167 |
Premiums receivable | 1,304,394 | 1,101,787 |
Less: allowance for credit losses (Note 6) | (17,900) | (16,100) |
Premiums receivable, net of allowance for credit losses | 1,286,494 | 1,085,687 |
Reinsurance recoverable, gross | 648,591 | 784,410 |
Less: allowance for credit losses (Note 7) | (1,800) | (1,600) |
Reinsurance recoverable, net of allowance for credit losses | 646,791 | 782,810 |
Prepaid reinsurance premiums | 190,425 | 172,371 |
Current federal income tax | 0 | 3,545 |
Deferred federal income tax | 171,915 | 172,733 |
Property and equipment - at cost, net of accumulated depreciation and amortization | 81,255 | 84,306 |
Deferred policy acquisition costs | 413,813 | 368,624 |
Goodwill | 7,849 | 7,849 |
Other assets | 204,800 | 202,491 |
Total assets | 11,217,240 | 10,802,261 |
Liabilities: | ||
Reserve for loss and loss expense (Note 8) | 5,177,023 | 5,144,821 |
Unearned premiums | 2,251,024 | 1,992,781 |
Long-term debt | 503,622 | 504,676 |
Current federal income tax | 2,555 | 0 |
Accrued salaries and benefits | 91,993 | 115,185 |
Other liabilities | 519,631 | 517,234 |
Total liabilities | 8,545,848 | 8,274,697 |
Stockholders' Equity: | ||
Preferred stock of $0 par value per share: Authorized shares 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share - 2023 and 2022 | 200,000 | 200,000 |
Common stock of $2 par value per share: Authorized shares 360,000,000; Issued: 105,148,165 - 2023; 104,847,111 - 2022 | 210,296 | 209,694 |
Additional paid-in capital | 512,040 | 493,488 |
Retained earnings | 2,859,569 | 2,749,703 |
Accumulated other comprehensive income (loss) (Note 11) | (475,722) | (498,042) |
Treasury stock, at cost (shares: 44,582,682 - 2023; 44,508,211 - 2022) | (634,791) | (627,279) |
Total stockholders' equity | 2,671,392 | 2,527,564 |
Commitments and contingencies | ||
Total liabilities and stockholders' equity | $ 11,217,240 | $ 10,802,261 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Net premiums earned | $ 942,150 | $ 834,439 | $ 1,844,486 | $ 1,646,722 |
Net investment income earned | 97,696 | 70,222 | 189,202 | 142,824 |
Net realized and unrealized investment gains (losses) | (5,426) | (42,880) | (2,082) | (83,232) |
Other income | 6,104 | 3,037 | 8,738 | 4,566 |
Total revenues | 1,040,524 | 864,818 | 2,040,344 | 1,710,880 |
Expenses: | ||||
Loss and loss expense incurred | 646,130 | 524,868 | 1,213,568 | 1,019,104 |
Amortization of deferred policy acquisition costs | 194,793 | 173,381 | 384,554 | 343,138 |
Other insurance expenses | 108,857 | 101,514 | 217,445 | 195,504 |
Interest expense | 7,258 | 7,252 | 14,424 | 14,420 |
Corporate expenses | 9,329 | 7,899 | 21,437 | 18,920 |
Total expenses | 966,367 | 814,914 | 1,851,428 | 1,591,086 |
Income before federal income tax | 74,157 | 49,904 | 188,916 | 119,794 |
Federal income tax expense: | ||||
Current | 17,366 | 9,692 | 42,871 | 26,870 |
Deferred | (1,817) | 692 | (5,137) | (2,926) |
Total federal income tax expense | 15,549 | 10,384 | 37,734 | 23,944 |
Net income | 58,608 | 39,520 | 151,182 | 95,850 |
Preferred stock dividends | 2,300 | 2,300 | 4,600 | 4,600 |
Net income available to common stockholders | $ 56,308 | $ 37,220 | $ 146,582 | $ 91,250 |
Earnings per common share (not in thousands): | ||||
Earnings per common share - net income available to common stockholders - Basic | $ 0.93 | $ 0.62 | $ 2.42 | $ 1.51 |
Earnings per common share - net income available to common stockholders - Diluted | $ 0.92 | $ 0.61 | $ 2.41 | $ 1.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 58,608 | $ 39,520 | $ 151,182 | $ 95,850 |
Unrealized holding gains (losses) arising during period | (47,937) | (176,093) | 4,142 | (382,941) |
Unrealized gains (losses) on securities with credit loss recognized in earnings | (4,764) | (57,427) | 12,957 | (125,857) |
Amounts reclassified into net income: Held-to-maturity securities | 0 | 0 | 0 | 1 |
Amounts reclassified into net income: Net realized (gains) losses on disposals and losses on intent-to-sell AFS securities | 7,413 | 14,354 | 12,235 | 26,987 |
Amounts reclassified into net income: Credit loss (benefit) expense | (683) | 12,261 | (8,210) | 29,682 |
Total unrealized gains (losses) on investment securities | (45,971) | (206,905) | 21,124 | (452,128) |
Amount reclassified into net income: Net actuarial loss | 598 | 330 | 1,196 | 659 |
Total defined benefit pension and post-retirement plans, Net | 598 | 330 | 1,196 | 659 |
Other comprehensive income (loss) | (45,373) | (206,575) | 22,320 | (451,469) |
Comprehensive income (loss) | $ 13,235 | $ (167,055) | $ 173,502 | $ (355,619) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional paid-in capital [Member] | Retained Earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Treasury stock [Member] |
Preferred stock, shares outstanding | 8,000 | ||||||
Beginning of period at Dec. 31, 2021 | $ 200,000 | $ 208,902 | $ 464,347 | $ 2,603,472 | $ 115,099 | $ (608,935) | |
Issuance of preferred stock | 0 | ||||||
Dividend reinvestment plan | 23 | 887 | |||||
Stock purchase and compensation plans | 581 | 16,146 | |||||
Net income | $ 95,850 | 95,850 | |||||
Dividends to preferred stockholders | (4,600) | ||||||
Dividends to common stockholders | (34,138) | ||||||
Other comprehensive income (loss) | (451,469) | (451,469) | |||||
Acquisition of treasury stock - share repurchase authorization | (6,492) | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (5,583) | ||||||
End of period at Jun. 30, 2022 | $ 2,594,090 | $ 200,000 | 209,506 | 481,380 | 2,660,584 | (336,370) | (621,010) |
Dividends declared per preferred share (in dollars per share) | $ 575 | ||||||
Dividends declared per common share (in dollars per share) | $ 0.56 | ||||||
Issuance of preferred stock, shares | 0 | ||||||
Common stock, shares outstanding, beginning of period at Dec. 31, 2021 | 60,184,382 | ||||||
Dividend reinvestment plan, shares | 11,505 | ||||||
Stock purchase and compensation plan, shares | 290,687 | ||||||
Acquisition of treasury stock, share repurchase authorization, shares | (86,059) | ||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares | (72,781) | ||||||
Common stock, shares outstanding, end of period at Jun. 30, 2022 | 60,327,734 | ||||||
Preferred stock, shares outstanding | 8,000 | ||||||
Beginning of period at Mar. 31, 2022 | $ 200,000 | 209,336 | 472,790 | 2,640,437 | (129,795) | (614,527) | |
Issuance of preferred stock | 0 | ||||||
Dividend reinvestment plan | 12 | 444 | |||||
Stock purchase and compensation plans | 158 | 8,146 | |||||
Net income | $ 39,520 | 39,520 | |||||
Dividends to preferred stockholders | (2,300) | ||||||
Dividends to common stockholders | (17,073) | ||||||
Other comprehensive income (loss) | (206,575) | (206,575) | |||||
Acquisition of treasury stock - share repurchase authorization | (6,416) | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (67) | ||||||
End of period at Jun. 30, 2022 | $ 2,594,090 | $ 200,000 | 209,506 | 481,380 | 2,660,584 | (336,370) | (621,010) |
Dividends declared per preferred share (in dollars per share) | $ 287.50 | ||||||
Dividends declared per common share (in dollars per share) | $ 0.28 | ||||||
Issuance of preferred stock, shares | 0 | ||||||
Common stock, shares outstanding, beginning of period at Mar. 31, 2022 | 60,335,472 | ||||||
Dividend reinvestment plan, shares | 5,864 | ||||||
Stock purchase and compensation plan, shares | 72,245 | ||||||
Acquisition of treasury stock, share repurchase authorization, shares | (85,059) | ||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares | (788) | ||||||
Common stock, shares outstanding, end of period at Jun. 30, 2022 | 60,327,734 | ||||||
Preferred stock, shares outstanding | 8,000 | ||||||
Preferred stock, shares outstanding | 8,000 | ||||||
Beginning of period at Dec. 31, 2022 | $ 2,527,564 | $ 200,000 | 209,694 | 493,488 | 2,749,703 | (498,042) | (627,279) |
Issuance of preferred stock | 0 | ||||||
Dividend reinvestment plan | 19 | 908 | |||||
Stock purchase and compensation plans | 583 | 17,644 | |||||
Net income | 151,182 | 151,182 | |||||
Dividends to preferred stockholders | (4,600) | ||||||
Dividends to common stockholders | (36,716) | ||||||
Other comprehensive income (loss) | 22,320 | 22,320 | |||||
Acquisition of treasury stock - share repurchase authorization | 0 | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (7,512) | ||||||
End of period at Jun. 30, 2023 | $ 2,671,392 | $ 200,000 | 210,296 | 512,040 | 2,859,569 | (475,722) | (634,791) |
Dividends declared per preferred share (in dollars per share) | $ 575 | ||||||
Dividends declared per common share (in dollars per share) | $ 0.60 | ||||||
Issuance of preferred stock, shares | 0 | ||||||
Common stock, shares outstanding, beginning of period at Dec. 31, 2022 | 60,338,900 | ||||||
Dividend reinvestment plan, shares | 9,315 | ||||||
Stock purchase and compensation plan, shares | 291,739 | ||||||
Acquisition of treasury stock, share repurchase authorization, shares | 0 | ||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares | (74,471) | ||||||
Common stock, shares outstanding, end of period at Jun. 30, 2023 | 60,565,483 | ||||||
Preferred stock, shares outstanding | 8,000 | ||||||
Beginning of period at Mar. 31, 2023 | $ 200,000 | 210,149 | 502,713 | 2,821,613 | (430,349) | (634,722) | |
Issuance of preferred stock | 0 | ||||||
Dividend reinvestment plan | 10 | 449 | |||||
Stock purchase and compensation plans | 137 | 8,878 | |||||
Net income | $ 58,608 | 58,608 | |||||
Dividends to preferred stockholders | (2,300) | ||||||
Dividends to common stockholders | (18,352) | ||||||
Other comprehensive income (loss) | (45,373) | (45,373) | |||||
Acquisition of treasury stock - share repurchase authorization | 0 | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (69) | ||||||
End of period at Jun. 30, 2023 | $ 2,671,392 | $ 200,000 | $ 210,296 | $ 512,040 | $ 2,859,569 | $ (475,722) | $ (634,791) |
Dividends declared per preferred share (in dollars per share) | $ 287.50 | ||||||
Dividends declared per common share (in dollars per share) | $ 0.30 | ||||||
Issuance of preferred stock, shares | 0 | ||||||
Common stock, shares outstanding, beginning of period at Mar. 31, 2023 | 60,492,586 | ||||||
Dividend reinvestment plan, shares | 4,665 | ||||||
Stock purchase and compensation plan, shares | 68,923 | ||||||
Acquisition of treasury stock, share repurchase authorization, shares | 0 | ||||||
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans, shares | (691) | ||||||
Common stock, shares outstanding, end of period at Jun. 30, 2023 | 60,565,483 | ||||||
Preferred stock, shares outstanding | 8,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net income | $ 151,182 | $ 95,850 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 17,179 | 21,998 |
Stock-based compensation expense | 12,886 | 11,886 |
Undistributed gains of equity method investments | (13,478) | (12,890) |
Distributions in excess of current year income of equity method investments | 6,698 | 20,252 |
Net realized and unrealized (gains) losses | 2,082 | 83,232 |
Loss (gain) on disposal of fixed assets | 5 | (1) |
Changes in assets and liabilities: | ||
Increase in reserve for loss and loss expense, net of reinsurance recoverable | 168,221 | 169,114 |
Increase in unearned premiums, net of prepaid reinsurance | 240,189 | 173,817 |
Decrease (increase) in net federal income taxes | 1,006 | (17,665) |
Increase in premiums receivable | (200,807) | (172,231) |
Increase in deferred policy acquisition costs | (45,189) | (32,464) |
Increase in accrued investment income | (264) | (2,116) |
Decrease in accrued salaries and benefits | (23,192) | (18,530) |
Increase in other assets | (4,667) | (25,598) |
Decrease in other liabilities | (18,205) | (51,171) |
Net cash provided by (used in) operating activities | 293,646 | 243,483 |
Investing Activities | ||
Purchases of fixed income securities, held-to-maturity | 0 | (5,000) |
Purchases of fixed income securities, available-for-sale | (1,562,206) | (1,478,298) |
Purchases of commercial mortgage loans | (27,201) | (48,926) |
Purchases of equity securities | (8,373) | (18,209) |
Purchases of alternative investments and other investments | (21,161) | (32,179) |
Purchases of short-term investments | (2,422,123) | (2,041,614) |
Sales of fixed income securities, available-for-sale | 959,248 | 705,039 |
Proceeds from commercial mortgage loans | 968 | 7,504 |
Sales of short-term investments | 2,543,683 | 2,200,624 |
Redemption and maturities of fixed income securities, held-to-maturity | 7,481 | 1,684 |
Redemption and maturities of fixed income securities, available-for-sale | 227,884 | 392,648 |
Sales of equity securities | 51,763 | 85,162 |
Sales of other investments | 892 | 2,156 |
Distributions from alternative investments and other investments | 5,130 | 9,013 |
Purchases of property and equipment | (9,549) | (14,101) |
Net cash provided by (used in) investing activities | (253,564) | (234,497) |
Financing Activities | ||
Dividends to preferred stockholders | (4,600) | (4,600) |
Dividends to common stockholders | (35,385) | (32,886) |
Acquisition of treasury stock | (7,512) | (12,075) |
Net proceeds from stock purchase and compensation plans | 4,695 | 4,280 |
Proceeds from borrowings | 20,000 | 35,000 |
Repayments of borrowings | (20,000) | (35,000) |
Repayments of finance lease obligations | (1,231) | (1,202) |
Net cash provided by (used in) financing activities | (44,033) | (46,483) |
Net increase (decrease) in cash and restricted cash | (3,951) | (37,497) |
Cash and restricted cash, beginning of period | 25,209 | 45,063 |
Cash and restricted cash, end of period | $ 21,258 | $ 7,566 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed income securities, held-to-maturity, fair value | $ 22,356 | $ 29,837 |
Fixed income securities, available-for-sale, allowance for credit loss | 31,425 | 45,721 |
Fixed income securities, available-for-sale, amortized cost | 7,564,942 | 7,185,754 |
Commercial mortgage loans, fair value | 163,068 | 139,243 |
Equity securities, cost | 118,898 | 167,431 |
Property and equipment, accumulated depreciation and amortization | $ 262,013 | $ 251,209 |
Preferred stock, shares outstanding | 8,000 | 8,000 |
Preferred Stock [Member] | ||
Preferred stock, par or stated value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 8,000 | 8,000 |
Preferred stock, shares outstanding | 8,000 | 8,000 |
Preferred stock, liquidation preference (in dollars per share) | $ 25,000 | $ 25,000 |
Common Stock [Member] | ||
Common stock, par or stated value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common stock, shares issued | 105,148,165 | 104,847,111 |
Treasury stock [Member] | ||
Treasury stock, shares | 44,582,682 | 44,508,211 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation And Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe words "Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States ("U.S.") generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2023 (“Second Quarter 2023”) and June 30, 2022 (“Second Quarter 2022”), and the six-month periods ended June 30, 2023 ("Six Months 2023") and June 30, 2022 ("Six Months 2022"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”) filed with the SEC. |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Pronouncements | Adoption of Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by the newly issued ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 . We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate. Pronouncements to be effective in the future In June 2022, the FASB issued ASU 2022-03 , Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. Early adoption is permitted. We are currently evaluating the impact of this guidance. In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income-housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any interim period. We are currently evaluating the impact of this guidance. |
Statements of Cash Flows
Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows Supplemental cash flow information was as follows: Six Months ended June 30, ($ in thousands) 2023 2022 Cash paid (received) during the period for: Interest $ 14,164 14,240 Federal income tax 34,000 40,200 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 4,038 4,086 Operating cash flows from financing leases 20 20 Financing cash flows from finance leases 1,231 1,202 Non-cash items: Corporate actions related to fixed income securities, available-for-sale ("AFS") 1 23,150 17,287 Conversion of AFS fixed income securities to equity securities — 1,463 Assets acquired under finance lease arrangements — 41 Assets acquired under operating lease arrangements 4,509 5,781 Non-cash purchase of property and equipment — 17 1 Examples 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) June 30, 2023 December 31, 2022 Cash $ 354 26 Restricted cash 20,904 25,183 Total cash and restricted cash shown in the Consolidated Statements of Cash Flows $ 21,258 25,209 Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Investments | Investments (a) Information regarding our AFS securities as of June 30, 2023 and December 31, 2022, were as follows: June 30, 2023 Cost/ Allowance for Credit Losses Unrealized Unrealized Fair ($ in thousands) AFS fixed income securities: U.S. government and government agencies $ 313,965 — — (20,943) 293,022 Foreign government 11,171 (34) — (1,318) 9,819 Obligations of states and political subdivisions 694,734 (769) 1,607 (37,544) 658,028 Corporate securities 2,585,819 (16,149) 4,964 (189,664) 2,384,970 Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") 1,739,788 (2,915) 3,353 (105,957) 1,634,269 Residential mortgage-backed securities ("RMBS") 1,520,170 (11,550) 1,024 (101,809) 1,407,835 Commercial mortgage-backed securities ("CMBS") 699,295 (8) 162 (55,044) 644,405 Total AFS fixed income securities $ 7,564,942 (31,425) 11,110 (512,279) 7,032,348 December 31, 2022 Cost/ Allowance for Credit Losses Unrealized Unrealized Fair ($ in thousands) AFS fixed income securities: U.S. government and government agencies $ 209,528 — 37 (20,326) 189,239 Foreign government 11,199 (284) — (1,307) 9,608 Obligations of states and political subdivisions 965,231 (1,024) 1,812 (48,001) 918,018 Corporate securities 2,558,655 (30,330) 3,509 (196,809) 2,335,025 CLO and other ABS 1,607,660 (2,375) 2,408 (121,720) 1,485,973 RMBS 1,169,546 (11,597) 1,148 (99,265) 1,059,832 CMBS 663,935 (111) 348 (49,760) 614,412 Total AFS fixed income securities $ 7,185,754 (45,721) 9,262 (537,188) 6,612,107 The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods: Quarter ended June 30, 2023 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 36 — — (2) — — 34 Obligations of states and political subdivisions 737 67 — (35) — — 769 Corporate securities 16,756 1,438 — (1,070) (939) (36) 16,149 CLO and other ABS 3,895 622 — (1,595) (7) — 2,915 RMBS 11,740 1 — (50) (141) — 11,550 CMBS 390 — — (240) (142) — 8 Total AFS fixed income securities $ 33,554 2,128 — (2,992) (1,229) (36) 31,425 Quarter ended June 30, 2022 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 150 117 — 12 (14) — 265 Obligations of states and political subdivisions 1,991 534 — (1,166) (153) — 1,206 Corporate securities 23,066 8,323 — 5,732 (1,944) (105) 35,072 CLO and other ABS 2,283 530 — 819 (9) — 3,623 RMBS 10,029 173 — 507 (93) — 10,616 CMBS 80 — — (62) — — 18 Total AFS fixed income securities $ 37,599 9,677 — 5,842 (2,213) (105) 50,800 Six Months ended June 30, 2023 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 284 — — (250) — — 34 Obligations of states and political subdivisions 1,024 67 — (239) (83) — 769 Corporate securities 30,330 4,141 — (14,884) (3,387) (51) 16,149 CLO and other ABS 2,375 677 — (127) (10) — 2,915 RMBS 11,597 8 — 174 (229) — 11,550 CMBS 111 1 — 39 (143) — 8 Total AFS fixed income securities $ 45,721 4,894 — (15,287) (3,852) (51) 31,425 Six Months ended June 30, 2022 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 46 236 — (3) (14) — 265 Obligations of states and political subdivisions 137 1,237 — (4) (164) — 1,206 Corporate securities 6,682 28,243 — 4,542 (3,191) (1,204) 35,072 CLO and other ABS 939 2,058 — 637 (11) — 3,623 RMBS 1,909 174 8,318 443 (228) — 10,616 CMBS 11 17 — (10) — — 18 Total AFS fixed income securities $ 9,724 31,965 8,318 5,605 (3,608) (1,204) 50,800 During Six Months 2023 and Six Months 2022, we had no write-offs or recoveries of our AFS fixed income securities. For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. Accrued interest on AFS securities was $58.1 million as of June 30, 2023, and $56.4 million as of December 31, 2022. We did not record any (i) write-offs of accrued interest during Six Months 2023, or (ii) material write-offs of accrued interest in Six Months 2022. (b) Quantitative information about unrealized losses on our AFS portfolio follows: June 30, 2023 Less than 12 months 12 months or longer Total ($ in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 208,153 (2,831) 84,869 (18,112) 293,022 (20,943) Foreign government 4,380 (247) 5,439 (1,071) 9,819 (1,318) Obligations of states and political subdivisions 337,606 (5,554) 229,922 (31,990) 567,528 (37,544) Corporate securities 1,101,756 (40,711) 895,497 (148,953) 1,997,253 (189,664) CLO and other ABS 523,727 (17,268) 924,490 (88,689) 1,448,217 (105,957) RMBS 792,885 (26,269) 538,073 (75,540) 1,330,958 (101,809) CMBS 291,078 (12,882) 344,647 (42,162) 635,725 (55,044) Total AFS fixed income securities $ 3,259,585 (105,762) 3,022,937 (406,517) 6,282,522 (512,279) December 31, 2022 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 166,975 (13,658) 16,011 (6,668) 182,986 (20,326) Foreign government 5,573 (608) 2,456 (699) 8,029 (1,307) Obligations of states and political subdivisions 681,795 (43,767) 16,618 (4,234) 698,413 (48,001) Corporate securities 1,889,492 (164,197) 133,223 (32,612) 2,022,715 (196,809) CLO and other ABS 916,423 (69,155) 411,283 (52,565) 1,327,706 (121,720) RMBS 887,229 (76,432) 108,041 (22,833) 995,270 (99,265) CMBS 512,953 (37,815) 77,181 (11,945) 590,134 (49,760) Total AFS fixed income securities $ 5,060,440 (405,632) 764,813 (131,556) 5,825,253 (537,188) We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The decrease in gross unrealized losses as of June 30, 2023, compared to December 31, 2022, was primarily driven by a tightening of credit spreads, partially offset by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2023. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral. (c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2023, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. AFS HTM ($ in thousands) Fair Value Carrying Value Fair Value Due in one year or less $ 369,240 443 442 Due after one year through five years 3,056,529 13,942 13,233 Due after five years through 10 years 2,912,169 9,291 8,681 Due after 10 years 694,410 — — Total fixed income securities $ 7,032,348 23,676 22,356 (d) The following table summarizes our alternative investment portfolio by strategy: June 30, 2023 December 31, 2022 ($ in thousands) Carrying Value Remaining Commitment Maximum Exposure to Loss Carrying Value Remaining Commitment Maximum Exposure to Loss Alternative Investments Private equity $ 298,219 124,213 422,432 280,980 134,676 415,656 Private credit 52,379 138,691 191,070 54,866 89,481 144,347 Real assets 38,575 19,553 58,128 35,470 21,945 57,415 Total alternative investments $ 389,173 282,457 671,630 371,316 246,102 617,418 We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2023 or 2022. The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for the 3- and 6-month periods ended March 31: Income Statement Information Quarter ended June 30, Six Months ended June 30, ($ in millions) 2023 2022 2023 2022 Net investment income (loss) $ (70.6) 270.9 $ (141.3) 406.5 Realized gains 922.0 6,233.5 2,644.3 8,981.5 Net change in unrealized appreciation (depreciation) 3,754.0 (3,962.4) 5,197.8 1,215.9 Net income $ 4,605.4 2,542.0 $ 7,700.8 10,603.9 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income $ 11.4 9.3 $ 19.2 28.4 (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 June 30, 2023 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral. The following table summarizes the market value of these securities at June 30, 2023: ($ in millions) FHLBI Collateral FHLBNY Collateral State and Total U.S. government and government agencies $ — — 19.4 19.4 Obligations of states and political subdivisions — — 3.5 3.5 RMBS 62.1 26.9 — 89.0 CMBS 2.9 8.7 — 11.6 Total pledged as collateral $ 65.0 35.6 22.9 123.5 (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 June 30, 2023, or December 31, 2022. (g) The components of pre-tax net investment income earned were as follows: Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Fixed income securities $ 83,916 62,144 $ 164,003 116,069 Commercial mortgage loans ("CMLs") 2,199 1,192 4,164 2,162 Equity securities 2,236 2,639 3,441 5,057 Short-term investments 2,892 407 7,542 508 Alternative investments 11,396 9,274 19,164 28,402 Other investments 188 (214) 231 (37) Investment expenses (5,131) (5,220) (9,343) (9,337) Net investment income earned $ 97,696 70,222 $ 189,202 142,824 (h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated: Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Gross gains on sales $ 1,156 14,552 $ 4,940 16,749 Gross losses on sales (11,952) (19,345) (24,882) (32,905) Net realized gains (losses) on disposals (10,796) (4,793) (19,942) (16,156) Net unrealized gains (losses) on equity securities 4,925 (21,860) 8,173 (24,014) Net credit loss benefit (expense) on fixed income securities, AFS 864 (15,519) 10,393 (37,571) Net credit loss benefit (expense) on fixed income securities, HTM — (6) — 8 Net credit loss (expense) on CMLs (78) — (61) — Losses on securities for which we have the intent to sell (341) (702) (645) (5,499) Net realized and unrealized investment gains (losses) $ (5,426) (42,880) $ (2,082) (83,232) Net realized and unrealized investment losses decreased $37.5 million in Second Quarter 2023 and $81.2 million in Six Months 2023 compared to the same prior-year periods, primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in both current-year periods compared to credit loss expense recorded in both prior-year periods, and (ii) an increase in valuations reflecting the current public equities market. The credit loss benefit in both current-year periods reflected the tightening of credit spreads, partially offset by rising benchmark U.S. Treasury rates. Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following: Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Unrealized gains (losses) recognized in income on equity securities: On securities remaining in our portfolio at end of period $ 2,784 (13,031) $ 2,685 (14,843) On securities sold in period 2,141 (8,829) 5,488 (9,171) Total unrealized gains (losses) recognized in income on equity securities $ 4,925 (21,860) $ 8,173 (24,014) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2023, and December 31, 2022: June 30, 2023 December 31, 2022 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,924 52,312 49,921 51,705 6.70% Senior Notes 99,553 102,386 99,542 99,264 5.375% Senior Notes 294,472 275,149 294,424 258,459 3.03% borrowings from FHLBI 60,000 57,011 60,000 57,175 Subtotal long-term debt 503,949 486,858 503,887 466,603 Unamortized debt issuance costs (2,814) (2,929) Finance lease obligations 2,487 3,718 Total long-term debt $ 503,622 504,676 For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2023, and December 31, 2022: June 30, 2023 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Other Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 293,022 145,044 147,978 — Foreign government 9,819 — 9,819 — Obligations of states and political subdivisions 658,028 — 651,312 6,716 Corporate securities 2,384,970 — 2,139,481 245,489 CLO and other ABS 1,634,269 — 1,432,343 201,926 RMBS 1,407,835 — 1,407,835 — CMBS 644,405 — 644,028 377 Total AFS fixed income securities 7,032,348 145,044 6,432,796 454,508 Equity securities: Common stock 1 119,867 21,304 — 662 Preferred stock 1,773 1,773 — — Total equity securities 121,640 23,077 — 662 Short-term investments 319,456 315,574 3,882 — Total assets measured at fair value $ 7,473,444 483,695 6,436,678 455,170 December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 189,239 109,240 79,999 — Foreign government 9,608 — 9,608 — Obligations of states and political subdivisions 918,018 — 911,357 6,661 Corporate securities 2,335,025 — 2,147,045 187,980 CLO and other ABS 1,485,973 — 1,332,631 153,342 RMBS 1,059,832 — 1,059,832 — CMBS 614,412 — 614,037 375 Total AFS fixed income securities 6,612,107 109,240 6,154,509 348,358 Equity securities: Common stock 1 160,355 55,846 — 897 Preferred stock 1,645 1,645 — — Total equity securities 162,000 57,491 — 897 Short-term investments 440,456 418,199 22,257 — Total assets measured at fair value $ 7,214,563 584,930 6,176,766 349,255 1 Investments amounting to $97.9 million at June 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. The following tables provide a summary of Level 3 changes in Six Months 2023 and Six Months 2022: June 30, 2023 ($ in thousands) Obligations of States and Political Subdivisions Corporate Securities CLO and Other ABS CMBS Common Stock Total Fair value, December 31, 2022 $ 6,661 187,980 153,342 375 897 349,255 Total net gains (losses) for the period included in: Other comprehensive income (loss) ("OCI") (7) 1,857 (1,168) 64 — 746 Net realized and unrealized gains (losses) 62 251 17 — (235) 95 Net investment income earned — 112 (20) (263) — (171) Purchases — 58,586 39,713 — — 98,299 Sales — — — — — — Issuances — — — — — — Settlements — (5,535) (3,153) (21) — (8,709) Transfers into Level 3 — 2,238 14,148 2,848 — 19,234 Transfers out of Level 3 — — (953) (2,626) — (3,579) Fair value, June 30, 2023 $ 6,716 245,489 201,926 377 662 455,170 Change in unrealized gains (losses) for the period included in earnings for assets held at period end 62 251 17 — (235) 95 Change in unrealized gains (losses) for the period included in OCI for assets held at period end (7) 1,846 (1,168) 64 — 735 June 30, 2022 ($ in thousands) Obligation of state and Political Subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Total Fair value, December 31, 2021 $ 7,745 114,127 124,909 245 4,256 251,282 Total net gains (losses) for the period included in: OCI (581) (16,422) (8,592) (17) (446) (26,058) Net realized and unrealized gains (losses) (156) (2,047) (777) — (7) (2,987) Net investment income earned — 14 68 — 47 129 Purchases — 55,343 39,133 — — 94,476 Sales — — — — — — Issuances — — — — — — Settlements — (3,903) (6,479) (11) (12) (10,405) Transfers into Level 3 — 19,214 — — — 19,214 Transfers out of Level 3 — (7,037) (24,646) (217) (3,431) (35,331) Fair value, June 30, 2022 $ 7,008 159,289 123,616 — 407 290,320 Change in unrealized gains (losses) for the period included in earnings for assets held at period end (156) (2,047) (777) — (7) (2,987) Change in unrealized gains (losses) for the period included in OCI for assets held at period end (581) (16,424) (8,551) (17) (446) (26,019) The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2023, and December 31, 2022: June 30, 2023 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 116,155 Discounted Cash Flow Illiquidity Spread (4.4)% - 5.3% 2.2% CLO and other ABS 90,768 Discounted Cash Flow Illiquidity Spread 0.01% - 19.6% 2.6% Total internal valuations 206,923 Other 1 248,247 Total Level 3 securities $ 455,170 December 31, 2022 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 81,867 Discounted Cash Flow Illiquidity Spread (4.4)% - 5.3% 1.3% CLO and other ABS 59,452 Discounted Cash Flow Illiquidity Spread 0.01% - 19.6% 2.5% Total internal valuations 141,319 Other 1 207,936 Total Level 3 securities $ 349,255 1 Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above. 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 June 30, 2023, and December 31, 2022: June 30, 2023 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Corporate securities $ 22,356 — 22,356 — Total HTM fixed income securities 22,356 — 22,356 — CMLs $ 163,068 — — 163,068 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 52,312 — 52,312 — 6.70% Senior Notes 102,386 — 102,386 — 5.375% Senior Notes 275,149 — 275,149 — 3.03% borrowings from FHLBI 57,011 — 57,011 — Total long-term debt $ 486,858 — 486,858 — December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Obligations of states and political subdivisions $ 3,405 — 3,405 — Corporate securities 26,432 — 26,432 — Total HTM fixed income securities $ 29,837 — 29,837 — CMLs $ 139,243 — — 139,243 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 51,705 — 51,705 — 6.70% Senior Notes 99,264 — 99,264 — 5.375% Senior Notes 258,459 — 258,459 — 3.03% borrowings from FHLBI 57,175 — 57,175 — Total long-term debt $ 466,603 — 466,603 — |
Allowance for Credit Losses on
Allowance for Credit Losses on Premiums Receivable (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Premiums Receivable Disclosure [Abstract] | |
