Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,764,421,938 | ||
Entity Common Stock, Shares Outstanding | 60,641,846 | ||
Entity Central Index Key | 0000230557 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be held on May 1, 2024, are incorporated by reference into Part III of this report. | ||
Document Information [Line Items] | |||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Depositary Shares [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NASDAQ | ||
Trading Symbol | SIGIP | ||
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 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NASDAQ | ||
Trading Symbol | SIGI | ||
Title of 12(b) Security | Common Stock, par value $2 per share |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Abstract] | |
Auditor Location | New York, New York |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Fixed income securities, held-to-maturity - at carrying value | $ 22,700 | $ 31,157 |
Less: allowance for credit losses | 0 | 0 |
Fixed income securities, held-to-maturity, net of allowance for credit losses | 22,700 | 31,157 |
Fixed income securities, available-for-sale - at fair value | 7,499,197 | 6,612,107 |
Financing Receivable, before Allowance for Credit Loss | 188,708 | 149,305 |
Less: allowance for credit losses | (291) | (116) |
Commercial mortgage loans, net of allowance for credit losses | 188,417 | 149,189 |
Equity securities - at fair value | 187,155 | 162,000 |
Short-term investments | 309,317 | 440,456 |
Alternative investments | 395,779 | 371,316 |
Other investments | 91,164 | 71,244 |
Total investments (Notes 5 and 7) | 8,693,729 | 7,837,469 |
Cash | 180 | 26 |
Restricted cash | 13,092 | 25,183 |
Accrued investment income | 66,339 | 59,167 |
Premiums receivable | 1,331,979 | 1,101,787 |
Less: allowance for credit losses (Note 8) | (18,900) | (16,100) |
Premiums receivable, net of allowance for credit losses | 1,313,079 | 1,085,687 |
Reinsurance recoverable | 658,525 | 784,410 |
Less: allowance for credit losses (Note 9) | (1,700) | (1,600) |
Reinsurance recoverable, net of allowance for credit losses | 656,825 | 782,810 |
Prepaid reinsurance premiums (Note 9) | 203,320 | 172,371 |
Current federal income tax (Note 14) | 0 | 3,545 |
Deferred federal income tax (Note 14) | 140,237 | 172,733 |
Property and equipment - at cost, net of accumulated depreciation and amortization | 83,272 | 84,306 |
Deferred policy acquisition costs (Note 2) | 424,864 | 368,624 |
Goodwill (Note 12) | 7,849 | 7,849 |
Other assets | 199,760 | 202,491 |
Total assets | 11,802,546 | 10,802,261 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Reserve for loss and loss expense (Note 10) | 5,336,911 | 5,144,821 |
Unearned premiums | 2,330,656 | 1,992,781 |
Long-term debt (Note 11) | 503,946 | 504,676 |
Current federal income tax (Note 14) | 6,251 | 0 |
Accrued salaries and benefits | 122,003 | 115,185 |
Other liabilities | 548,398 | 517,234 |
Total liabilities | 8,848,165 | 8,274,697 |
Stockholders’ Equity: | ||
Preferred stock of $0 par value per share (Note 17): 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: 105,223,307 - 2023; 104,847,111 - 2022 | 210,447 | 209,694 |
Additional paid-in capital | 522,748 | 493,488 |
Retained earnings | 3,029,396 | 2,749,703 |
Accumulated other comprehensive income (loss) (Note 6) | (373,001) | (498,042) |
Treasury stock, at cost (shares: 44,586,870 - 2023; 44,508,211 - 2022) | (635,209) | (627,279) |
Total stockholders’ equity | 2,954,381 | 2,527,564 |
Total liabilities and stockholders’ equity | $ 11,802,546 | $ 10,802,261 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed income securities, held-to-maturity, fair value | $ 21,923 | $ 29,837 |
Fixed income securities, available-for-sale, allowance for credit loss | 28,212 | 45,721 |
Fixed income securities, available-for-sale, amortized cost | 7,880,697 | 7,185,754 |
Commercial mortgage loans, fair value | 178,913 | 139,243 |
Equity securities, at cost | 183,076 | 167,431 |
Accumulated depreciation and amortization, property and equipment | $ 271,409 | $ 251,209 |
Preferred Stock, Par or Stated Value (in dollars per share) | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 8,000 | 8,000 |
Preferred Stock, Shares Outstanding | 8,000 | 8,000 |
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 | 105,223,307 | 104,847,111 |
Treasury Stock, Shares | 44,586,870 | 44,508,211 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Net premiums earned | $ 3,827,606 | $ 3,373,380 | $ 3,017,253 |
Net investment income earned | 388,650 | 288,155 | 326,589 |
Net realized and unrealized investment gains (losses) | (3,552) | (114,808) | 17,599 |
Other income | 19,402 | 11,335 | 17,723 |
Total revenues | 4,232,106 | 3,558,062 | 3,379,164 |
Expenses: | |||
Loss and loss expense incurred | 2,484,285 | 2,111,778 | 1,813,984 |
Amortization of deferred policy acquisition costs | 796,182 | 705,822 | 626,469 |
Other insurance expenses | 433,742 | 400,313 | 375,931 |
Interest expense | 28,799 | 28,847 | 29,165 |
Corporate expenses | 30,686 | 31,116 | 28,305 |
Total expenses | 3,773,694 | 3,277,876 | 2,873,854 |
Income before federal income tax | 458,412 | 280,186 | 505,310 |
Federal income tax expense: | |||
Current | 94,022 | 78,308 | 87,335 |
Deferred | (848) | (23,008) | 14,138 |
Total federal income tax expense | 93,174 | 55,300 | 101,473 |
Net income | 365,238 | 224,886 | 403,837 |
Preferred stock dividends | 9,200 | 9,200 | 9,353 |
Net Income available to common stockholders | $ 356,038 | $ 215,686 | $ 394,484 |
Earnings per common share: | |||
Earnings per common share - net income available to common stockholders - Basic | $ 5.87 | $ 3.57 | $ 6.55 |
Earnings per common share - net income available to common stockholders - Diluted | $ 5.84 | $ 3.54 | $ 6.50 |
Consolidation Statements of Com
Consolidation Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 365,238 | $ 224,886 | $ 403,837 |
Unrealized holding gains (losses) arising during year | 84,407 | (527,805) | (119,598) |
Unrealized gains (losses) on securities with credit loss recognized in earnings | 47,585 | (148,495) | (7,159) |
Amounts reclassified into net income: Held-to-maturity securities | 0 | 3 | (9) |
Amounts reclassified into net income: Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities | 16,162 | 47,438 | (3,022) |
Amounts reclassified into net income: Credit loss (benefit) expense | (10,189) | 30,944 | 5,418 |
Total unrealized gains (losses) on investment securities | 137,965 | (597,915) | (124,370) |
Net actuarial gain (loss) | (15,315) | (16,543) | 17,093 |
Amount reclassified into net income: Net actuarial (gain) loss, Net | 2,391 | 1,317 | 2,190 |
Total defined benefit pension and post-retirement plans | (12,924) | (15,226) | 19,283 |
Other comprehensive income (loss) | 125,041 | (613,141) | (105,087) |
Comprehensive income (loss) | $ 490,279 | $ (388,255) | $ 298,750 |
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, Common |
Beginning of year at Dec. 31, 2020 | $ 200,000 | $ 208,066 | $ 438,985 | $ 2,271,537 | $ 220,186 | $ (599,885) | |
Issuance of preferred stock | 0 | ||||||
Dividend reinvestment plan | 46 | 1,707 | |||||
Stock purchase and compensation plans | 790 | 23,655 | |||||
Net income | $ 403,837 | 403,837 | |||||
Dividends to preferred stockholders | (9,353) | ||||||
Dividends to common stockholders | (62,549) | ||||||
Other comprehensive income (loss) | (105,087) | (105,087) | |||||
Acquisition of Treasury Stock - share repurchase authorization | (3,404) | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (5,646) | ||||||