Premiums Receivable Note [Text Block] | Premiums Receivable The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods: Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 17,100 $ 14,300 $ 16,100 $ 13,600 Current period change for expected credit losses 1,515 1,169 3,425 2,085 Write-offs charged against the allowance for credit losses (1,047) (918) (2,211) (1,438) Recoveries 332 349 586 653 Allowance for credit losses, end of period $ 17,900 $ 14,900 $ 17,900 $ 14,900 For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2023, and December 31, 2022: June 30, 2023 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 80,117 $ 888 $ 81,005 A+ 347,802 5,367 353,169 A 117,592 5,316 122,908 A- 3,599 89 3,688 Total rated reinsurers $ 549,110 $ 11,660 $ 560,770 Non-rated reinsurers Federal and state pools $ 80,629 $ — $ 80,629 Other than federal and state pools 6,717 475 7,192 Total non-rated reinsurers $ 87,346 $ 475 $ 87,821 Total reinsurance recoverable, gross $ 636,456 $ 12,135 $ 648,591 Less: allowance for credit losses (1,800) Total reinsurance recoverable, net $ 646,791 December 31, 2022 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 46,282 $ 1 $ 46,283 A+ 425,395 3,191 428,586 A 106,102 1,315 107,417 A- 7,148 89 7,237 Total rated reinsurers $ 584,927 $ 4,596 $ 589,523 Non-rated reinsurers Federal and state pools $ 180,794 $ — $ 180,794 Other than federal and state pools 13,678 415 14,093 Total non-rated reinsurers $ 194,472 $ 415 $ 194,887 Total reinsurance recoverable, gross $ 779,399 $ 5,011 $ 784,410 Less: allowance for credit losses (1,600) Total reinsurance recoverable, net $ 782,810 The $100.2 million decrease in "Federal and state pools" as of June 30, 2023, compared to December 31, 2022, was primarily due to a decrease in the NFIP reserves recorded as of December 31, 2022, for flood losses in Florida and surrounding states as a result of Hurricane Ian, which are 100% ceded to the NFIP. The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated: ($ in thousands) Quarter ended June 30, Six Months ended June 30, 2023 2022 2023 2022 Balance at beginning of period $ 2,300 1,600 $ 1,600 1,600 Current period change for expected credit losses (500) — 200 — Write-offs charged against the allowance for credit losses — — — — Recoveries — — — — Allowance for credit losses, end of period $ 1,800 1,600 $ 1,800 1,600 For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2022 Annual Report. The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report. Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Premiums written: Direct $ 1,232,496 1,050,506 $ 2,365,256 2,051,555 Assumed 5,577 8,552 10,971 13,866 Ceded (153,166) (128,317) (291,552) (244,882) Net $ 1,084,907 930,741 $ 2,084,675 1,820,539 Premiums earned: Direct $ 1,073,498 955,651 $ 2,105,726 1,887,027 Assumed 5,968 7,481 12,258 13,009 Ceded (137,316) (128,693) (273,498) (253,314) Net $ 942,150 834,439 $ 1,844,486 1,646,722 Loss and loss expenses incurred: Direct $ 698,994 559,913 $ 1,312,223 1,088,501 Assumed 5,678 5,125 10,933 9,403 Ceded (58,542) (40,170) (109,588) (78,800) Net $ 646,130 524,868 $ 1,213,568 1,019,104 |
Reserve for Loss and Loss Expen
Reserve for Loss and Loss Expense | 6 Months Ended |
Jun. 30, 2023 | |
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: Six Months ended June 30, ($ in thousands) 2023 2022 Gross reserve for loss and loss expense, at beginning of period $ 5,144,821 4,580,903 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period 757,513 578,641 Net reserve for loss and loss expense, at beginning of period 4,387,308 4,002,262 Incurred loss and loss expense for claims occurring in the: Current year 1,221,635 1,041,778 Prior years (8,067) (22,674) Total incurred loss and loss expense 1,213,568 1,019,104 Paid loss and loss expense for claims occurring in the: Current year 320,026 272,401 Prior years 720,314 570,868 Total paid loss and loss expense 1,040,340 843,269 Net reserve for loss and loss expense, at end of period 4,560,536 4,178,097 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period 616,487 544,082 Gross reserve for loss and loss expense, at end of period $ 5,177,023 4,722,179 Prior year reserve development in Six Months 2023 was favorable by $8.1 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $8.4 million of unfavorable property reserve development. The favorable casualty reserve development included $17.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $6.0 million of unfavorable casualty reserve development in our personal automobile line of business. Prior year reserve development in Six Months 2022 was favorable by $22.7 million, consisting of $32.0 million of favorable casualty reserve development, partially offset by $9.3 million of unfavorable property reserve development. The favorable casualty reserve development included $20.0 million in our workers compensation line of business, $7.0 million in our bonds line of business, and $5.0 million in our general liability line of business. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We evaluate the results of our four reportable segments as follows: • Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios. • Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results. In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets. The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments: Revenue by Segment Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Standard Commercial Lines: Net premiums earned: General liability $ 254,510 226,285 $ 497,859 442,610 Commercial automobile 225,067 198,381 442,438 392,211 Commercial property 141,348 123,562 276,640 243,624 Workers compensation 88,746 83,502 172,930 168,182 Businessowners' policies 34,385 31,508 67,556 61,552 Bonds 11,619 10,682 23,016 21,042 Other 7,034 6,317 13,885 12,485 Miscellaneous income 5,568 2,596 7,749 3,697 Total Standard Commercial Lines revenue 768,277 682,833 1,502,073 1,345,403 Standard Personal Lines: Net premiums earned: Personal automobile 48,230 39,952 93,144 79,668 Homeowners 36,902 31,630 71,915 62,817 Other 2,038 1,756 3,981 3,495 Miscellaneous income 536 441 989 869 Total Standard Personal Lines revenue 87,706 73,779 170,029 146,849 E&S Lines: Net premiums earned: Casualty lines 62,151 56,041 122,968 110,665 Property lines 30,120 24,823 58,154 48,371 Total E&S Lines revenue 92,271 80,864 181,122 159,036 Investments: Net investment income earned 97,696 70,222 189,202 142,824 Net realized and unrealized investment gains (losses) (5,426) (42,880) (2,082) (83,232) Total Investments revenue 92,270 27,342 187,120 59,592 Total revenues $ 1,040,524 864,818 $ 2,040,344 1,710,880 Income Before and After Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Standard Commercial Lines: Underwriting income (loss), before federal income tax $ 22,146 46,708 $ 61,067 89,092 Underwriting income (loss), after federal income tax 17,495 36,899 48,243 70,383 Combined ratio 97.1 % 93.1 95.9 93.4 ROE contribution 2.8 6.0 4.1 5.5 Standard Personal Lines: Underwriting income (loss), before federal income tax $ (23,060) (12,367) $ (36,133) (5,847) Underwriting income (loss), after federal income tax (18,217) (9,770) (28,545) (4,619) Combined ratio 126.5 % 116.9 121.4 104.0 ROE contribution (2.9) (1.6) (2.4) (0.4) E&S Lines: Underwriting income (loss), before federal income tax $ (612) 3,372 $ 12,723 10,297 Underwriting income (loss), after federal income tax (483) 2,664 10,051 8,135 Combined ratio 100.7 % 95.8 93.0 93.5 ROE contribution (0.1) 0.4 0.8 0.6 Investments: Net investment income earned $ 97,696 70,222 $ 189,202 142,824 Net realized and unrealized investment gains (losses) (5,426) (42,880) (2,082) (83,232) Total investments segment income, before federal income tax 92,270 27,342 187,120 59,592 Tax on investments segment income 18,745 4,559 37,901 10,172 Total investments segment income, after federal income tax $ 73,525 22,783 $ 149,219 49,420 ROE contribution of after-tax net investment income earned 12.6 9.1 12.5 8.9 Reconciliation of Segment Results to Income Before Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Underwriting income Standard Commercial Lines $ 22,146 46,708 $ 61,067 89,092 Standard Personal Lines (23,060) (12,367) (36,133) (5,847) E&S Lines (612) 3,372 12,723 10,297 Investment income 92,270 27,342 187,120 59,592 Total all segments 90,744 65,055 224,777 153,134 Interest expense (7,258) (7,252) (14,424) (14,420) Corporate expenses (9,329) (7,899) (21,437) (18,920) Income, before federal income tax $ 74,157 49,904 $ 188,916 119,794 Preferred stock dividends (2,300) (2,300) (4,600) (4,600) Income available to common stockholders, before federal income tax $ 71,857 47,604 $ 184,316 115,194 |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report. The following tables provide information about the Pension Plan: Pension Plan Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Net Periodic Pension Cost (Benefit): Interest cost $ 3,866 2,486 $ 7,732 4,972 Expected return on plan assets (5,772) (5,537) (11,545) (11,074) Amortization of unrecognized net actuarial loss 750 367 1,501 733 Total net periodic pension cost (benefit) 1 $ (1,156) (2,684) $ (2,312) (5,369) 1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. Pension Plan Six Months ended June 30, 2023 2022 Weighted-Average Expense Assumptions: Discount rate 5.21 % 2.98 % Effective interest rate for calculation of interest cost 5.09 2.48 Expected return on plan assets 6.90 5.00 |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Comprehensive Income The components of comprehensive income, both gross and net of tax, for Second Quarter 2023 and Six Months 2023 and Second Quarter 2022 and Six Months 2022 were as follows: Second Quarter 2023 ($ in thousands) Gross Tax Net Net income $ 74,157 15,549 58,608 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains (losses) during the period (60,681) (12,744) (47,937) Unrealized gains (losses) on securities with credit loss recognized in earnings (6,030) (1,266) (4,764) Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 9,383 1,970 7,413 Credit loss (benefit) expense (864) (181) (683) Total unrealized gains (losses) on investment securities (58,192) (12,221) (45,971) 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) (57,435) (12,062) (45,373) Comprehensive income (loss) $ 16,722 3,487 13,235 Second Quarter 2022 ($ in thousands) Gross Tax Net Net income $ 49,904 10,384 39,520 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the period (222,903) (46,810) (176,093) Unrealized gains (losses) on securities with credit loss recognized in earnings (72,691) (15,264) (57,427) Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 18,170 3,816 14,354 Credit loss (benefit) expense 15,519 3,258 12,261 Total unrealized gains (losses) on investment securities (261,905) (55,000) (206,905) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial (gain) loss 417 87 330 Total defined benefit pension and post-retirement plans 417 87 330 Other comprehensive income (loss) (261,488) (54,913) (206,575) Comprehensive income (loss) $ (211,584) (44,529) (167,055) Six Months 2023 ($ in thousands) Gross Tax Net Net income $ 188,916 37,734 151,182 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains (losses) during the period 5,244 1,102 4,142 Unrealized gains (losses) on securities with credit loss recognized in earnings 16,401 3,444 12,957 Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 15,487 3,252 12,235 Credit loss (benefit) expense (10,393) (2,183) (8,210) Total unrealized gains (losses) on investment securities 26,739 5,615 21,124 Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial (gain) loss 1,514 318 1,196 Total defined benefit pension and post-retirement plans 1,514 318 1,196 Other comprehensive income (loss) 28,253 5,933 22,320 Comprehensive income (loss) $ 217,169 43,667 173,502 Six Months 2022 ($ in thousands) Gross Tax Net Net income $ 119,794 23,944 95,850 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the period (484,735) (101,794) (382,941) Unrealized gains (losses) on securities with credit loss recognized in earnings (159,312) (33,455) (125,857) Amounts reclassified into net income: HTM securities 1 — 1 Net realized (gains) losses on disposals and intent-to-sell AFS securities 34,161 7,174 26,987 Credit loss (benefit) expense 37,571 7,889 29,682 Total unrealized gains (losses) on investment securities (572,314) (120,186) (452,128) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial (gain) loss 834 175 659 Total defined benefit pension and post-retirement plans 834 175 659 Other comprehensive income (loss) (571,480) (120,011) (451,469) Comprehensive income (loss) $ (451,686) (96,067) (355,619) The balances of, and changes in, each component of accumulated other comprehensive income ("AOCI") (net of taxes) as of June 30, 2023, were as follows: June 30, 2023 Net Unrealized Gains (Losses) on Investment Securities Defined Benefit Pension and Post-Retirement Plans Total AOCI ($ in thousands) Credit Loss Related 1 All Investments Balance, December 31, 2022 $ (121,838) (295,197) (417,035) (81,007) (498,042) OCI before reclassifications 12,957 4,142 17,099 — 17,099 Amounts reclassified from AOCI (8,210) 12,235 4,025 1,196 5,221 Net current period OCI 4,747 16,377 21,124 1,196 22,320 Balance, June 30, 2023 $ (117,091) (278,820) (395,911) (79,811) (475,722) 1 Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings. The reclassifications out of AOCI were as follows: Quarter ended June 30, Six Months ended June 30, Affected Line Item in the Unaudited Consolidated Statements of Income ($ in thousands) 2023 2022 2023 2022 HTM related Unrealized (gains) losses on HTM disposals $ — — $ — — Net realized and unrealized investment gains (losses) Amortization of net unrealized losses (gains) on HTM securities — — — 1 Net investment income earned — — — 1 Income before federal income tax — — — — Total federal income tax expense — — — 1 Net income Net realized (gains) losses on disposals and intent-to-sell AFS securities Net realized (gains) losses on disposals and intent-to-sell AFS securities 9,383 18,170 15,487 34,161 Net realized and unrealized investment gains (losses) 9,383 18,170 15,487 34,161 Income before federal income tax (1,970) (3,816) (3,252) (7,174) Total federal income tax expense 7,413 14,354 12,235 26,987 Net income Credit loss related Credit loss (benefit) expense (864) 15,519 (10,393) 37,571 Net realized and unrealized investment gains (losses) (864) 15,519 (10,393) 37,571 Income before federal income tax 181 (3,258) 2,183 (7,889) Total federal income tax expense (683) 12,261 (8,210) 29,682 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 173 84 348 180 Loss and loss expense incurred 584 333 1,166 654 Other insurance expenses Total defined benefit pension and post-retirement life 757 417 1,514 834 Income before federal income tax (159) (87) (318) (175) Total federal income tax expense 598 330 1,196 659 Net income Total reclassifications for the period $ 7,328 26,945 $ 5,221 57,329 Net income |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Common Share The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis: Quarter ended June 30, Six Months ended June 30, (in thousands, except per share amounts) 2023 2022 2023 2022 Net income available to common stockholders: $ 56,308 37,220 146,582 91,250 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 60,614 60,440 60,575 60,412 Effect of dilutive securities - stock compensation plans 323 407 343 416 Weighted average common shares outstanding - diluted 60,937 60,847 60,918 60,828 EPS: Basic $ 0.93 0.62 2.42 1.51 Diluted 0.92 0.61 2.41 1.50 |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2023 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Litigation | Litigation As of June 30, 2023, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows. All our commercial property and businessowners' policies require direct physical loss of or damage to property by a covered cause of loss. All our standard lines commercial property and businessowners' policies also include or attach an exclusion that states all loss or property damage caused by or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease is not a covered cause of loss ("Virus Exclusion"). Whether COVID-19-related contamination, the existence of the COVID-19 pandemic, and the resulting COVID-19-related government shutdown orders cause physical loss of or damage to property is the subject of much public debate and first-party coverage litigation against some insurers, including us. The Virus Exclusion is also the subject of first-party coverage litigation against some insurers, including us. To date, insurers (including us) have prevailed in the majority of these suits, with most decisions holding that COVID-19 does not cause physical loss of or damage to property and the Virus Exclusion is valid. Nonetheless, these two matters continue to be litigated in trial courts, are subject to review by state and federal appellate courts, and their ultimate outcome cannot be assured. From time to time, our Insurance Subsidiaries also are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe that we have valid defenses to these allegations, and we account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. As litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate, adverse outcomes could potentially have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements [Abstract] | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Six Months ended June 30, ($ in thousands) 2023 2022 Cash paid (received) during the period for: Interest $ 14,164 14,240 Federal income tax 34,000 40,200 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 4,038 4,086 Operating cash flows from financing leases 20 20 Financing cash flows from finance leases 1,231 1,202 Non-cash items: Corporate actions related to fixed income securities, available-for-sale ("AFS") 1 23,150 17,287 Conversion of AFS fixed income securities to equity securities — 1,463 Assets acquired under finance lease arrangements — 41 Assets acquired under operating lease arrangements 4,509 5,781 Non-cash purchase of property and equipment — 17 1 Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits. |
Schedule of Cash and Restricted Cash | ($ in thousands) June 30, 2023 December 31, 2022 Cash $ 354 26 Restricted cash 20,904 25,183 Total cash and restricted cash shown in the Consolidated Statements of Cash Flows $ 21,258 25,209 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Schedule of Investments [Line Items] | |
Schedule of Available-for-sale Securities | June 30, 2023 Cost/ Allowance for Credit Losses Unrealized Unrealized Fair ($ in thousands) AFS fixed income securities: U.S. government and government agencies $ 313,965 — — (20,943) 293,022 Foreign government 11,171 (34) — (1,318) 9,819 Obligations of states and political subdivisions 694,734 (769) 1,607 (37,544) 658,028 Corporate securities 2,585,819 (16,149) 4,964 (189,664) 2,384,970 Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") 1,739,788 (2,915) 3,353 (105,957) 1,634,269 Residential mortgage-backed securities ("RMBS") 1,520,170 (11,550) 1,024 (101,809) 1,407,835 Commercial mortgage-backed securities ("CMBS") 699,295 (8) 162 (55,044) 644,405 Total AFS fixed income securities $ 7,564,942 (31,425) 11,110 (512,279) 7,032,348 December 31, 2022 Cost/ Allowance for Credit Losses Unrealized Unrealized Fair ($ in thousands) AFS fixed income securities: U.S. government and government agencies $ 209,528 — 37 (20,326) 189,239 Foreign government 11,199 (284) — (1,307) 9,608 Obligations of states and political subdivisions 965,231 (1,024) 1,812 (48,001) 918,018 Corporate securities 2,558,655 (30,330) 3,509 (196,809) 2,335,025 CLO and other ABS 1,607,660 (2,375) 2,408 (121,720) 1,485,973 RMBS 1,169,546 (11,597) 1,148 (99,265) 1,059,832 CMBS 663,935 (111) 348 (49,760) 614,412 Total AFS fixed income securities $ 7,185,754 (45,721) 9,262 (537,188) 6,612,107 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | Quarter ended June 30, 2023 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 36 — — (2) — — 34 Obligations of states and political subdivisions 737 67 — (35) — — 769 Corporate securities 16,756 1,438 — (1,070) (939) (36) 16,149 CLO and other ABS 3,895 622 — (1,595) (7) — 2,915 RMBS 11,740 1 — (50) (141) — 11,550 CMBS 390 — — (240) (142) — 8 Total AFS fixed income securities $ 33,554 2,128 — (2,992) (1,229) (36) 31,425 Quarter ended June 30, 2022 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 150 117 — 12 (14) — 265 Obligations of states and political subdivisions 1,991 534 — (1,166) (153) — 1,206 Corporate securities 23,066 8,323 — 5,732 (1,944) (105) 35,072 CLO and other ABS 2,283 530 — 819 (9) — 3,623 RMBS 10,029 173 — 507 (93) — 10,616 CMBS 80 — — (62) — — 18 Total AFS fixed income securities $ 37,599 9,677 — 5,842 (2,213) (105) 50,800 Six Months ended June 30, 2023 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 284 — — (250) — — 34 Obligations of states and political subdivisions 1,024 67 — (239) (83) — 769 Corporate securities 30,330 4,141 — (14,884) (3,387) (51) 16,149 CLO and other ABS 2,375 677 — (127) (10) — 2,915 RMBS 11,597 8 — 174 (229) — 11,550 CMBS 111 1 — 39 (143) — 8 Total AFS fixed income securities $ 45,721 4,894 — (15,287) (3,852) (51) 31,425 Six Months ended June 30, 2022 Beginning Balance Current Provision for Securities without Prior Allowance Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities Reductions for Securities Sold Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period Ending Balance ($ in thousands) Foreign government $ 46 236 — (3) (14) — 265 Obligations of states and political subdivisions 137 1,237 — (4) (164) — 1,206 Corporate securities 6,682 28,243 — 4,542 (3,191) (1,204) 35,072 CLO and other ABS 939 2,058 — 637 (11) — 3,623 RMBS 1,909 174 8,318 443 (228) — 10,616 CMBS 11 17 — (10) — — 18 Total AFS fixed income securities $ 9,724 31,965 8,318 5,605 (3,608) (1,204) 50,800 |
Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities by Length of Time, AFS | June 30, 2023 Less than 12 months 12 months or longer Total ($ in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 208,153 (2,831) 84,869 (18,112) 293,022 (20,943) Foreign government 4,380 (247) 5,439 (1,071) 9,819 (1,318) Obligations of states and political subdivisions 337,606 (5,554) 229,922 (31,990) 567,528 (37,544) Corporate securities 1,101,756 (40,711) 895,497 (148,953) 1,997,253 (189,664) CLO and other ABS 523,727 (17,268) 924,490 (88,689) 1,448,217 (105,957) RMBS 792,885 (26,269) 538,073 (75,540) 1,330,958 (101,809) CMBS 291,078 (12,882) 344,647 (42,162) 635,725 (55,044) Total AFS fixed income securities $ 3,259,585 (105,762) 3,022,937 (406,517) 6,282,522 (512,279) December 31, 2022 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Value Unrealized Fair Value Unrealized AFS fixed income securities: U.S. government and government agencies $ 166,975 (13,658) 16,011 (6,668) 182,986 (20,326) Foreign government 5,573 (608) 2,456 (699) 8,029 (1,307) Obligations of states and political subdivisions 681,795 (43,767) 16,618 (4,234) 698,413 (48,001) Corporate securities 1,889,492 (164,197) 133,223 (32,612) 2,022,715 (196,809) CLO and other ABS 916,423 (69,155) 411,283 (52,565) 1,327,706 (121,720) RMBS 887,229 (76,432) 108,041 (22,833) 995,270 (99,265) CMBS 512,953 (37,815) 77,181 (11,945) 590,134 (49,760) Total AFS fixed income securities $ 5,060,440 (405,632) 764,813 (131,556) 5,825,253 (537,188) |
Schedule of Fixed Maturity Securities By Contractual Maturities | AFS HTM ($ in thousands) Fair Value Carrying Value Fair Value Due in one year or less $ 369,240 443 442 Due after one year through five years 3,056,529 13,942 13,233 Due after five years through 10 years 2,912,169 9,291 8,681 Due after 10 years 694,410 — — Total fixed income securities $ 7,032,348 23,676 22,356 |
Schedule of Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy | June 30, 2023 December 31, 2022 ($ in thousands) Carrying Value Remaining Commitment Maximum Exposure to Loss Carrying Value Remaining Commitment Maximum Exposure to Loss Alternative Investments Private equity $ 298,219 124,213 422,432 280,980 134,676 415,656 Private credit 52,379 138,691 191,070 54,866 89,481 144,347 Real assets 38,575 19,553 58,128 35,470 21,945 57,415 Total alternative investments $ 389,173 282,457 671,630 371,316 246,102 617,418 |
Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio | Income Statement Information Quarter ended June 30, Six Months ended June 30, ($ in millions) 2023 2022 2023 2022 Net investment income (loss) $ (70.6) 270.9 $ (141.3) 406.5 Realized gains 922.0 6,233.5 2,644.3 8,981.5 Net change in unrealized appreciation (depreciation) 3,754.0 (3,962.4) 5,197.8 1,215.9 Net income $ 4,605.4 2,542.0 $ 7,700.8 10,603.9 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income $ 11.4 9.3 $ 19.2 28.4 |
Schedule of Securities Pledged As Collateral | ($ in millions) FHLBI Collateral FHLBNY Collateral State and Total U.S. government and government agencies $ — — 19.4 19.4 Obligations of states and political subdivisions — — 3.5 3.5 RMBS 62.1 26.9 — 89.0 CMBS 2.9 8.7 — 11.6 Total pledged as collateral $ 65.0 35.6 22.9 123.5 |
Schedule of Pre-Tax Net Investment Income Earned | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Fixed income securities $ 83,916 62,144 $ 164,003 116,069 Commercial mortgage loans ("CMLs") 2,199 1,192 4,164 2,162 Equity securities 2,236 2,639 3,441 5,057 Short-term investments 2,892 407 7,542 508 Alternative investments 11,396 9,274 19,164 28,402 Other investments 188 (214) 231 (37) Investment expenses (5,131) (5,220) (9,343) (9,337) Net investment income earned $ 97,696 70,222 $ 189,202 142,824 |
Schedule of realized and unrealized gains (losses) on securities | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Gross gains on sales $ 1,156 14,552 $ 4,940 16,749 Gross losses on sales (11,952) (19,345) (24,882) (32,905) Net realized gains (losses) on disposals (10,796) (4,793) (19,942) (16,156) Net unrealized gains (losses) on equity securities 4,925 (21,860) 8,173 (24,014) Net credit loss benefit (expense) on fixed income securities, AFS 864 (15,519) 10,393 (37,571) Net credit loss benefit (expense) on fixed income securities, HTM — (6) — 8 Net credit loss (expense) on CMLs (78) — (61) — Losses on securities for which we have the intent to sell (341) (702) (645) (5,499) Net realized and unrealized investment gains (losses) $ (5,426) (42,880) $ (2,082) (83,232) |
Unrealized Gain (Loss) on Equity Securities | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Unrealized gains (losses) recognized in income on equity securities: On securities remaining in our portfolio at end of period $ 2,784 (13,031) $ 2,685 (14,843) On securities sold in period 2,141 (8,829) 5,488 (9,171) Total unrealized gains (losses) recognized in income on equity securities $ 4,925 (21,860) $ 8,173 (24,014) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities | June 30, 2023 December 31, 2022 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,924 52,312 49,921 51,705 6.70% Senior Notes 99,553 102,386 99,542 99,264 5.375% Senior Notes 294,472 275,149 294,424 258,459 3.03% borrowings from FHLBI 60,000 57,011 60,000 57,175 Subtotal long-term debt 503,949 486,858 503,887 466,603 Unamortized debt issuance costs (2,814) (2,929) Finance lease obligations 2,487 3,718 Total long-term debt $ 503,622 504,676 |
Schedule of Quantitative Disclosures of Our Financial Assets That Were Measured At Fair Value | June 30, 2023 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Other Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 293,022 145,044 147,978 — Foreign government 9,819 — 9,819 — Obligations of states and political subdivisions 658,028 — 651,312 6,716 Corporate securities 2,384,970 — 2,139,481 245,489 CLO and other ABS 1,634,269 — 1,432,343 201,926 RMBS 1,407,835 — 1,407,835 — CMBS 644,405 — 644,028 377 Total AFS fixed income securities 7,032,348 145,044 6,432,796 454,508 Equity securities: Common stock 1 119,867 21,304 — 662 Preferred stock 1,773 1,773 — — Total equity securities 121,640 23,077 — 662 Short-term investments 319,456 315,574 3,882 — Total assets measured at fair value $ 7,473,444 483,695 6,436,678 455,170 December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets Quoted Prices in Significant Significant Unobservable Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 189,239 109,240 79,999 — Foreign government 9,608 — 9,608 — Obligations of states and political subdivisions 918,018 — 911,357 6,661 Corporate securities 2,335,025 — 2,147,045 187,980 CLO and other ABS 1,485,973 — 1,332,631 153,342 RMBS 1,059,832 — 1,059,832 — CMBS 614,412 — 614,037 375 Total AFS fixed income securities 6,612,107 109,240 6,154,509 348,358 Equity securities: Common stock 1 160,355 55,846 — 897 Preferred stock 1,645 1,645 — — Total equity securities 162,000 57,491 — 897 Short-term investments 440,456 418,199 22,257 — Total assets measured at fair value $ 7,214,563 584,930 6,176,766 349,255 |
Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs | June 30, 2023 ($ in thousands) Obligations of States and Political Subdivisions Corporate Securities CLO and Other ABS CMBS Common Stock Total Fair value, December 31, 2022 $ 6,661 187,980 153,342 375 897 349,255 Total net gains (losses) for the period included in: Other comprehensive income (loss) ("OCI") (7) 1,857 (1,168) 64 — 746 Net realized and unrealized gains (losses) 62 251 17 — (235) 95 Net investment income earned — 112 (20) (263) — (171) Purchases — 58,586 39,713 — — 98,299 Sales — — — — — — Issuances — — — — — — Settlements — (5,535) (3,153) (21) — (8,709) Transfers into Level 3 — 2,238 14,148 2,848 — 19,234 Transfers out of Level 3 — — (953) (2,626) — (3,579) Fair value, June 30, 2023 $ 6,716 245,489 201,926 377 662 455,170 Change in unrealized gains (losses) for the period included in earnings for assets held at period end 62 251 17 — (235) 95 Change in unrealized gains (losses) for the period included in OCI for assets held at period end (7) 1,846 (1,168) 64 — 735 June 30, 2022 ($ in thousands) Obligation of state and Political Subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Total Fair value, December 31, 2021 $ 7,745 114,127 124,909 245 4,256 251,282 Total net gains (losses) for the period included in: OCI (581) (16,422) (8,592) (17) (446) (26,058) Net realized and unrealized gains (losses) (156) (2,047) (777) — (7) (2,987) Net investment income earned — 14 68 — 47 129 Purchases — 55,343 39,133 — — 94,476 Sales — — — — — — Issuances — — — — — — Settlements — (3,903) (6,479) (11) (12) (10,405) Transfers into Level 3 — 19,214 — — — 19,214 Transfers out of Level 3 — (7,037) (24,646) (217) (3,431) (35,331) Fair value, June 30, 2022 $ 7,008 159,289 123,616 — 407 290,320 Change in unrealized gains (losses) for the period included in earnings for assets held at period end (156) (2,047) (777) — (7) (2,987) Change in unrealized gains (losses) for the period included in OCI for assets held at period end (581) (16,424) (8,551) (17) (446) (26,019) |
Fair Value Measurement Inputs and Valuation Techniques | June 30, 2023 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 116,155 Discounted Cash Flow Illiquidity Spread (4.4)% - 5.3% 2.2% CLO and other ABS 90,768 Discounted Cash Flow Illiquidity Spread 0.01% - 19.6% 2.6% Total internal valuations 206,923 Other 1 248,247 Total Level 3 securities $ 455,170 December 31, 2022 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 81,867 Discounted Cash Flow Illiquidity Spread (4.4)% - 5.3% 1.3% CLO and other ABS 59,452 Discounted Cash Flow Illiquidity Spread 0.01% - 19.6% 2.5% Total internal valuations 141,319 Other 1 207,936 Total Level 3 securities $ 349,255 1 Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above. |
Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value | June 30, 2023 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Corporate securities $ 22,356 — 22,356 — Total HTM fixed income securities 22,356 — 22,356 — CMLs $ 163,068 — — 163,068 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 52,312 — 52,312 — 6.70% Senior Notes 102,386 — 102,386 — 5.375% Senior Notes 275,149 — 275,149 — 3.03% borrowings from FHLBI 57,011 — 57,011 — Total long-term debt $ 486,858 — 486,858 — December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets/ Quoted Prices in Significant Other Significant Financial Assets HTM: Obligations of states and political subdivisions $ 3,405 — 3,405 — Corporate securities 26,432 — 26,432 — Total HTM fixed income securities $ 29,837 — 29,837 — CMLs $ 139,243 — — 139,243 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 51,705 — 51,705 — 6.70% Senior Notes 99,264 — 99,264 — 5.375% Senior Notes 258,459 — 258,459 — 3.03% borrowings from FHLBI 57,175 — 57,175 — Total long-term debt $ 466,603 — 466,603 — |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Premiums Receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Premiums Receivable Disclosure [Abstract] | |
Allowance for Credit Losses on Premiums Receivable [Table Text Block] | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 17,100 $ 14,300 $ 16,100 $ 13,600 Current period change for expected credit losses 1,515 1,169 3,425 2,085 Write-offs charged against the allowance for credit losses (1,047) (918) (2,211) (1,438) Recoveries 332 349 586 653 Allowance for credit losses, end of period $ 17,900 $ 14,900 $ 17,900 $ 14,900 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable, Credit Quality Indicator [Table Text Block] | June 30, 2023 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 80,117 $ 888 $ 81,005 A+ 347,802 5,367 353,169 A 117,592 5,316 122,908 A- 3,599 89 3,688 Total rated reinsurers $ 549,110 $ 11,660 $ 560,770 Non-rated reinsurers Federal and state pools $ 80,629 $ — $ 80,629 Other than federal and state pools 6,717 475 7,192 Total non-rated reinsurers $ 87,346 $ 475 $ 87,821 Total reinsurance recoverable, gross $ 636,456 $ 12,135 $ 648,591 Less: allowance for credit losses (1,800) Total reinsurance recoverable, net $ 646,791 December 31, 2022 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 46,282 $ 1 $ 46,283 A+ 425,395 3,191 428,586 A 106,102 1,315 107,417 A- 7,148 89 7,237 Total rated reinsurers $ 584,927 $ 4,596 $ 589,523 Non-rated reinsurers Federal and state pools $ 180,794 $ — $ 180,794 Other than federal and state pools 13,678 415 14,093 Total non-rated reinsurers $ 194,472 $ 415 $ 194,887 Total reinsurance recoverable, gross $ 779,399 $ 5,011 $ 784,410 Less: allowance for credit losses (1,600) Total reinsurance recoverable, net $ 782,810 |
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block] | ($ in thousands) Quarter ended June 30, Six Months ended June 30, 2023 2022 2023 2022 Balance at beginning of period $ 2,300 1,600 $ 1,600 1,600 Current period change for expected credit losses (500) — 200 — Write-offs charged against the allowance for credit losses — — — — Recoveries — — — — Allowance for credit losses, end of period $ 1,800 1,600 $ 1,800 1,600 |