End of year at Dec. 31, 2021 | $ 2,982,885 | $ 200,000 | 208,902 | 464,347 | 2,603,472 | 115,099 | (608,935) |
Dividends declared per preferred share (in dollars per share) | $ 1,169.17 | ||||||
Dividends declared per common share (in dollars per share) | $ 1.03 | ||||||
Preferred stock, shares outstanding, beginning of period at Dec. 31, 2020 | 8,000 | ||||||
Issuance of preferred stock, shares | 0 | ||||||
Preferred stock, shares outstanding, end of period at Dec. 31, 2021 | 8,000 | ||||||
Common stock, shares outstanding, beginning of period at Dec. 31, 2020 | 59,905,803 | ||||||
Dividend reinvestment plan, shares | 22,986 | ||||||
Stock purchase and compensation plan, shares | 395,018 | ||||||
Acquisition of treasury stock, share repurchase authorization, shares | (52,781) | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (86,644) | ||||||
Common stock, shares outstanding, end of period at Dec. 31, 2021 | 60,184,382 | ||||||
Issuance of preferred stock | $ 0 | ||||||
Dividend reinvestment plan | 44 | 1,784 | |||||
Stock purchase and compensation plans | 748 | 27,357 | |||||
Net income | $ 224,886 | 224,886 | |||||
Dividends to preferred stockholders | (9,200) | ||||||
Dividends to common stockholders | (69,455) | ||||||
Other comprehensive income (loss) | (613,141) | (613,141) | |||||
Acquisition of Treasury Stock - share repurchase authorization | (12,424) | ||||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (5,920) | ||||||
End of year at Dec. 31, 2022 | $ 2,527,564 | $ 200,000 | 209,694 | 493,488 | 2,749,703 | (498,042) | (627,279) |
Dividends declared per preferred share (in dollars per share) | $ 1,150 | ||||||
Dividends declared per common share (in dollars per share) | $ 1.14 | ||||||
Issuance of preferred stock, shares | 0 | ||||||
Preferred stock, shares outstanding, end of period at Dec. 31, 2022 | 8,000 | ||||||
Dividend reinvestment plan, shares | 22,093 | ||||||
Stock purchase and compensation plan, shares | 374,102 | ||||||
Acquisition of treasury stock, share repurchase authorization, shares | (165,159) | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (76,518) | ||||||
Common stock, shares outstanding, end of period at Dec. 31, 2022 | 60,338,900 | ||||||
Issuance of preferred stock | $ 0 | ||||||
Dividend reinvestment plan | 37 | 1,825 | |||||
Stock purchase and compensation plans | 716 | 27,435 | |||||
Net income | $ 365,238 | 365,238 | |||||
Dividends to preferred stockholders | (9,200) | ||||||
Dividends to common stockholders | (76,345) | ||||||
Other comprehensive income (loss) | 125,041 | 125,041 | |||||
Acquisition of Treasury Stock - share repurchase authorization | (12,400) | 0 | |||||
Acquisition of treasury stock - shares acquired related to employee-share based compensation plans | (7,930) | ||||||
End of year at Dec. 31, 2023 | $ 2,954,381 | $ 200,000 | $ 210,447 | $ 522,748 | $ 3,029,396 | $ (373,001) | $ (635,209) |
Dividends declared per preferred share (in dollars per share) | $ 1,150 | ||||||
Dividends declared per common share (in dollars per share) | $ 1.25 | ||||||
Issuance of preferred stock, shares | 0 | ||||||
Preferred stock, shares outstanding, end of period at Dec. 31, 2023 | 8,000 | ||||||
Dividend reinvestment plan, shares | 18,608 | ||||||
Stock purchase and compensation plan, shares | 357,588 | ||||||
Acquisition of treasury stock, share repurchase authorization, shares | 0 | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (78,659) | ||||||
Common stock, shares outstanding, end of period at Dec. 31, 2023 | 60,636,437 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 365,238 | $ 224,886 | $ 403,837 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 30,040 | 42,336 | 55,109 |
Stock-based compensation expense | 18,346 | 18,428 | 15,893 |
Undistributed gains of equity method investments | (17,083) | (12,946) | (69,873) |
Distributions in excess of current year income of equity method investments | 16,052 | 43,184 | 2,910 |
Net realized and unrealized (gains) losses | 3,552 | 114,808 | (17,599) |
Loss (gain) on disposal of fixed assets | (6) | 172 | 50 |
Changes in assets and liabilities: | |||
Increase in reserve for loss and loss expense, net of reinsurance recoverable | 318,075 | 381,176 | 307,972 |
Increase in unearned premiums, net of prepaid reinsurance | 306,926 | 200,210 | 172,460 |
(Increase) decrease in net federal income taxes | 9,082 | (25,932) | (542) |
Increase in premiums receivable | (227,392) | (140,500) | (109,173) |
Increase in deferred policy acquisition costs | (56,240) | (41,709) | (38,337) |
Increase in accrued investment income | (7,172) | (10,920) | (3,243) |
Increase (decrease) in accrued salaries and benefits | 6,430 | (3,092) | 7,216 |
(Increase) decrease in other assets | (23,195) | (37,561) | (33,379) |
Increase in other liabilities | 16,255 | 49,869 | 78,121 |
Net cash provided by (used in) operating activities | 758,908 | 802,409 | 771,422 |
Investing Activities | |||
Purchases of fixed income securities, held-to-maturity | 0 | (6,691) | (16,250) |
Purchases of fixed income securities, available-for-sale | (2,438,851) | (2,648,974) | (2,165,555) |
Purchases of commercial mortgage loans | (42,114) | (64,008) | (50,204) |
Purchases of equity securities | (24,166) | (26,675) | (88,640) |
Purchases of alternative investments and other investments | (97,597) | (73,408) | (85,044) |
Purchases of short-term investments | (4,479,918) | (4,506,500) | (4,345,140) |
Sales of fixed income securities, available-for-sale | 1,221,918 | 1,211,739 | 502,911 |
Proceeds from commercial mortgage loans | 2,711 | 10,498 | 714 |
Sales of short-term investments | 4,611,342 | 4,513,940 | 4,306,684 |
Redemption and maturities of fixed income securities, held-to-maturity | 8,458 | 4,351 | 4,192 |
Redemption and maturities of fixed income securities, available-for-sale | 509,220 | 669,211 | 1,217,555 |
Sales of equity securities | 53,344 | 186,144 | 99,235 |
Sales of other investments | 900 | 3,281 | 5,428 |
Distributions from alternative investments and other investments | 11,029 | 18,664 | 17,497 |
Purchases of property and equipment | (22,631) | (26,019) | (22,163) |
Net cash provided by (used in) investing activities | (686,355) | (734,447) | (618,780) |
Financing Activities | |||
Dividends to preferred stockholders | (9,200) | (9,200) | (9,353) |
Dividends to common stockholders | (73,827) | (66,920) | (60,136) |
Acquisition of treasury stock | (7,930) | (18,344) | (9,050) |
Net proceeds from stock purchase and compensation plans | 9,133 | 9,086 | 7,976 |
Preferred stock issued, net of issuance costs | 0 | 0 | (479) |
Net proceeds from the issuance | 20,000 | 60,000 | 0 |
Repayment of borrowings | (20,000) | (60,000) | (50,000) |
Repayment of finance lease obligations | (2,666) | (2,438) | (1,768) |
Net cash provided by (used in) financing activities | (84,490) | (87,816) | (122,810) |
Net increase (decrease) in cash and restricted cash | (11,937) | (19,854) | 29,832 |
Cash and restricted cash, beginning of year | 25,209 | 45,063 | 15,231 |
Cash and restricted cash, end of year | $ 13,272 | $ 25,209 | $ 45,063 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization [Abstract] | |