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts | Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Premiums written: Direct $ 1,232,496 1,050,506 $ 2,365,256 2,051,555 Assumed 5,577 8,552 10,971 13,866 Ceded (153,166) (128,317) (291,552) (244,882) Net $ 1,084,907 930,741 $ 2,084,675 1,820,539 Premiums earned: Direct $ 1,073,498 955,651 $ 2,105,726 1,887,027 Assumed 5,968 7,481 12,258 13,009 Ceded (137,316) (128,693) (273,498) (253,314) Net $ 942,150 834,439 $ 1,844,486 1,646,722 Loss and loss expenses incurred: Direct $ 698,994 559,913 $ 1,312,223 1,088,501 Assumed 5,678 5,125 10,933 9,403 Ceded (58,542) (40,170) (109,588) (78,800) Net $ 646,130 524,868 $ 1,213,568 1,019,104 |
Reserve for Loss and Loss Exp_2
Reserve for Loss and Loss Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Roll Forward of Reserve for Loss and Loss Expense | Six Months ended June 30, ($ in thousands) 2023 2022 Gross reserve for loss and loss expense, at beginning of period $ 5,144,821 4,580,903 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period 757,513 578,641 Net reserve for loss and loss expense, at beginning of period 4,387,308 4,002,262 Incurred loss and loss expense for claims occurring in the: Current year 1,221,635 1,041,778 Prior years (8,067) (22,674) Total incurred loss and loss expense 1,213,568 1,019,104 Paid loss and loss expense for claims occurring in the: Current year 320,026 272,401 Prior years 720,314 570,868 Total paid loss and loss expense 1,040,340 843,269 Net reserve for loss and loss expense, at end of period 4,560,536 4,178,097 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period 616,487 544,082 Gross reserve for loss and loss expense, at end of period $ 5,177,023 4,722,179 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue By Segment | Revenue by Segment Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Standard Commercial Lines: Net premiums earned: General liability $ 254,510 226,285 $ 497,859 442,610 Commercial automobile 225,067 198,381 442,438 392,211 Commercial property 141,348 123,562 276,640 243,624 Workers compensation 88,746 83,502 172,930 168,182 Businessowners' policies 34,385 31,508 67,556 61,552 Bonds 11,619 10,682 23,016 21,042 Other 7,034 6,317 13,885 12,485 Miscellaneous income 5,568 2,596 7,749 3,697 Total Standard Commercial Lines revenue 768,277 682,833 1,502,073 1,345,403 Standard Personal Lines: Net premiums earned: Personal automobile 48,230 39,952 93,144 79,668 Homeowners 36,902 31,630 71,915 62,817 Other 2,038 1,756 3,981 3,495 Miscellaneous income 536 441 989 869 Total Standard Personal Lines revenue 87,706 73,779 170,029 146,849 E&S Lines: Net premiums earned: Casualty lines 62,151 56,041 122,968 110,665 Property lines 30,120 24,823 58,154 48,371 Total E&S Lines revenue 92,271 80,864 181,122 159,036 Investments: Net investment income earned 97,696 70,222 189,202 142,824 Net realized and unrealized investment gains (losses) (5,426) (42,880) (2,082) (83,232) Total Investments revenue 92,270 27,342 187,120 59,592 Total revenues $ 1,040,524 864,818 $ 2,040,344 1,710,880 |
Schedule of Income Before and After Federal Income Tax | Income Before and After Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Standard Commercial Lines: Underwriting income (loss), before federal income tax $ 22,146 46,708 $ 61,067 89,092 Underwriting income (loss), after federal income tax 17,495 36,899 48,243 70,383 Combined ratio 97.1 % 93.1 95.9 93.4 ROE contribution 2.8 6.0 4.1 5.5 Standard Personal Lines: Underwriting income (loss), before federal income tax $ (23,060) (12,367) $ (36,133) (5,847) Underwriting income (loss), after federal income tax (18,217) (9,770) (28,545) (4,619) Combined ratio 126.5 % 116.9 121.4 104.0 ROE contribution (2.9) (1.6) (2.4) (0.4) E&S Lines: Underwriting income (loss), before federal income tax $ (612) 3,372 $ 12,723 10,297 Underwriting income (loss), after federal income tax (483) 2,664 10,051 8,135 Combined ratio 100.7 % 95.8 93.0 93.5 ROE contribution (0.1) 0.4 0.8 0.6 Investments: Net investment income earned $ 97,696 70,222 $ 189,202 142,824 Net realized and unrealized investment gains (losses) (5,426) (42,880) (2,082) (83,232) Total investments segment income, before federal income tax 92,270 27,342 187,120 59,592 Tax on investments segment income 18,745 4,559 37,901 10,172 Total investments segment income, after federal income tax $ 73,525 22,783 $ 149,219 49,420 ROE contribution of after-tax net investment income earned 12.6 9.1 12.5 8.9 |
Schedule of Reconciliation of Segment Results to Income Before Federal Income Tax | Reconciliation of Segment Results to Income Before Federal Income Tax Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Underwriting income Standard Commercial Lines $ 22,146 46,708 $ 61,067 89,092 Standard Personal Lines (23,060) (12,367) (36,133) (5,847) E&S Lines (612) 3,372 12,723 10,297 Investment income 92,270 27,342 187,120 59,592 Total all segments 90,744 65,055 224,777 153,134 Interest expense (7,258) (7,252) (14,424) (14,420) Corporate expenses (9,329) (7,899) (21,437) (18,920) Income, before federal income tax $ 74,157 49,904 $ 188,916 119,794 Preferred stock dividends (2,300) (2,300) (4,600) (4,600) Income available to common stockholders, before federal income tax $ 71,857 47,604 $ 184,316 115,194 |
Retirement Plans (Table)
Retirement Plans (Table) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | Pension Plan Quarter ended June 30, Six Months ended June 30, ($ in thousands) 2023 2022 2023 2022 Net Periodic Pension Cost (Benefit): Interest cost $ 3,866 2,486 $ 7,732 4,972 Expected return on plan assets (5,772) (5,537) (11,545) (11,074) Amortization of unrecognized net actuarial loss 750 367 1,501 733 Total net periodic pension cost (benefit) 1 $ (1,156) (2,684) $ (2,312) (5,369) 1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. |
Schedule of Weighted-Average Expense Assumptions | Pension Plan Six Months ended June 30, 2023 2022 Weighted-Average Expense Assumptions: Discount rate 5.21 % 2.98 % Effective interest rate for calculation of interest cost 5.09 2.48 Expected return on plan assets 6.90 5.00 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Components of Comprehensive Income-Gross and Net of Tax | Second Quarter 2023 ($ in thousands) Gross Tax Net Net income $ 74,157 15,549 58,608 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains (losses) during the period (60,681) (12,744) (47,937) Unrealized gains (losses) on securities with credit loss recognized in earnings (6,030) (1,266) (4,764) Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 9,383 1,970 7,413 Credit loss (benefit) expense (864) (181) (683) Total unrealized gains (losses) on investment securities (58,192) (12,221) (45,971) 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) (57,435) (12,062) (45,373) Comprehensive income (loss) $ 16,722 3,487 13,235 Second Quarter 2022 ($ in thousands) Gross Tax Net Net income $ 49,904 10,384 39,520 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the period (222,903) (46,810) (176,093) Unrealized gains (losses) on securities with credit loss recognized in earnings (72,691) (15,264) (57,427) Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 18,170 3,816 14,354 Credit loss (benefit) expense 15,519 3,258 12,261 Total unrealized gains (losses) on investment securities (261,905) (55,000) (206,905) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial (gain) loss 417 87 330 Total defined benefit pension and post-retirement plans 417 87 330 Other comprehensive income (loss) (261,488) (54,913) (206,575) Comprehensive income (loss) $ (211,584) (44,529) (167,055) Six Months 2023 ($ in thousands) Gross Tax Net Net income $ 188,916 37,734 151,182 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains (losses) during the period 5,244 1,102 4,142 Unrealized gains (losses) on securities with credit loss recognized in earnings 16,401 3,444 12,957 Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 15,487 3,252 12,235 Credit loss (benefit) expense (10,393) (2,183) (8,210) Total unrealized gains (losses) on investment securities 26,739 5,615 21,124 Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial (gain) loss 1,514 318 1,196 Total defined benefit pension and post-retirement plans 1,514 318 1,196 Other comprehensive income (loss) 28,253 5,933 22,320 Comprehensive income (loss) $ 217,169 43,667 173,502 Six Months 2022 ($ in thousands) Gross Tax Net Net income $ 119,794 23,944 95,850 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the period (484,735) (101,794) (382,941) Unrealized gains (losses) on securities with credit loss recognized in earnings (159,312) (33,455) (125,857) Amounts reclassified into net income: HTM securities 1 — 1 Net realized (gains) losses on disposals and intent-to-sell AFS securities 34,161 7,174 26,987 Credit loss (benefit) expense 37,571 7,889 29,682 Total unrealized gains (losses) on investment securities (572,314) (120,186) (452,128) Defined benefit pension and post-retirement plans: Amounts reclassified into net income: Net actuarial (gain) loss 834 175 659 Total defined benefit pension and post-retirement plans 834 175 659 Other comprehensive income (loss) (571,480) (120,011) (451,469) Comprehensive income (loss) $ (451,686) (96,067) (355,619) |
Schedule of Components of Accumulated Other Comprehensive Income Net of Tax | June 30, 2023 Net Unrealized Gains (Losses) on Investment Securities Defined Benefit Pension and Post-Retirement Plans Total AOCI ($ in thousands) Credit Loss Related 1 All Investments Balance, December 31, 2022 $ (121,838) (295,197) (417,035) (81,007) (498,042) OCI before reclassifications 12,957 4,142 17,099 — 17,099 Amounts reclassified from AOCI (8,210) 12,235 4,025 1,196 5,221 Net current period OCI 4,747 16,377 21,124 1,196 22,320 Balance, June 30, 2023 $ (117,091) (278,820) (395,911) (79,811) (475,722) 1 Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings. |
Schedule of Reclassifications Out Of Accumulated Other Comprehensive Income | Quarter ended June 30, Six Months ended June 30, Affected Line Item in the Unaudited Consolidated Statements of Income ($ in thousands) 2023 2022 2023 2022 HTM related Unrealized (gains) losses on HTM disposals $ — — $ — — Net realized and unrealized investment gains (losses) Amortization of net unrealized losses (gains) on HTM securities — — — 1 Net investment income earned — — — 1 Income before federal income tax — — — — Total federal income tax expense — — — 1 Net income Net realized (gains) losses on disposals and intent-to-sell AFS securities Net realized (gains) losses on disposals and intent-to-sell AFS securities 9,383 18,170 15,487 34,161 Net realized and unrealized investment gains (losses) 9,383 18,170 15,487 34,161 Income before federal income tax (1,970) (3,816) (3,252) (7,174) Total federal income tax expense 7,413 14,354 12,235 26,987 Net income Credit loss related Credit loss (benefit) expense (864) 15,519 (10,393) 37,571 Net realized and unrealized investment gains (losses) (864) 15,519 (10,393) 37,571 Income before federal income tax 181 (3,258) 2,183 (7,889) Total federal income tax expense (683) 12,261 (8,210) 29,682 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 173 84 348 180 Loss and loss expense incurred 584 333 1,166 654 Other insurance expenses Total defined benefit pension and post-retirement life 757 417 1,514 834 Income before federal income tax (159) (87) (318) (175) Total federal income tax expense 598 330 1,196 659 Net income Total reclassifications for the period $ 7,328 26,945 $ 5,221 57,329 Net income |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Quarter ended June 30, Six Months ended June 30, (in thousands, except per share amounts) 2023 2022 2023 2022 Net income available to common stockholders: $ 56,308 37,220 146,582 91,250 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 60,614 60,440 60,575 60,412 Effect of dilutive securities - stock compensation plans 323 407 343 416 Weighted average common shares outstanding - diluted 60,937 60,847 60,918 60,828 EPS: Basic $ 0.93 0.62 2.42 1.51 Diluted 0.92 0.61 2.41 1.50 |
Statements of Cash Flows (Cash
Statements of Cash Flows (Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Interest | $ 14,164 | $ 14,240 | |
Federal income tax | 34,000 | 40,200 | |
Operating cash flows from operating leases | 4,038 | 4,086 | |
Operating cash flows from financing leases | 20 | 20 | |
Financing cash flows from finance leases | 1,231 | 1,202 | |
Assets acquired under finance lease arrangements | 0 | 41 | |
Assets acquired under operating lease arrangements | 4,509 | 5,781 | |
Non-cash purchase of property and equipment | 0 | 17 | |
Available-for-sale Securities | |||
Corporate actions related to securities | [1] | 23,150 | 17,287 |
Equity Securities [Member] | |||
Conversion of AFS fixed income securities to equity securities | $ 0 | $ 1,463 | |
[1]Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits. |
Statements of Cash Flows (Sched
Statements of Cash Flows (Schedule of Cash and Restricted Cash) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Cash and Restricted Cash [Line Items] | ||||
Cash | $ 354 | $ 26 | ||
Restricted cash | 20,904 | 25,183 | ||
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | $ 21,258 | $ 25,209 | $ 7,566 | $ 45,063 |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities Disclosure) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | $ 7,564,942 | $ 7,185,754 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (31,425) | $ (33,554) | (45,721) | $ (50,800) | $ (37,599) | $ (9,724) |
Unrealized gains | 11,110 | 9,262 | ||||
Unrealized losses | (512,279) | (537,188) | ||||
Debt Securities, Available-for-sale, Fair Value | 7,032,348 | 6,612,107 | ||||
U.S. Government and Government Agencies [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | 313,965 | 209,528 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Unrealized gains | 0 | 37 | ||||
Unrealized losses | (20,943) | (20,326) | ||||
Debt Securities, Available-for-sale, Fair Value | 293,022 | 189,239 | ||||
Foreign Government [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | 11,171 | 11,199 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (34) | (36) | (284) | (265) | (150) | (46) |
Unrealized gains | 0 | 0 | ||||
Unrealized losses | (1,318) | (1,307) | ||||
Debt Securities, Available-for-sale, Fair Value | 9,819 | 9,608 | ||||
Obligations of States and Political Subdivisions [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | 694,734 | 965,231 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (769) | (737) | (1,024) | (1,206) | (1,991) | (137) |
Unrealized gains | 1,607 | 1,812 | ||||
Unrealized losses | (37,544) | (48,001) | ||||
Debt Securities, Available-for-sale, Fair Value | 658,028 | 918,018 | ||||
Corporate Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | 2,585,819 | 2,558,655 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (16,149) | (16,756) | (30,330) | (35,072) | (23,066) | (6,682) |
Unrealized gains | 4,964 | 3,509 | ||||
Unrealized losses | (189,664) | (196,809) | ||||
Debt Securities, Available-for-sale, Fair Value | 2,384,970 | 2,335,025 | ||||
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | 1,739,788 | 1,607,660 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (2,915) | (3,895) | (2,375) | (3,623) | (2,283) | (939) |
Unrealized gains | 3,353 | 2,408 | ||||
Unrealized losses | (105,957) | (121,720) | ||||
Debt Securities, Available-for-sale, Fair Value | 1,634,269 | 1,485,973 | ||||
Residential Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | 1,520,170 | 1,169,546 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (11,550) | (11,740) | (11,597) | (10,616) | (10,029) | (1,909) |
Unrealized gains | 1,024 | 1,148 | ||||
Unrealized losses | (101,809) | (99,265) | ||||
Debt Securities, Available-for-sale, Fair Value | 1,407,835 | 1,059,832 | ||||
Commercial Mortgage Backed Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fixed income securities, available-for-sale, amortized cost | 699,295 | 663,935 | ||||
Fixed Income Securities, Available-for-sale, Allowance for Credit Loss | (8) | $ (390) | (111) | $ (18) | $ (80) | $ (11) |
Unrealized gains | 162 | 348 | ||||
Unrealized losses | (55,044) | (49,760) | ||||
Debt Securities, Available-for-sale, Fair Value | $ 644,405 | $ 614,412 |
Investments (Available-for-sa_2
Investments (Available-for-sale allowance for credit losses roll forward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Period Beginning Balance | $ 33,554 | $ 37,599 | $ 45,721 | $ 9,724 |
Current provision for securities without prior allowance | 2,128 | 9,677 | 4,894 | 31,965 |
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | 0 | 0 | 0 | 8,318 |
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (2,992) | 5,842 | (15,287) | 5,605 |
Reductions for securities sold | (1,229) | (2,213) | (3,852) | (3,608) |
Reductions for securities identified as intent (or requirement) to sell during the period | (36) | (105) | (51) | (1,204) |
Allowance for Credit Losses, Period Ending Balance | 31,425 | 50,800 | 31,425 | 50,800 |
Foreign Government [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Period Beginning Balance | 36 | 150 | 284 | 46 |
Current provision for securities without prior allowance | 0 | 117 | 0 | 236 |
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | 0 | 0 | 0 | 0 |
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (2) | 12 | (250) | (3) |
Reductions for securities sold | 0 | (14) | 0 | (14) |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | 0 | 0 |
Allowance for Credit Losses, Period Ending Balance | 34 | 265 | 34 | 265 |
Obligations of States and Political Subdivisions [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Period Beginning Balance | 737 | 1,991 | 1,024 | 137 |
Current provision for securities without prior allowance | 67 | 534 | 67 | 1,237 |
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | 0 | 0 | 0 | 0 |
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (35) | (1,166) | (239) | (4) |
Reductions for securities sold | 0 | (153) | (83) | (164) |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | 0 | 0 |
Allowance for Credit Losses, Period Ending Balance | 769 | 1,206 | 769 | 1,206 |
Corporate Securities [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Period Beginning Balance | 16,756 | 23,066 | 30,330 | 6,682 |
Current provision for securities without prior allowance | 1,438 | 8,323 | 4,141 | 28,243 |
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | 0 | 0 | 0 | 0 |
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (1,070) | 5,732 | (14,884) | 4,542 |
Reductions for securities sold | (939) | (1,944) | (3,387) | (3,191) |
Reductions for securities identified as intent (or requirement) to sell during the period | (36) | (105) | (51) | (1,204) |
Allowance for Credit Losses, Period Ending Balance | 16,149 | 35,072 | 16,149 | 35,072 |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Period Beginning Balance | 3,895 | 2,283 | 2,375 | 939 |
Current provision for securities without prior allowance | 622 | 530 | 677 | 2,058 |
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | 0 | 0 | 0 | 0 |
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (1,595) | 819 | (127) | 637 |
Reductions for securities sold | (7) | (9) | (10) | (11) |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | 0 | 0 |
Allowance for Credit Losses, Period Ending Balance | 2,915 | 3,623 | 2,915 | 3,623 |
Residential Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Period Beginning Balance | 11,740 | 10,029 | 11,597 | 1,909 |
Current provision for securities without prior allowance | 1 | 173 | 8 | 174 |
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | 0 | 0 | 0 | 8,318 |
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (50) | 507 | 174 | 443 |
Reductions for securities sold | (141) | (93) | (229) | (228) |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | 0 | 0 |
Allowance for Credit Losses, Period Ending Balance | 11,550 | 10,616 | 11,550 | 10,616 |
Commercial Mortgage Backed Securities [Member] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Period Beginning Balance | 390 | 80 | 111 | 11 |
Current provision for securities without prior allowance | 0 | 0 | 1 | 17 |
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration | 0 | 0 | 0 | 0 |
Increase (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (240) | (62) | 39 | (10) |
Reductions for securities sold | (142) | 0 | (143) | 0 |
Reductions for securities identified as intent (or requirement) to sell during the period | 0 | 0 | 0 | 0 |
Allowance for Credit Losses, Period Ending Balance | $ 8 | $ 18 | $ 8 | $ 18 |
Investments (Accrued Investment
Investments (Accrued Investment Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Interest on Investments [Line Items] | ||
Accrued investment income | $ 59,441 | $ 59,167 |
Available-for-sale Securities [Member] | ||
Accrued Interest on Investments [Line Items] | ||
Accrued investment income | $ 58,100 | $ 56,400 |
Investments (Fair Value and Gro
Investments (Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities By Length of Time) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
U.S. Government and Government Agencies [Member] | ||
AFS Fair Value, Less than 12 Months | $ 208,153 | $ 166,975 |
AFS Unrealized Losses, Less than 12 months | (2,831) | (13,658) |
AFS Fair Value, 12 months or longer | 84,869 | 16,011 |
AFS Unrealized Losses, 12 months or longer | (18,112) | (6,668) |
AFS Fair Value | 293,022 | 182,986 |
AFS Unrealized Losses | (20,943) | (20,326) |
Foreign Government [Member] | ||
AFS Fair Value, Less than 12 Months | 4,380 | 5,573 |
AFS Unrealized Losses, Less than 12 months | (247) | (608) |
AFS Fair Value, 12 months or longer | 5,439 | 2,456 |
AFS Unrealized Losses, 12 months or longer | (1,071) | (699) |
AFS Fair Value | 9,819 | 8,029 |
AFS Unrealized Losses | (1,318) | (1,307) |
Obligations of States and Political Subdivisions [Member] | ||
AFS Fair Value, Less than 12 Months | 337,606 | 681,795 |
AFS Unrealized Losses, Less than 12 months | (5,554) | (43,767) |
AFS Fair Value, 12 months or longer | 229,922 | 16,618 |
AFS Unrealized Losses, 12 months or longer | (31,990) | (4,234) |
AFS Fair Value | 567,528 | 698,413 |
AFS Unrealized Losses | (37,544) | (48,001) |
Corporate Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 1,101,756 | 1,889,492 |
AFS Unrealized Losses, Less than 12 months | (40,711) | (164,197) |
AFS Fair Value, 12 months or longer | 895,497 | 133,223 |
AFS Unrealized Losses, 12 months or longer | (148,953) | (32,612) |
AFS Fair Value | 1,997,253 | 2,022,715 |
AFS Unrealized Losses | (189,664) | (196,809) |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 523,727 | 916,423 |
AFS Unrealized Losses, Less than 12 months | (17,268) | (69,155) |
AFS Fair Value, 12 months or longer | 924,490 | 411,283 |
AFS Unrealized Losses, 12 months or longer | (88,689) | (52,565) |
AFS Fair Value | 1,448,217 | 1,327,706 |
AFS Unrealized Losses | (105,957) | (121,720) |
Residential Mortgage Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 792,885 | 887,229 |
AFS Unrealized Losses, Less than 12 months | (26,269) | (76,432) |
AFS Fair Value, 12 months or longer | 538,073 | 108,041 |
AFS Unrealized Losses, 12 months or longer | (75,540) | (22,833) |
AFS Fair Value | 1,330,958 | 995,270 |
AFS Unrealized Losses | (101,809) | (99,265) |
Commercial Mortgage Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 291,078 | 512,953 |
AFS Unrealized Losses, Less than 12 months | (12,882) | (37,815) |
AFS Fair Value, 12 months or longer | 344,647 | 77,181 |
AFS Unrealized Losses, 12 months or longer | (42,162) | (11,945) |
AFS Fair Value | 635,725 | 590,134 |
AFS Unrealized Losses | (55,044) | (49,760) |
Available-for-sale Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 3,259,585 | 5,060,440 |
AFS Unrealized Losses, Less than 12 months | (105,762) | (405,632) |
AFS Fair Value, 12 months or longer | 3,022,937 | 764,813 |
AFS Unrealized Losses, 12 months or longer | (406,517) | (131,556) |
AFS Fair Value | 6,282,522 | 5,825,253 |
AFS Unrealized Losses | $ (512,279) | $ (537,188) |
Investments (Fixed Income Secur
Investments (Fixed Income Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Fixed Income Securities [Line Items] | ||
Due in one year or less fair value, AFS | $ 369,240 | |
Due after one year through five years fair value, AFS | 3,056,529 | |
Due after five years through 10 years fair value, AFS | 2,912,169 | |
Due after 10 years fair value, AFS | 694,410 | |
Total AFS fixed income securities, Fair Value | 7,032,348 | $ 6,612,107 |
Due in one year or less carrying value, HTM | 443 | |
Due after one year through five years carrying value, HTM | 13,942 | |
Due after five years through 10 years carrying value, HTM | 9,291 | |
Due after 10 years carrying value, HTM | 0 | |
Fixed income securities, held-to-maturity, net of allowance for credit losses | 23,676 | 31,157 |
Due in one year or less fair value, HTM | 442 | |
Due after one year through five years fair value, HTM | 13,233 | |
Due after five years through 10 years fair value, HTM | 8,681 | |
Due after 10 years fair value, HTM | 0 | |
Total HTM fixed income securities, Fair Value | $ 22,356 | $ 29,837 |
Investments (Alternative Invest
Investments (Alternative Investment Portfolio by Strategy and the Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying Amount | $ 389,173 | $ 371,316 |
Private Equity Funds [Member] | ||
Carrying Amount | 298,219 | 280,980 |
Remaining Commitment | 124,213 | 134,676 |
Maximum Exposure to Loss | 422,432 | 415,656 |
Private Credit Funds [Member] | ||
Carrying Amount | 52,379 | 54,866 |
Remaining Commitment | 138,691 | 89,481 |
Maximum Exposure to Loss | 191,070 | 144,347 |
Real Assets [Member] | ||
Carrying Amount | 38,575 | 35,470 |
Remaining Commitment | 19,553 | 21,945 |
Maximum Exposure to Loss | 58,128 | 57,415 |
Alternative Investments [Member] | ||
Carrying Amount | 389,173 | 371,316 |
Remaining Commitment | 282,457 | 246,102 |
Maximum Exposure to Loss | $ 671,630 | $ 617,418 |
Investments (Aggregated Income
Investments (Aggregated Income Statement Summarized Financial Information for Partnerhips in our Alternative Investment Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net investment income earned | $ 97,696 | $ 70,222 | $ 189,202 | $ 142,824 |
Investments accounted for under the equity method [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net investment income (loss) | (70,600) | 270,900 | (141,300) | 406,500 |
Realized gains | 922,000 | 6,233,500 | 2,644,300 | 8,981,500 |
Net change in unrealized appreciation (depreciation) | 3,754,000 | (3,962,400) | 5,197,800 | 1,215,900 |
Net income | 4,605,400 | 2,542,000 | 7,700,800 | 10,603,900 |
Alternative Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net investment income earned | $ 11,396 | $ 9,274 | $ 19,164 | $ 28,402 |
Investments (Investments Pledge
Investments (Investments Pledged as Collateral) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | $ 22.9 |
Securities owned and pledged as collateral, fair value | 123.5 |
Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 65 |
Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 35.6 |
U.S. Government and Government Agencies [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | 19.4 |
Securities owned and pledged as collateral, fair value | 19.4 |
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
U.S. Government and Government Agencies [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
Obligations of States and Political Subdivisions [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | 3.5 |
Securities owned and pledged as collateral, fair value | 3.5 |
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
Obligations of States and Political Subdivisions [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
Residential Mortgage Backed Securities [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | 0 |
Securities owned and pledged as collateral, fair value | 89 |
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 62.1 |
Residential Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 26.9 |
Commercial Mortgage Backed Securities [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | 0 |
Securities owned and pledged as collateral, fair value | 11.6 |
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of Indianapolis [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | 2.9 |
Commercial Mortgage Backed Securities [Member] | Federal Home Loan Bank of New York [Member] | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Securities pledged as collateral with FHLB | $ 8.7 |
Investments (Credit Concentrati
Investments (Credit Concentration Risk) (Details) | Jun. 30, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Maximum exposure to credit concentration risk of a single issuer of the Company's stockholder's equity, other than to certain U.S. government-backed investments | 10% | 10% |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Net investment income earned | $ 97,696 | $ 70,222 | $ 189,202 | $ 142,824 |
Fixed Income Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 83,916 | 62,144 | 164,003 | 116,069 |
Commercial Mortgage Loans [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 2,199 | 1,192 | 4,164 | 2,162 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 2,236 | 2,639 | 3,441 | 5,057 |
Short-Term Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 2,892 | 407 | 7,542 | 508 |
Alternative Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 11,396 | 9,274 | 19,164 | 28,402 |
Other Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | 188 | (214) | 231 | (37) |
Investment expenses [Member] | ||||
Net Investment Income [Line Items] | ||||
Net investment income earned | $ (5,131) | $ (5,220) | $ (9,343) | $ (9,337) |
Investments (Net Realized and U
Investments (Net Realized and Unrealized Investment Gains and (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | ||||
Gross gains on sales | $ 1,156 | $ 14,552 | $ 4,940 | $ 16,749 |
Gross losses on sales | (11,952) | (19,345) | (24,882) | (32,905) |
Net realized gains (losses) on disposals | (10,796) | (4,793) | (19,942) | (16,156) |
Net unrealized gains (losses) on equity securities | 4,925 | (21,860) | 8,173 | (24,014) |
Losses on securities for which we have the intent to sell | (341) | (702) | (645) | (5,499) |
Net realized and unrealized investment gains (losses) | (5,426) | (42,880) | (2,082) | (83,232) |
Available-for-sale Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net credit loss benefit (expense) on fixed income securities | 864 | (15,519) | 10,393 | (37,571) |
Held-to-maturity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net credit loss benefit (expense) on fixed income securities | 0 | (6) | 0 | 8 |
Commercial Mortgage Loans [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net credit loss benefit (expense) on fixed income securities | $ (78) | $ 0 | $ (61) | $ 0 |
Investments, Change in Realized
Investments, Change in Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Gain (Loss) on Securities [Line Items] | ||
Change in net realized and unrealized investment losses | $ 37,500 | $ 81,200 |
Investments (Realized and Unrea
Investments (Realized and Unrealized Gains (Losses) on Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Gain (Loss) on Securities [Line Items] | ||||
Unrealized gains (losses) recognized in income on equity securities remaining in our portfolio at end of period | $ 2,784 | $ (13,031) | $ 2,685 | $ (14,843) |
Unrealized gains (losses) recognized in income on equity securities sold in period | 2,141 | (8,829) | 5,488 | (9,171) |
Total unrealized gains (losses) recognized in income on equity securities | $ 4,925 | $ (21,860) | $ 8,173 | $ (24,014) |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values and Estimated Fair Values of Financial Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 503,622 | $ 504,676 |
Long-term debt, fair value | 486,858 | 466,603 |
Finance lease obligations | 2,487 | 3,718 |
Seven Point Twenty Five Percent Senior Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 49,924 | 49,921 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 52,312 | 51,705 |
Six Point Seventy Percent Senior Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 99,553 | 99,542 |
Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 102,386 | 99,264 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 294,472 | 294,424 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 275,149 | 258,459 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 60,000 | 60,000 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 57,011 | 57,175 |
Long Term Debt Excluding Issuance Costs and Finance Lease Obligations [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 503,949 | 503,887 |
Unamortized Debt Issuance Costs [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized debt issuance costs | $ (2,814) | $ (2,929) |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Disclosures of Fair Value Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
AFS fixed income securities | $ 7,032,348 | $ 6,612,107 | |
Equity securities | 121,640 | 162,000 | |
Short-term investments | 319,456 | 440,456 | |
Investments measured at fair value using the net asset value per share | [1] | 97,900 | 103,600 |
Fair Value, Recurring [Member] | |||
AFS fixed income securities | 7,032,348 | 6,612,107 | |
Equity securities | 121,640 | 162,000 | |
Short-term investments | 319,456 | 440,456 | |
Total assets measured at fair value | 7,473,444 | 7,214,563 | |
US Government and Government Agencies [Member] | |||
AFS fixed income securities | 293,022 | 189,239 | |
US Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 293,022 | 189,239 | |
Foreign Government [Member] | |||
AFS fixed income securities | 9,819 | 9,608 | |
Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 9,819 | 9,608 | |
Obligations of States and Political Subdivisions [Member] | |||
AFS fixed income securities | 658,028 | 918,018 | |
Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 658,028 | 918,018 | |
Corporate Securities [Member] | |||
AFS fixed income securities | 2,384,970 | 2,335,025 | |
Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 2,384,970 | 2,335,025 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | |||
AFS fixed income securities | 1,634,269 | 1,485,973 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 1,634,269 | 1,485,973 | |