Organization | Organization Selective Insurance Group, Inc., through its subsidiaries, (collectively referred to as “we,” “us,” or “our”) offers standard commercial, standard personal, and excess and surplus ("E&S") lines property and casualty insurance products. Selective Insurance Group, Inc. (referred to as the “Parent”) was incorporated in New Jersey in 1977 and its corporate headquarters is located in Branchville, New Jersey. The Parent’s common and preferred stock are publicly traded on the Nasdaq Global Select Market under the symbols “SIGI” and "SIGIP," respectively. We have provided a glossary of terms as Exhibit 99.1 to this Form 10-K, which defines certain industry-specific and other terms that are used in this Form 10-K. We classify our business into four reportable segments, which are as follows: • Standard Commercial Lines – comprised of property and casualty insurance products and services provided in the standard marketplace to commercial enterprises, which are typically businesses, non-profit organizations, and local government agencies. • Standard Personal Lines – comprised of property and casualty insurance products and services, including flood insurance coverage, provided primarily to individuals acquiring coverage in the standard marketplace. • E&S Lines – comprised of property and casualty insurance products and services provided to customers who are unable to obtain coverage in the standard marketplace. • Investments – invests the premiums collected by our insurance operations, as well as amounts generated through our capital management strategies, which may include the issuance of debt and equity securities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Signifcant Accounting Policies | Summary of Significant Accounting Policies (a) Principles of Consolidation The accompanying consolidated financial statements (“Financial Statements”) include the accounts of the Parent and its subsidiaries, and have been prepared 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”). All significant intercompany accounts and transactions are eliminated in consolidation. (b) Use of Estimates The preparation of our Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. (c) Investments Portfolio Composition and Presentation in the Consolidated Balance Sheet Our investment portfolio is primarily comprised of fixed income securities. We also hold commercial mortgage loans ("CMLs"), equity securities, short-term investments, alternative investments, and other investments. A description of our portfolio holdings, and the related presentation in our Consolidated Balance Sheet, is provided below. Fixed Income Investments Our fixed income investments include our fixed income securities portfolio and our CML portfolio. Fixed Income Securities We hold the following types of securities in our fixed income securities portfolio: • U.S. government and government agency obligations; • Foreign government obligations; • Obligations of states and political subdivisions, including special revenue and general obligation bonds; • Corporate securities, which may include investment grade and below investment grade bonds, bank loan investments, redeemable preferred stock, and non-redeemable preferred stock with certain debt-like characteristics; • Collateralized loan obligations ("CLOs") and other asset-backed securities ("ABS"); • Residential mortgage-backed securities ("RMBS"); and • Commercial mortgage-backed securities ("CMBS"). We have designated substantially all of the holdings in our fixed income securities as available-for-sale ("AFS"). These securities are reported at fair value in our Consolidated Balance Sheet. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss) ("AOCI"). The amortized cost of fixed income securities is adjusted for the amortization of premiums and the accretion of discounts over the expected life of the security using the effective yield method. Callable debt securities held at a premium are amortized to the earliest call date. Premiums and discounts arising from the purchase of RMBS, CMBS, CLO and other ABS are amortized over the expected life of the security based on future principal payments, giving additional consideration to prepayments. These prepayments are estimated based on historical and projected cash flows. Prepayment assumptions are reviewed quarterly and adjusted to reflect actual prepayments and changes in expectations. Future amortization of any premium and/or discount is adjusted to reflect the revised assumptions. Accrued interest on our fixed income securities is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. If accrued interest is due but not paid within 90 days, we reverse the delinquent amount and record this reversal through earnings as a component of “Net investment income earned” on our Consolidated Statement of Income. CMLs CMLs are loans secured by commercial property, such as an office building, multi-family apartment complex, industrial warehouse, or shopping center. We may acquire investments in CMLs through (i) direct originations under a loan syndication arrangement or (ii) a marketplace purchase. We record our investment in CMLs on the settlement date of the loan. Our CMLs are reported at amortized cost, net of any allowance for credit losses ("ACL"), on our Consolidated Balance Sheet. Interest is recorded using the effective yield method and accrued interest on our CMLs is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. Other Portfolio Holdings Equity securities may include common and non-redeemable preferred stocks. Equity securities with readily determinable fair values are reported at fair value. Equity securities without readily determinable fair values are reported at net asset value ("NAV") as a practical expedient. Short-term investments may include money market instruments, savings accounts, commercial paper, and fixed income securities purchased with a maturity of less than one year. We may also enter into reverse repurchase agreements that are included in short-term investments. These repurchase agreements are fully collateralized by high-quality, readily-marketable instruments that support the principal amount. At maturity, we receive principal and interest income on these agreements. Short-term investments are generally reported at fair value. Alternative investments are limited partnership investments in private equity, private credit, and real estate strategies. These alternative investments are accounted for using the equity method, with income typically recognized on a one-quarter lag. Because these alternative investments are recorded under the equity method of accounting, with the underlying holdings carried at fair value, the valuation and income recognized on these investments may be impacted by volatility in the financial markets. We categorize distributions from our equity method investments on our Consolidated Statement of Cash Flows using the cumulative earnings approach. Under this approach, distributions received are classified as cash flows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash flow from investing activities. We evaluate our alternative investments to determine whether those investments are variable interest entities ("VIEs") and if so, whether consolidation is required. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest or lack sufficient funds to finance its own activities without financial support provided by other entities. We consider several significant factors in determining if our investments are VIEs and if we are the primary beneficiary, including whether we have (i) the power to direct activities of the VIE, (ii) the ability to remove the decision maker of the VIE, (iii) the ability to participate in making decisions that are significant to the VIE, and (iv) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. We have reviewed our alternative investments and have concluded that they are VIEs, but that we are not the primary beneficiary and therefore, consolidation is not required. Our other investment portfolio includes Federal Home Loan Bank stock (“FHLB Stock”) and tax credit investments. The FHLB Stock is reported at cost. Accounting for our tax credit investments is dependent on the type of credit we have purchased, as follows: • Federal low income housing tax credits are accounted for under the proportional amortization method; and • All other tax credits in our investment portfolio are accounted for using the equity method. For federal tax credits accounted for under the equity method, we use the deferral method for recognizing the benefit of the tax credit with the related deferred revenue being recognized in our Consolidated Income Statement as a component of "Federal income tax expense" proportionately over the life of the investment. Presentation in the Consolidated Statement of Income Net Investment Income Earned Net investment income earned on our Consolidated Statement of Income includes the following: • Interest income, as well as amortization and accretion, on fixed income securities; • Interest income on CMLs; • Dividend income on equity securities; • Interest income on our short-term investments; and • Income recognized on our alternative and other investments accounted for under the equity method of accounting, except for federal tax credits, as discussed below. Income related to federal tax credits (either low income housing tax credits or other federal credits) is recorded in our Consolidated Statement of Income as a component of “Federal income tax expense” proportionately over the life of the investment. Net Realized and Unrealized Investment (Losses) Gains Net realized and unrealized investment gains (losses) on our Consolidated Statement of Income include the following: • Realized gains and losses on the disposal of holdings in our investment portfolio, which are determined on the basis of the cost of the specific investments sold; • Changes in unrealized gains or losses on our equity securities; • Losses on investments for which we have the intent to sell, which are discussed further below; and • Net credit loss expense or benefit resulting from changes in the ACL related to our investment portfolio, which is also discussed further below. Losses on Investments for which we have the Intent to Sell For our AFS fixed income securities and short-term investments, we review our fixed income securities in an unrealized loss position to determine (i) if we have the intent to sell the security, or (ii) if it is more likely than not we will be required to sell the security before its anticipated recovery. If we determine that we have the intent or likely requirement to sell the security, we write down its amortized cost to its fair value. In writing down amortized cost, any amount previously recorded as an ACL is reversed and any incremental reduction in amortized cost is recorded directly to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. For our alternative and other investments, if we determine that we intend to sell a holding and the expected proceeds are less than the recorded value of the investment, we will record a loss on those securities we intend to sell in earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. After reviewing our portfolio, if (i) we do not have the intent to sell, or (ii) it is more likely than not we will not be required to sell the security before its anticipated recovery, then our intent is to hold the investment securities to recovery, or maturity if necessary to recover the decline in valuation as prices accrete to par. However, our intent may change prior to maturity due to certain types of events, which include, but are not limited to, changes in the financial markets, our analysis of an issuer’s credit metrics and prospects, changes in tax laws or the regulatory environment, or as a result of significant unforeseen changes in liquidity needs. As such, we may, from time to time, sell invested assets subsequent to the balance sheet date that we did not intend to sell at the balance sheet date. Conversely, we may not sell invested assets that we asserted we intended to sell at the balance sheet date. Such changes in intent are due to unforeseen events occurring subsequent to the balance sheet date. ACL on AFS Fixed Income Securities and Short-Term Investments When fixed income securities are in an unrealized loss position and we do not record any losses on securities for which we intend to sell, we record an ACL for the portion of the unrealized loss due to an expected credit loss. We estimate expected credit losses on fixed income securities with certain credit qualities by performing a discounted cash flow (“DCF”). The ACL is equal to the excess of amortized cost over the greater of: (i) our estimate of the present value of expected future cash flows, or (ii) fair value. The ACL is recorded as a contra-asset reflected in the carrying value of the investment on the Consolidated Balance Sheet. The initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. Any remaining unrealized loss is the non-credit amount and is recorded in AOCI. The ACL cannot exceed the unrealized loss of an AFS security and therefore it may fluctuate with changes in the fair value of the security. The ACL is written off against the amortized cost basis in the period in which it is determined uncollectible. Our DCF analyses calculate the present value of expected future cash flows using various models specific to the major security types in our portfolio. These models use security-specific information, as well as reasonable and forecasted macroeconomic data, to determine possible expected credit loss scenarios based on projected changes in the economy. The forecasted economic data incorporated into the models is based on the Federal Reserve Board’s annual supervisory stress test review on certain large banks and financial institutions. We also have the ability to incorporate internally-developed forecast information into the models as we deem appropriate. The discount rate used in a DCF is one of the following: • The current yield in effect at the reporting date to accrete the beneficial interest for RMBS, CMBS, CLO and other ABS that were not of high credit quality at acquisition; • The effective interest rate in effect as of the reporting date for non-fixed rate securities; and • The effective interest rate implicit in the security at the date of acquisition for all other securities. DCFs may include, but are not necessarily limited to: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as the historical performance of the underlying collateral, including net operating income generated by underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. We do not record a valuation allowance on the accrued interest balance associated with our fixed income securities as we reverse delinquent amounts on a timely basis. We consider a fixed income security to be past due at the time any principal or interest payments become 90 days delinquent. ACL on CMLs We evaluate our CMLs on a quarterly basis for expected credit losses. If we hold a CML with a specific credit concern, we record an individual ACL on that loan. For all other CMLs, we record an ACL on the pool of loans based on lifetime expected credit losses. The ACL is recorded as a contra-asset reflected in the carrying value of our CMLs on the Consolidated Balance Sheet. Our initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. We utilize a forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios apply reasonable and forecasted macroeconomic data such as unemployment, inflation, and rent assumptions to project property-specific