Residential Mortgage Backed Securities [Member] | |||
AFS fixed income securities | 1,407,835 | 1,059,832 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 1,407,835 | 1,059,832 | |
Commercial Mortgage Backed Securities [Member] | |||
AFS fixed income securities | 644,405 | 614,412 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 644,405 | 614,412 | |
Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | [1] | 119,867 | 160,355 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | 1,773 | 1,645 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 145,044 | 109,240 | |
Equity securities | 23,077 | 57,491 | |
Short-term investments | 315,574 | 418,199 | |
Total assets measured at fair value | 483,695 | 584,930 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 145,044 | 109,240 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | [1] | 21,304 | 55,846 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | 1,773 | 1,645 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 6,432,796 | 6,154,509 | |
Equity securities | 0 | 0 | |
Short-term investments | 3,882 | 22,257 | |
Total assets measured at fair value | 6,436,678 | 6,176,766 | |
Significant Other Observable Inputs (Level 2) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 147,978 | 79,999 | |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 9,819 | 9,608 | |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 651,312 | 911,357 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 2,139,481 | 2,147,045 | |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 1,432,343 | 1,332,631 | |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 1,407,835 | 1,059,832 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 644,028 | 614,037 | |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | [1] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 454,508 | 348,358 | |
Equity securities | 662 | 897 | |
Short-term investments | 0 | 0 | |
Total assets measured at fair value | 455,170 | 349,255 | |
Significant Unobservable Inputs (Level 3) [Member] | US Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 6,716 | 6,661 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 245,489 | 187,980 | |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 201,926 | 153,342 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
AFS fixed income securities | 377 | 375 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | [1] | 662 | 897 |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Equity securities | $ 0 | $ 0 | |
[1]Investments amounting to $97.9 million at June 30, 2023, and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Securities Using Level 3 Inputs) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, December 31 | $ 6,661 | $ 7,745 |
Total net gains (losses) for the period included in OCI | (7) | (581) |
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, June 30 | 6,716 | 7,008 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 62 | (156) |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | (7) | (581) |
Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, December 31 | 187,980 | 114,127 |
Total net gains (losses) for the period included in OCI | 1,857 | (16,422) |
Purchases | 58,586 | 55,343 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (5,535) | (3,903) |
Transfers into Level 3 | 2,238 | 19,214 |
Transfers out of Level 3 | 0 | (7,037) |
Fair value, June 30 | 245,489 | 159,289 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 251 | (2,047) |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | 1,846 | (16,424) |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, December 31 | 153,342 | 124,909 |
Total net gains (losses) for the period included in OCI | (1,168) | (8,592) |
Purchases | 39,713 | 39,133 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (3,153) | (6,479) |
Transfers into Level 3 | 14,148 | 0 |
Transfers out of Level 3 | (953) | (24,646) |
Fair value, June 30 | 201,926 | 123,616 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 17 | (777) |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | (1,168) | (8,551) |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, December 31 | 245 | |
Total net gains (losses) for the period included in OCI | (17) | |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | (11) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | (217) | |
Fair value, June 30 | 0 | |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 0 | |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | (17) | |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, December 31 | 375 | 4,256 |
Total net gains (losses) for the period included in OCI | 64 | (446) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (21) | (12) |
Transfers into Level 3 | 2,848 | 0 |
Transfers out of Level 3 | (2,626) | (3,431) |
Fair value, June 30 | 377 | 407 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 0 | (7) |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | 64 | (446) |
Common Stock [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, December 31 | 897 | |
Total net gains (losses) for the period included in OCI | 0 | |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair value, June 30 | 662 | |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | (235) | |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | 0 | |
Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, December 31 | 349,255 | 251,282 |
Total net gains (losses) for the period included in OCI | 746 | (26,058) |
Purchases | 98,299 | 94,476 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (8,709) | (10,405) |
Transfers into Level 3 | 19,234 | 19,214 |
Transfers out of Level 3 | (3,579) | (35,331) |
Fair value, June 30 | 455,170 | 290,320 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 95 | (2,987) |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | 735 | (26,019) |
Gain (Loss) on Investments [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 62 | (156) |
Gain (Loss) on Investments [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 251 | (2,047) |
Gain (Loss) on Investments [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 17 | (777) |
Gain (Loss) on Investments [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 0 | |
Gain (Loss) on Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 0 | (7) |
Gain (Loss) on Investments [Member] | Common Stock [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | (235) | |
Gain (Loss) on Investments [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 95 | (2,987) |
Net Investment Income Earned [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 0 | 0 |
Net Investment Income Earned [Member] | Corporate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 112 | 14 |
Net Investment Income Earned [Member] | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | (20) | 68 |
Net Investment Income Earned [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 0 | |
Net Investment Income Earned [Member] | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | (263) | 47 |
Net Investment Income Earned [Member] | Common Stock [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | 0 | |
Net Investment Income Earned [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total net gains (losses) for the period included in net income | $ (171) | $ 129 |
Fair Value (Quantitative inform
Fair Value (Quantitative information about significant unobservable inputs in the fair value measurement of level 3 assets) (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Corporate Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Level 3 Securities | $ 245,489 | $ 187,980 | $ 159,289 | $ 114,127 | |
Collateralized Loan Obligations and Other Asset Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Level 3 Securities | 201,926 | 153,342 | 123,616 | 124,909 | |
Valuation Technique, Discounted Cash Flow | Corporate Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value | 116,155 | 81,867 | |||
Valuation Technique, Discounted Cash Flow | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value | $ 90,768 | $ 59,452 | |||
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum | Corporate Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Measurement Input | (0.044) | (0.044) | |||
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Measurement Input | 0.0001 | 0.0001 | |||
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Maximum | Corporate Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Measurement Input | 0.053 | 0.053 | |||
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Maximum | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Measurement Input | 0.196 | 0.196 | |||
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Weighted Average | Corporate Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Measurement Input | 0.022 | 0.013 | |||
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Weighted Average | Collateralized Loan Obligations and Other Asset Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Securities, Available-for-sale, Measurement Input | 0.026 | 0.025 | |||
Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other investment assets measured at fair value | [1] | $ 248,247 | $ 207,936 | ||
Total Level 3 Securities | 455,170 | 349,255 | $ 290,320 | $ 251,282 | |
Investments [Member] | Valuation Technique, Discounted Cash Flow | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total assets measured at fair value | $ 206,923 | $ 141,319 | |||
[1]Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above. |
Fair Value Measurements (Quan_2
Fair Value Measurements (Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | $ 22,356 | $ 29,837 |
Commercial mortgage loans, fair value | 163,068 | 139,243 |
Long-term debt, fair value | 486,858 | 466,603 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 3,405 | |
Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 22,356 | 26,432 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Commercial mortgage loans, fair value | 0 | 0 |
Long-term debt, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 22,356 | 29,837 |
Commercial mortgage loans, fair value | 0 | 0 |
Long-term debt, fair value | 486,858 | 466,603 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 3,405 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 22,356 | 26,432 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Commercial mortgage loans, fair value | 163,068 | 139,243 |
Long-term debt, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 52,312 | 51,705 |
Seven Point Twenty Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 52,312 | 51,705 |
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 102,386 | 99,264 |
Six Point Seventy Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Six Point Seventy Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 102,386 | 99,264 |
Six Point Seventy Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 275,149 | 258,459 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 275,149 | 258,459 |
Five Point Three Hundred Seventy Five Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 57,011 | 57,175 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 57,011 | 57,175 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 486,858 | $ 466,603 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Premiums Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Allowance for Credit Losses on Premiums Receivable [Line Items] | ||||
Premium Receivable, Allowance for Credit Loss, Beginning Balance | $ 17,100 | $ 14,300 | $ 16,100 | $ 13,600 |
Current period change for expected credit losses | 1,515 | 1,169 | 3,425 | 2,085 |
Write-offs charged against the allowance for credit losses | (1,047) | (918) | (2,211) | (1,438) |
Recoveries | 332 | 349 | 586 | 653 |
Premium Receivable, Allowance for Credit Loss, Ending Balance | $ 17,900 | $ 14,900 | $ 17,900 | $ 14,900 |
Reinsurance Recoverable Credit
Reinsurance Recoverable Credit Ratings (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance recoverable, gross | $ 648,591 | $ 784,410 | ||||
Reinsurance Recoverable, Allowance for Credit Loss | (1,800) | $ (2,300) | (1,600) | $ (1,600) | $ (1,600) | $ (1,600) |
Reinsurance recoverable, net of allowance for credit losses | 646,791 | 782,810 | ||||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 12,135 | 5,011 | ||||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 636,456 | 779,399 | ||||
Total federal and state pools [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 80,629 | 180,794 | ||||
Total federal and state pools [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 0 | 0 | ||||
Total federal and state pools [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 80,629 | 180,794 | ||||
Other than Federal And State Pools [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 7,192 | 14,093 | ||||
Other than Federal And State Pools [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 475 | 415 | ||||
Other than Federal And State Pools [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 6,717 | 13,678 | ||||
Non Rated Reinsurer [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 87,821 | 194,887 | ||||
Non Rated Reinsurer [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 475 | 415 | ||||
Non Rated Reinsurer [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 87,346 | 194,472 | ||||
AM Best, A++ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 81,005 | 46,283 | ||||
AM Best, A++ Rating [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 888 | 1 | ||||
AM Best, A++ Rating [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 80,117 | 46,282 | ||||
AM Best, A+ Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 353,169 | 428,586 | ||||
AM Best, A+ Rating [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 5,367 | 3,191 | ||||
AM Best, A+ Rating [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 347,802 | 425,395 | ||||
AM Best, A Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 122,908 | 107,417 | ||||
AM Best, A Rating [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 5,316 | 1,315 | ||||
AM Best, A Rating [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 117,592 | 106,102 | ||||
AM Best, A- Rating [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 3,688 | 7,237 | ||||
AM Best, A- Rating [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 89 | 89 | ||||
AM Best, A- Rating [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 3,599 | 7,148 | ||||
AM Best Rated Reinsurer [Member] | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 560,770 | 589,523 | ||||
AM Best Rated Reinsurer [Member] | Financial Asset, Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | 11,660 | 4,596 | ||||
AM Best Rated Reinsurer [Member] | Financial Asset, Not Past Due | ||||||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | ||||||
Reinsurance Recoverables, Gross | $ 549,110 | $ 584,927 |
Reinsurance NFIP (Details)
Reinsurance NFIP (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
National Flood Insurance Program [Member] | |
Reinsurance NFIP [Line Items] | |
Percentage of unpaid NFIP Claims ceded to federal government | 100% |
Total federal and state pools [Member] | |
Reinsurance NFIP [Line Items] | |
Change in Reinsurance Recoverable, Gross | $ (100,200) |
Allowance for Credit Losses o_4
Allowance for Credit Losses on Reinsurance Recoverable (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reinsurance Recoverable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | $ 2,300 | $ 1,600 | $ 1,600 | $ 1,600 |
Current period change for expected credit losses | (500) | 0 | 200 | 0 |
Write-offs charged against the allowance for credit losses | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for credit losses, ending balance | $ 1,800 | $ 1,600 | $ 1,800 | $ 1,600 |
Reinsurance (List of Direct, As
Reinsurance (List of Direct, Assumed, and Ceded Reinsurance Amounts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Premiums earned: | ||||
Net | $ 942,150 | $ 834,439 | $ 1,844,486 | $ 1,646,722 |
Loss and loss expenses incurred: | ||||
Net | 646,130 | 524,868 | 1,213,568 | 1,019,104 |
Direct Assumed and Ceded Reinsurance Amounts [Member] | ||||
Premiums written: | ||||
Direct | 1,232,496 | 1,050,506 | 2,365,256 | 2,051,555 |
Assumed | 5,577 | 8,552 | 10,971 | 13,866 |
Ceded | (153,166) | (128,317) | (291,552) | (244,882) |
Net | 1,084,907 | 930,741 | 2,084,675 | 1,820,539 |
Premiums earned: | ||||
Direct | 1,073,498 | 955,651 | 2,105,726 | 1,887,027 |
Assumed | 5,968 | 7,481 | 12,258 | 13,009 |
Ceded | (137,316) | (128,693) | (273,498) | (253,314) |
Net | 942,150 | 834,439 | 1,844,486 | 1,646,722 |
Loss and loss expenses incurred: | ||||
Direct | 698,994 | 559,913 | 1,312,223 | 1,088,501 |
Assumed | 5,678 | 5,125 | 10,933 | 9,403 |
Ceded | (58,542) | (40,170) | (109,588) | (78,800) |
Net | $ 646,130 | $ 524,868 | $ 1,213,568 | $ 1,019,104 |
Reserve for Loss and Loss Exp_3
Reserve for Loss and Loss Expense (Rollforward of Reserve for Loss and Loss Expense) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Gross reserve for loss and loss expense, at beginning of period | $ 5,144,821 | $ 4,580,903 |