operating income and capitalization rates that are used to estimate the value of the future operating income stream. This information, coupled with historical data about mortgage loan performance, is used to project the probability of default, the amount of loss given a default, and the resulting lifetime expected loss. Credit Losses on Alternative Investments We review our alternative investment portfolio for potential credit losses through quarterly fund reports and conversations with the general partners of the alternative investments concerning the following: • The current investment strategy; • Changes made or future changes to be made to the investment strategy; • Emerging issues that may affect the success of the strategy; and • The appropriateness of the valuation methodology used regarding the underlying investments. Credit Losses on Other Investments Our evaluation for potential credit loss on tax credits and FHLB Stock include a qualitative assessment of credit indicators, which include, but are not limited to, the following: • An adverse development of the expected receipt of remaining tax credits and other tax benefits; and • A significant deterioration in the financial condition or liquidity of the Federal Home Loan Bank of Indiana or New York. If we do not intend to sell a security, and we expect a credit loss on a holding in our alternative or other investments portfolio, we record a charge to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. (d) Fair Values of Financial Instruments Assets The fair values of our investments are generated using various valuation techniques and are placed into the fair value hierarchy considering the following: (i) the highest priority is given to quoted prices in active markets for identical assets (Level 1); (ii) the next highest priority is given to quoted prices in markets that are not active or inputs that are observable either directly or indirectly, including quoted prices for similar assets in markets that are not active and other inputs that can be derived principally from, or corroborated by, observable market data for substantially the full term of the assets (Level 2); and (iii) the lowest priority is given to unobservable inputs supported by little or no market activity and that reflect our assumptions about the exit price, including assumptions that market participants would use in pricing the asset (Level 3). An asset’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The techniques used to value our financial assets are as follows: Level 1 Pricing Security Type Methodology Equity Securities; U.S. Treasury Notes Equity and U.S. Treasury Note prices are received from an independent pricing service that are based on observable market transactions. We validate these prices against a second external pricing service, and if established market value comparison thresholds are breached, further analysis is performed to determine the price to be used. Short-Term Investments Short-term investments are recorded at fair value. Given the liquid nature of our short-term investments, we generally validate their fair value by way of active trades within approximately one week of the financial statement close. Level 2 Pricing We utilize a market approach for our Level 2 securities, using primarily matrix pricing models prepared by external pricing services. Matrix pricing models use mathematical techniques to value fixed income securities by relying on the securities' relationship to other benchmark quoted securities, and not relying exclusively on quoted prices for specific securities, as the specific securities are not always frequently traded. As a matter of policy, we consistently use one pricing service as our primary source and secondary pricing services if prices are not available from the primary pricing service. Fixed income security pricing is reviewed for reasonableness by (i) comparing our pricing to other third-party pricing services as well as benchmark indexed pricing, (ii) comparing fair value fluctuations between months for reasonableness, (iii) reviewing stale prices, and (iv) internally reviewing prices for reasonableness if a price from another third-party source is not available. If further analysis is needed, a challenge is sent to the pricing service for review and confirmation of the price. Further information on our Level 2 asset pricing is included in the following table: Security Type Methodology Corporate Securities, including preferred stocks classified as Fixed Income Securities, and U.S. Government and Government Agencies Evaluations include obtaining relevant trade data, benchmark quotes and spreads, and incorporating this information into either spread-based or price-based evaluations as determined by the observed market data. Spread-based evaluations include: (i) creating a range of spreads for relevant maturities of each issuer based on the new issue market, secondary trading, and dealer quotes; and (ii) incorporating option adjusted spreads for issues that have early redemption features. Based on the findings in (i) and (ii) above, final spreads are derived and added to benchmark curves. Price-based evaluations include matching each issue to its best-known market maker and contacting firms that transact in these securities. Obligations of States and Political Subdivisions Evaluations are based on yield curves that are developed based on factors such as: (i) benchmarks to issues with interest rates near prevailing market rates; (ii) established trading spreads over widely-accepted market benchmarks; (iii) yields on new issues; and (iv) market information from third-party sources such as reportable trades, broker-dealers, or issuers. RMBS, CMBS, CLO and other ABS Evaluations are based on a DCF, including: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as historical performance of the underlying collateral, including net operating income generated by the underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and loan level collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche-specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. Foreign Government Evaluations are performed using a DCF model and by incorporating observed market yields of benchmarks as inputs, adjusting for varied maturities. Level 3 Pricing Security Type Methodology CMLs Evaluations are performed by a third party and are based on matrix pricing. For fixed rate loans, the matrix process uses a yield build up approach to create a pricing yield, with components for base yield, credit quality spread, property type spread, and a weighted average life spread. Floating rate loans are priced with a target quality spread over the swap curve. In addition to our CML portfolio, certain securities in our AFS fixed income securities portfolio are priced using (i) unobservable inputs, such as illiquidity spreads, (ii) broker quotes, or (iii) information received from other third-party sources, for which there is a lack of transparency as to the inputs used to generate the valuation. The quantitative detail of these unobservable inputs is neither provided to us, nor reasonably available to us. Liabilities The techniques used to value our notes payable are as follows: Level 2 Pricing Security Type Methodology 7.25% Senior Notes; 6.70% Senior Notes; Based on matrix pricing models prepared by external pricing services. Borrowings from Federal Home Loan Banks Evaluations are performed using a DCF model based on current borrowing rates provided by the Federal Home Loan Banks that are consistent with the remaining term of the borrowing. (e) Allowance for Credit Losses on Premiums Receivable We estimate an ACL on our outstanding premiums receivable balance at each reporting date. In determining this allowance, we use a method that considers the aging of the receivable, based on the effective year of the related policy, along with our historical receivable loss experience. We also contemplate expected macroeconomic conditions over the expected collection period, which are short-term in nature because the majority of the balances are collected within two years of policy issuance. Changes in our ACL are charged to earnings as credit loss expense or benefit, which is a component of "Other insurance expenses" on our Consolidated Statements of Income, with an offsetting ACL recorded as a contra-asset reflected in the carrying value of the receivable. We charge write-offs against the allowance when we determine the account to be uncollectible after considering information obtained from our collection efforts. (f) Share-Based Compensation Share-based compensation consists of all share-based payment transactions in which an entity acquires goods or services by issuing (or offering to issue) its shares, share units, share options, or other equity instruments. The cost resulting from all share-based payment transactions are recognized in the Financial Statements based on the fair value of both equity and liability awards. The fair value is measured at grant date for equity awards, whereas the fair value for liability awards are remeasured at each reporting period. The fair value of both equity and liability awards is recognized over the requisite service period. The requisite service period is typically the lesser of the vesting period or the period of time from the grant date to the date of retirement eligibility. The expense recognized for share-based awards, which, in some cases, contain performance criteria, is based on the number of shares or units expected to be issued at the end of the performance period. We repurchase the Parent’s stock from our employees in connection with tax withholding obligations, as permitted under our stock-based compensation plans. This activity is disclosed in our Consolidated Statement of Stockholders' Equity. (g) Reinsurance The “Reinsurance recoverable” balance on our Consolidated Balance Sheet represents our estimate of amounts that will be recovered from reinsurers under our various treaties. Generally, amounts recoverable from reinsurers are recognized as assets at the same time and in a manner consistent with the paid and unpaid losses associated with the reinsured policies. We would consider a recoverable balance from a reinsurer to be past due if payment is not received by the first day following the invoice due date. We require collateral to secure reinsurance recoverable balances primarily from our reinsurance carriers that are not authorized, otherwise approved, or certified to do business in one or more of our ten insurance subsidiaries' domiciliary states. Our ten insurance subsidiaries are collectively referred to as the "Insurance Subsidiaries." The collateral received is typically in the form of a letter of credit, trust funds, or funds withheld against reinsurance recoverables. We have a reinsurance agreement with a special purpose insurer ("SPI"). The reinsurance agreement meets the requirements to be accounted for as reinsurance in accordance with the guidance for reinsurance contracts. At the time of entering into the agreement, we evaluated the applicability of the VIE accounting guidance. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest or lack sufficient funds to finance its own activities without financial support provided by other entities. We considered several significant factors in determining if the SPI is a VIE and if we are the primary beneficiary, including whether we have (i) the power to direct activities of the VIE, (ii) the ability to remove the decision maker of the VIE, (iii) the ability to participate in making decisions that are significant to the VIE, and (iv) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. As a result of the evaluation of the reinsurance agreement with the SPI, we concluded that it was a VIE. However, we do not have a variable interest in the entity, as the variability in its results, caused by the reinsurance agreement, is expected to be absorbed entirely by the investors in the senior notes issued by the SPI, and residual amounts earned by it, if any, are expected to be absorbed by the equity investors. We have neither an equity nor a residual interest in the SPI. Accordingly, we are not the primary beneficiary of the SPI and do not consolidate that entity in our Financial Statements. Additionally, because we have no intention to pursue any transaction that would result in it acquiring interest in and becoming the primary beneficiary of the SPI, the consolidation of that entity in our Financial Statements in future periods is unlikely. Refer to Note 9. "Reinsurance" for more information on this transaction. We estimate an ACL on our outstanding reinsurance recoverable balance at each reporting date. Credit risk is mitigated to the extent we have obtained collateral. As part of our estimation of the ACL, we reduce the recoverable balance by the amount of the collateral. We then pool the uncollateralized balances by similar risk characteristics, including the financial strength rating of the reinsurer, and use a probability-of-default methodology to calculate the allowance. Historical default rates are sourced from AM Best Company ("AM Best") and are coupled with severity assumptions in developing a baseline scenario. We then stress this scenario by incorporating forecasts of industry catastrophe losses and economic factors sourced through third-party data providers. In developing our best estimate of the allowance for credit losses, we consider our outlook as to the probability of each of these scenarios occurring. Changes in our ACL are charged to earnings as credit loss expense, which is a component of “Loss and loss expense incurred” on our Consolidated Statement of Income, with an offsetting ACL recorded as a contra-asset reflected in the carrying value of the recoverable balance. We charge write-offs against the ACL when we determine the recoverable balance to be uncollectible after considering information obtained from our efforts to collect amounts due or through a review of the financial condition of the reinsurer. (h) Property and Equipment Property and equipment used in operations, including certain costs incurred to develop or obtain computer software for internal use, are capitalized and recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The following estimated useful lives can be considered as general guidelines: Asset Category Years Computer hardware 3 Computer software 3 to 5 Software licenses 3 to 5 Internally developed software 5 Furniture and fixtures 10 Buildings and improvements 5 to 40 We recorded depreciation expense of $24.7 million, $24.6 million, and $24.3 million for 2023, 2022, and 2021, respectively. (i) Deferred Policy Acquisition Costs Deferred policy acquisition costs are limited to costs directly related to the successful acquisition of insurance contracts. Costs meeting this definition typically include, among other things, sales commissions paid to our distribution partners, premium taxes, and the portion of employee salaries and benefits directly related to time spent on acquired contracts. These costs are deferred and amortized over the life of the contracts. Accounting guidance requires a premium deficiency analysis to be performed at the level an entity acquires, services, and measures the profitability of its insurance contracts. We currently perform three premium deficiency analyses for our insurance operations, consistent with our reportable segments of Standard Commercial Lines, Standard Personal Lines, and E&S Lines. A combined ratio of over 100% does not necessarily indicate a premium deficiency, as any year's combined ratio includes a portion of underwriting expenses that are expensed at policy inception and therefore are not covered by the remaining unearned premium. In addition, investment income is not contemplated in the combined ratio calculation. There were no premium deficiencies for any of the reported years, as the sum of the anticipated loss and loss expense, unamortized acquisition costs, policyholder dividends, and other expenses for each segment did not exceed that segment’s related unearned premium and anticipated investment income. The investment yields assumed in the premium deficiency assessment for each |