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period | 757,513 | 578,641 |
Net reserve for loss and loss expense, at beginning of period | 4,387,308 | 4,002,262 |
Incurred loss and loss expense for claims occurring in the current year | 1,221,635 | 1,041,778 |
Prior year development | (8,067) | (22,674) |
Total incurred loss and loss expense | 1,213,568 | 1,019,104 |
Paid loss and loss expense for claims occurring in the current year | 320,026 | 272,401 |
Paid loss and loss expense for claims occurring in the prior years | 720,314 | 570,868 |
Total paid loss and loss expense | 1,040,340 | 843,269 |
Net reserve for loss and loss expense, at end of period | 4,560,536 | 4,178,097 |
Add: reinsurance recoverable on unpaid loss and loss expense, at end of period | 616,487 | 544,082 |
Gross reserve for loss and loss expense, at end of period | $ 5,177,023 | $ 4,722,179 |
Reserve for Loss and Loss Exp_4
Reserve for Loss and Loss Expense (Reserve Loss Development) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | $ (8,067) | $ (22,674) |
Change in Historical Claim Rate Experience [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | (8,100) | (22,700) |
Change in Historical Claim Rate Experience [Member] | Casualty Insurance Product Line [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | (16,500) | (32,000) |
Change in Historical Claim Rate Experience [Member] | Property Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | 8,400 | 9,300 |
Change in Historical Claim Rate Experience [Member] | Workers' Compensation Insurance [Member] | Casualty Insurance Product Line [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | (17,500) | (20,000) |
Change in Historical Claim Rate Experience [Member] | E&S Lines | Casualty Insurance Product Line [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | (5,000) | |
Change in Historical Claim Rate Experience [Member] | Personal Automobile [Member] | Casualty Insurance Product Line [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | $ 6,000 | |
Change in Historical Claim Rate Experience [Member] | General Liability [Member] | Casualty Insurance Product Line [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | (5,000) | |
Change in Historical Claim Rate Experience [Member] | Surety Lines | Casualty Insurance Product Line [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Prior year development | $ (7,000) |
Segment Information Narrative (
Segment Information Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Number of Operating Segments | 4 |
Segment Information (Revenue by
Segment Information (Revenue by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net premiums earned | $ 942,150 | $ 834,439 | $ 1,844,486 | $ 1,646,722 |
Other income | 6,104 | 3,037 | 8,738 | 4,566 |
Net investment income earned | 97,696 | 70,222 | 189,202 | 142,824 |
Net realized and unrealized investment gains (losses) | (5,426) | (42,880) | (2,082) | (83,232) |
Total Investments revenue | 92,270 | 27,342 | 187,120 | 59,592 |
Total revenues | 1,040,524 | 864,818 | 2,040,344 | 1,710,880 |
Standard Commercial Lines | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 768,277 | 682,833 | 1,502,073 | 1,345,403 |
Standard Commercial Lines | General Liability [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 254,510 | 226,285 | 497,859 | 442,610 |
Standard Commercial Lines | Commercial Automobile [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 225,067 | 198,381 | 442,438 | 392,211 |
Standard Commercial Lines | Commercial Property [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 141,348 | 123,562 | 276,640 | 243,624 |
Standard Commercial Lines | Workers Compensation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 88,746 | 83,502 | 172,930 | 168,182 |
Standard Commercial Lines | Business Owners Policies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 34,385 | 31,508 | 67,556 | 61,552 |
Standard Commercial Lines | Bonds Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 11,619 | 10,682 | 23,016 | 21,042 |
Standard Commercial Lines | Other Commercial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 7,034 | 6,317 | 13,885 | 12,485 |
Standard Commercial Lines | Miscellaneous income | ||||
Segment Reporting Information [Line Items] | ||||
Other income | 5,568 | 2,596 | 7,749 | 3,697 |
Standard Personal Lines | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 87,706 | 73,779 | 170,029 | 146,849 |
Standard Personal Lines | Personal Automobile [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 48,230 | 39,952 | 93,144 | 79,668 |
Standard Personal Lines | Homeowners [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 36,902 | 31,630 | 71,915 | 62,817 |
Standard Personal Lines | Other Personal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 2,038 | 1,756 | 3,981 | 3,495 |
Standard Personal Lines | Miscellaneous income | ||||
Segment Reporting Information [Line Items] | ||||
Other income | 536 | 441 | 989 | 869 |
E&S Lines | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 92,271 | 80,864 | 181,122 | 159,036 |
E&S Lines | Casualty Insurance Product Line [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | 62,151 | 56,041 | 122,968 | 110,665 |
E&S Lines | Property Insurance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net premiums earned | $ 30,120 | $ 24,823 | $ 58,154 | $ 48,371 |
Segment Information (Income Bef
Segment Information (Income Before and After Federal Income Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net investment income earned | $ 97,696 | $ 70,222 | $ 189,202 | $ 142,824 |
Net realized and unrealized investment gains (losses) | (5,426) | (42,880) | (2,082) | (83,232) |
Total investments segment income, before federal income tax | 92,270 | 27,342 | 187,120 | 59,592 |
Tax on investments segment income | 18,745 | 4,559 | 37,901 | 10,172 |
Total investments segment income, after federal income tax | 73,525 | 22,783 | 149,219 | 49,420 |
Standard Commercial Lines | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting income (loss), before federal income tax | 22,146 | 46,708 | 61,067 | 89,092 |
Underwriting income (loss), after federal income tax | $ 17,495 | $ 36,899 | $ 48,243 | $ 70,383 |
Combined ratio | 97.10% | 93.10% | 95.90% | 93.40% |
ROE contribution | 2.80% | 6% | 4.10% | 5.50% |
Standard Personal Lines | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting income (loss), before federal income tax | $ (23,060) | $ (12,367) | $ (36,133) | $ (5,847) |
Underwriting income (loss), after federal income tax | $ (18,217) | $ (9,770) | $ (28,545) | $ (4,619) |
Combined ratio | 126.50% | 116.90% | 121.40% | 104% |
ROE contribution | (2.90%) | (1.60%) | (2.40%) | (0.40%) |
E&S Lines | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting income (loss), before federal income tax | $ (612) | $ 3,372 | $ 12,723 | $ 10,297 |
Underwriting income (loss), after federal income tax | $ (483) | $ 2,664 | $ 10,051 | $ 8,135 |
Combined ratio | 100.70% | 95.80% | 93% | 93.50% |
ROE contribution | (0.10%) | 0.40% | 0.80% | 0.60% |
Investments | ||||
Segment Reporting Information [Line Items] | ||||
ROE contribution | 12.60% | 9.10% | 12.50% | 8.90% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Results to Income Before Federal Income Tax (Details)) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Investment income | $ 92,270 | $ 27,342 | $ 187,120 | $ 59,592 |
Interest expense | (7,258) | (7,252) | (14,424) | (14,420) |
Corporate expenses | (9,329) | (7,899) | (21,437) | (18,920) |
Income before federal income tax | 74,157 | 49,904 | 188,916 | 119,794 |
Preferred stock dividends | (2,300) | (2,300) | (4,600) | (4,600) |
Income available to common stockholders, before federal income tax | 71,857 | 47,604 | 184,316 | 115,194 |
Standard Commercial Lines | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Underwriting income (loss), before federal income tax | 22,146 | 46,708 | 61,067 | 89,092 |
Standard Personal Lines | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Underwriting income (loss), before federal income tax | (23,060) | (12,367) | (36,133) | (5,847) |
E&S Lines | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Underwriting income (loss), before federal income tax | (612) | 3,372 | 12,723 | 10,297 |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Underwriting income (loss), total all segments | $ 90,744 | $ 65,055 | $ 224,777 | $ 153,134 |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefit Cost) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Interest cost | $ 3,866 | $ 2,486 | $ 7,732 | $ 4,972 | |
Expected return on plan assets | (5,772) | (5,537) | (11,545) | (11,074) | |
Amortization of unrecognized net actuarial loss | 750 | 367 | 1,501 | 733 | |
Total net periodic pension cost (benefit) | [1] | $ (1,156) | $ (2,684) | $ (2,312) | $ (5,369) |
[1]The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income. |
Retirement Plans (Weighted-Aver
Retirement Plans (Weighted-Average Expense Assumptions) (Details) - Pension Plan [Member] | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Discount rate | 5.21% | 2.98% |
Effective interest rate for calculation of interest cost | 5.09% | 2.48% |
Expected return on plan assets | 6.90% | 5% |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income-Gross and Net of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income, Gross | $ 74,157 | $ 49,904 | $ 188,916 | $ 119,794 |
Unrealized holding gains (losses) during the period, Gross | (60,681) | (222,903) | 5,244 | (484,735) |
Unrealized gains (losses) on securities with credit loss recognized in earnings, Gross | (6,030) | (72,691) | 16,401 | (159,312) |
Amounts reclassified into net income: HTM securities, Gross | 1 | |||
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Gross | 9,383 | 18,170 | 15,487 | 34,161 |
Amounts reclassified into net income: Credit loss (benefit) expense, Gross | (864) | 15,519 | (10,393) | 37,571 |
Total unrealized gains (losses) on investment securities, Gross | (58,192) | (261,905) | 26,739 | (572,314) |
Amount reclassified into net income: Net actuarial (gain) loss, Gross | 757 | 417 | 1,514 | 834 |
Total defined benefit pension and post-retirement plans, Gross | 757 | 417 | 1,514 | 834 |
Other comprehensive income (loss), Gross | (57,435) | (261,488) | 28,253 | (571,480) |
Comprehensive income (loss), Gross | 16,722 | (211,584) | 217,169 | (451,686) |
Net income, Tax | 15,549 | 10,384 | 37,734 | 23,944 |
Unrealized holding gains (losses) during the period, Tax | (12,744) | (46,810) | 1,102 | (101,794) |
Unrealized gains (losses) on securities with credit loss recognized in earnings, Tax | (1,266) | (15,264) | 3,444 | (33,455) |
Amounts reclassified into net income: HTM securities, Tax | 0 | |||
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Tax | 1,970 | 3,816 | 3,252 | 7,174 |
Amounts reclassified into net income: Credit loss (benefit) expense, Tax | (181) | 3,258 | (2,183) | 7,889 |
Total unrealized gains (losses) on investment securities, Tax | (12,221) | (55,000) | 5,615 | (120,186) |
Amount reclassified into net income: Net actuarial (gain) loss, Tax | 159 | 87 | 318 | 175 |
Total defined benefit pension and post-retirement plans, Tax | 159 | 87 | 318 | 175 |
Other comprehensive income (loss), Tax | (12,062) | (54,913) | 5,933 | (120,011) |
Comprehensive income (loss), Tax | 3,487 | (44,529) | 43,667 | (96,067) |
Net income | 58,608 | 39,520 | 151,182 | 95,850 |
Unrealized holding gains (losses) during the period, Net | (47,937) | (176,093) | 4,142 | (382,941) |
Unrealized gains (losses) on securities with credit loss recognized in earnings, Net | (4,764) | (57,427) | 12,957 | (125,857) |
Amounts reclassified into net income: HTM securities, Net | 0 | 0 | 0 | 1 |
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, Net | 7,413 | 14,354 | 12,235 | 26,987 |
Amounts reclassified into net income: Credit loss (benefit) expense, Net | (683) | 12,261 | (8,210) | 29,682 |
Total unrealized gains (losses) on investment securities | (45,971) | (206,905) | 21,124 | (452,128) |
Amount reclassified into net income: Net actuarial (gain) loss, Net | 598 | 330 | 1,196 | 659 |
Total defined benefit pension and post-retirement plans, Net | 598 | 330 | 1,196 | 659 |
Other comprehensive income (loss) | (45,373) | (206,575) | 22,320 | (451,469) |
Comprehensive income (loss) | $ 13,235 | $ (167,055) | $ 173,502 | $ (355,619) |
Comprehensive Income (Compone_2
Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance, December 31, 2022 | $ (498,042) | ||||
Net current period OCI | $ (45,373) | $ (206,575) | 22,320 | $ (451,469) | |
Ending Balance, June 30, 2023 | (475,722) | (475,722) | |||
Available-for-sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance, December 31, 2022 | (295,197) | ||||
OCI before reclassifications | 4,142 | ||||
Amounts reclassified from AOCI | 12,235 | ||||
Net current period OCI | 16,377 | ||||
Ending Balance, June 30, 2023 | (278,820) | (278,820) | |||
Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance, December 31, 2022 | (417,035) | ||||
OCI before reclassifications | 17,099 | ||||
Amounts reclassified from AOCI | 4,025 | ||||
Net current period OCI | 21,124 | ||||
Ending Balance, June 30, 2023 | (395,911) | (395,911) | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance, December 31, 2022 | [1] | (121,838) | |||
OCI before reclassifications | [1] | 12,957 | |||
Amounts reclassified from AOCI | [1] | (8,210) | |||
Net current period OCI | [1] | 4,747 | |||
Ending Balance, June 30, 2023 | [1] | (117,091) | (117,091) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance, December 31, 2022 | (81,007) | ||||
OCI before reclassifications | 0 | ||||
Amounts reclassified from AOCI | 1,196 | ||||
Net current period OCI | 1,196 | ||||
Ending Balance, June 30, 2023 | (79,811) | (79,811) | |||
Accumulated other comprehensive income (loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance, December 31, 2022 | (498,042) | ||||
OCI before reclassifications | 17,099 | ||||
Amounts reclassified from AOCI | 5,221 | ||||
Net current period OCI | (45,373) | $ (206,575) | 22,320 | $ (451,469) | |
Ending Balance, June 30, 2023 | $ (475,722) | $ (475,722) | |||
[1] 1 Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings. |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net realized and unrealized investment gains (losses) | $ (5,426) | $ (42,880) | $ (2,082) | $ (83,232) |
Net investment income earned | 97,696 | 70,222 | 189,202 | 142,824 |
Loss and loss expense incurred | 646,130 | 524,868 | 1,213,568 | 1,019,104 |
Other insurance expenses | 108,857 | 101,514 | 217,445 | 195,504 |
Income before federal income tax | 74,157 | 49,904 | 188,916 | 119,794 |
Total federal income tax expense | (15,549) | (10,384) | (37,734) | (23,944) |
Net income (loss) | 58,608 | 39,520 | 151,182 | 95,850 |
Reclassification out of AOCI | ||||
Net income (loss) | 7,328 | 26,945 | 5,221 | 57,329 |
Pension Plan [Member] | Reclassification out of AOCI | ||||
Loss and loss expense incurred | 173 | 84 | 348 | 180 |
Other insurance expenses | 584 | 333 | 1,166 | 654 |
Income before federal income tax | 757 | 417 | 1,514 | 834 |
Total federal income tax expense | (159) | (87) | (318) | (175) |
Net income (loss) | 598 | 330 | 1,196 | 659 |
Held-to-maturity Securities [Member] | Reclassification out of AOCI | ||||
Net realized and unrealized investment gains (losses) | 0 | 0 | 0 | 0 |
Net investment income earned | 0 | 0 | 0 | 1 |
Income before federal income tax | 0 | 0 | 0 | 1 |
Total federal income tax expense | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 1 |
Available for sale securities, excluding credit losses [Member] | Reclassification out of AOCI | ||||
Net realized and unrealized investment gains (losses) | 9,383 | 18,170 | 15,487 | 34,161 |
Income before federal income tax | 9,383 | 18,170 | 15,487 | 34,161 |
Total federal income tax expense | (1,970) | (3,816) | (3,252) | (7,174) |
Net income (loss) | 7,413 | 14,354 | 12,235 | 26,987 |
Available for sale securities, including credit losses | Reclassification out of AOCI | ||||
Net realized and unrealized investment gains (losses) | (864) | 15,519 | (10,393) | 37,571 |
Income before federal income tax | (864) | 15,519 | (10,393) | 37,571 |
Total federal income tax expense | 181 | (3,258) | 2,183 | (7,889) |
Net income (loss) | $ (683) | $ 12,261 | $ (8,210) | $ 29,682 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income available to common stockholders | $ 56,308 | $ 37,220 | $ 146,582 | $ 91,250 |
Weighted average common shares outstanding - basic | 60,614 | 60,440 | 60,575 | 60,412 |
Effect of dilutive securities - stock compensation plans | 323 | 407 | 343 | 416 |
Weighted average common shares outstanding, diluted | 60,937 | 60,847 | 60,918 | 60,828 |
Earnings per common share - net income available to common stockholders - Basic | $ 0.93 | $ 0.62 | $ 2.42 | $ 1.51 |
Earnings per common share - net income available to common stockholders - Diluted | $ 0.92 | $ 0.61 | $ 2.41 | $ 1.50 |