Adoption of Accounting Pronounc
Adoption of Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the market transition away from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. Companies can elect to adopt ASU 2020-04 as of the beginning of the interim period that includes March 2020, or any date thereafter through December 31, 2024, as permitted by ASU 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848 issued in December 2022. We adopted this guidance in the first quarter of 2023. We are not required to measure the effect of adoption on our financial position, cash flows, or net income because the guidance provides relief from accounting for the effects of the change to a replacement rate. Pronouncements to be effective in the future In June 2022, the FASB issued ASU 2022-03 , Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that a contractual sales restriction on an equity security is not considered when determining the security's fair value. This ASU was issued to eliminate diversity in practice by clarifying that contractual arrangements restricting an entity's ability to sell the security for a certain period of time is a characteristic of the reporting entity and should not be contemplated when determining the security's fair value. ASU 2022-03 requires new disclosures that provide investors with information about the restriction, including the nature and remaining duration of the restriction. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those annual periods. We adopted this guidance on January 1, 2024 and it will not have a material impact to our financial condition or results of operations. In March 2023, the FASB issued ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02"). This ASU allows companies to elect to account for qualifying tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Companies were previously permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income-housing tax credit structures. ASU 2023-02 extends the application of the proportional amortization method to qualifying tax equity investments that generate tax credits through other programs. It also requires new disclosures that provide a better understanding of the nature of the tax equity investments and the effect the tax equity investments and related income tax credits and other income tax benefits have on a company's financial position and results of operations. The ASU is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. We adopted this guidance on January 1, 2024 and it will not have a material impact to our financial condition or results of operations. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 amends disclosure requirements for segment reporting by modifying and adding disclosure requirements. The additional disclosure requirements include the following on both an interim and annual basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"); (ii) amounts for "other segment items" by reportable segment and a description of its composition; and (iii) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 requires all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, Segment Reporting , to now be disclosed in interim periods. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As it requires disclosure only, ASU 2023-07 will not have an impact on our financial condition or results of operations. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. As it requires disclosure only, ASU 2023-09 will not have an impact on our financial condition or results of operations. |
Statements of Cash Flow
Statements of Cash Flow | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Statements of Cash Flow | Statements of Cash Flows Supplemental cash flow information was as follows: ($ in thousands) 2023 2022 2021 Cash paid (received) during the period for: Interest $ 28,359 26,639 28,930 Federal income tax 79,702 75,000 100,000 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 7,409 8,148 7,935 Operating cash flows from financing leases 66 46 35 Financing cash flows from finance leases 2,666 2,438 1,768 Non-cash items: Corporate actions related to fixed income securities, AFS 1 22,741 38,106 56,365 Corporate actions related to equity securities 1 — — 30,666 Conversion of AFS fixed income securities to equity securities — 1,463 15,139 Conversion of alternative investments to equity securities 2 50,253 — — Assets acquired under finance lease arrangements 1,584 707 6,709 Assets acquired under operating lease arrangements 5,885 16,649 3,272 Non-cash purchase of property and equipment 242 70 472 1 Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock-splits. 2 This non-cash exchange represents our investment in a private fund that was initially classified as an alternative investment accounted for using the equity method. The fund was later reclassified as an equity security when the fund transitioned to an Investment Company Act of 1940 fund. 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) December 31, 2023 December 31, 2022 Cash $ 180 26 Restricted cash 13,092 25,183 Total cash and restricted cash shown in the Statements of Cash Flows $ 13,272 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 | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | Investments (a) Net unrealized gains and losses on investments included in "Other comprehensive income (loss)" ("OCI") in the Consolidated Statements of Stockholders' Equity by asset class were as follows for the years ended December 31, 2023, 2022, and 2021: ($ in thousands) 2023 2022 2021 AFS securities: Fixed income securities $ (353,288) (527,926) 228,947 Total AFS securities (353,288) (527,926) 228,947 Held-to-Maturity ("HTM") securities: Fixed income securities — — (4) Total HTM securities — — (4) Short-term securities 35 35 20 Total net unrealized gains (losses) (353,253) (527,891) 228,963 Deferred income tax 74,184 110,857 (48,082) Net unrealized gains (losses), net of deferred income tax (279,069) (417,034) 180,881 Increase (decrease) in net unrealized gains (losses) in OCI, net of deferred income tax $ 137,965 (597,915) (124,370) (b) Information regarding our AFS securities as of December 31, 2023 and December 31, 2022 were as follows: December 31, 2023 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value AFS fixed income securities: U.S. government and government agencies $ 223,157 — 139 (18,261) 205,035 Foreign government 11,140 (35) — (1,302) 9,803 Obligations of states and political subdivisions 612,938 (669) 2,623 (28,927) 585,965 Corporate securities 2,834,048 (12,999) 28,078 (137,888) 2,711,239 CLO and other ABS 1,911,831 (2,854) 11,855 (86,005) 1,834,827 RMBS 1,568,960 (11,649) 6,023 (85,851) 1,477,483 CMBS 718,623 (6) 1,358 (45,130) 674,845 Total AFS fixed income securities $ 7,880,697 (28,212) 50,076 (403,364) 7,499,197 December 31, 2022 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value 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 ACL on our AFS fixed income securities for the years indicated: 2023 Beginning Balance Current Provision for Securities without Prior Allowance Initial Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) 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 — — (249) — — 35 Obligations of states and political subdivisons 1,024 48 — (281) (122) — 669 Corporate securities 30,330 3,457 — (16,879) (3,638) (271) 12,999 CLO and other ABS 2,375 619 — (116) (24) — 2,854 RMBS 11,597 17 — 447 (412) — 11,649 CMBS 111 1 — 38 (144) — 6 Total AFS fixed income securities $ 45,721 4,142 — (17,040) (4,340) (271) 28,212 2022 Beginning Balance Current Provisions for Securities without Prior Allowance Initial Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) 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 $ 46 291 — 4 (57) — 284 Obligations of states and political subdivisons 137 1,087 — (6) (194) — 1,024 Corporate securities 6,682 30,670 — 3,714 (6,902) (3,834) 30,330 CLO and other ABS 939 2,158 — (652) (50) (20) 2,375 RMBS 1,909 245 8,318 1,558 (433) — 11,597 CMBS 11 110 — (10) — — 111 Total AFS fixed income securities $ 9,724 34,561 8,318 4,608 (7,636) (3,854) 45,721 During 2023 or 2022, we had no write-offs or recoveries of our AFS fixed income securities. As disclosed in Note 2. "Summary of Significant Accounting Policies," we do not evaluate accrued interest on our AFS securities for expected credit loss as we write-off these balances in a timely manner. Accrued interest on AFS securities was $64.6 million as of December 31, 2023, and $56.4 million as of December 31, 2022. We did not record any (i) write-offs of accrued interest during 2023, or (ii) material write-offs in 2022. (c) Quantitative information about unrealized losses on our AFS portfolio follows: December 31, 2023 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized AFS fixed income securities: U.S. government and government agencies $ 77,698 (188) 108,578 (18,073) 186,276 (18,261) Foreign government 1,552 (87) 8,251 (1,215) 9,803 (1,302) Obligations of states and political subdivisions 137,031 (962) 290,964 (27,965) 427,995 (28,927) Corporate securities 263,423 (6,369) 1,439,422 (131,519) 1,702,845 (137,888) CLO and other ABS 278,940 (7,120) 984,175 (78,885) 1,263,115 (86,005) RMBS 351,976 (4,765) 757,914 (81,086) 1,109,890 (85,851) CMBS 130,189 (2,995) 471,256 (42,135) 601,445 (45,130) Total AFS fixed income securities $ 1,240,809 (22,486) 4,060,560 (380,878) 5,301,369 (403,364) December 31, 2022 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair 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 at December 31, 2023, compared to December 31, 2022, was driven by a decrease in benchmark U.S. Treasury rates and a tightening of credit spreads, with the decrease in interest rates having the most significant impact. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. “Summary of Significant Accounting Policies” of this Form 10-K, we have concluded that no ACL is required on these balances beyond the ACL recorded as of December 31, 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. (d) AFS and HTM fixed income securities at December 31, 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 $ 511,125 — — Due after one year through five years 3,450,675 13,624 13,307 Due after five years through 10 years 2,817,046 9,076 8,616 Due after 10 years 720,351 — — Total fixed income securities $ 7,499,197 22,700 21,923 (e) The following table summarizes our alternative investment portfolio by strategy: December 31, 2023 December 31, 2022 ($ in thousands) Carrying Remaining Maximum Carrying Remaining Maximum Alternative investments Private equity $ 301,759 131,885 433,644 280,980 134,676 415,656 Private credit 54,500 89,401 143,901 54,866 89,481 144,347 Real assets 39,520 33,040 72,560 35,470 21,945 57,415 Total alternative investments $ 395,779 254,326 650,105 371,316 246,102 617,418 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 is a description of our alternative investment strategies: Our private equity strategy includes the following: • Private Equity : This strategy makes private equity investments, primarily in established large and middle market companies across diverse industries globally, with an emphasis on North America. • Venture Capital : In general, these investments are made principally by investing in equity securities of startup companies and small-to-medium sized privately-held corporations with strong long-term growth potential. This strategy makes private equity investments in seed stage, early stage, late stage, and growth equity partnerships. Our private credit strategy includes the following: • Direct Lending : This strategy provides privately negotiated loans to U.S. middle market companies. Typically, these are floating rate, senior secured loans diversified across industries. Loans are made to companies that may or may not have private equity sponsors to finance LBOs, recapitalizations, and acquisitions. • Mezzanine Financing: This strategy provides privately-negotiated fixed income securities, generally with an equity component, to LBO firms and private and publicly-traded large, mid, and small-cap companies to finance LBOs, recapitalizations, and acquisitions . • Opportunistic and Distressed Debt : This strategy makes investments in debt and equity securities of companies that are experiencing financial distress, operational issues, or dislocated pricing of publicly-traded securities. Investments include buying indebtedness of bankrupt or financially-troubled companies, small balance loan portfolios, special situations and capital structure arbitrage trades, commercial real estate mortgages, and similar non-U.S. securities and debt obligations. Our real assets strategy includes the following: • I nfrastructure: This strategy invests in the equity or debt of cash flow generating assets, diversified across a variety of industries, including transportation, energy infrastructure, renewable power, such as wind and solar, social infrastructure, power generation, water, telecom, and other regulated entities principally located in North America and Western Europe. • Real Estate : This strategy invests in real estate in North America, Europe, and Asia via direct property ownership, joint ventures, mortgages, and investments in equity and debt instruments. Our alternative investment strategies may employ leverage and may use hedging to reduce foreign exchange or interest rate volatility. At this time, our alternative investment strategies do not include hedge funds. We typically cannot redeem our investments with the general partners of these investments; however, occasionally these partnership positions can be sold on the secondary market. Once liquidation is triggered by clauses within the limited partnership agreements or at the funds’ stated end date, we receive our final allocation of capital and any earned appreciation of the underlying investments, assuming we have not divested ourselves of our partnership interests prior to that time. We currently receive distributions from these alternative investments through the realization of the underlying investments of, or income generated by, the limited partnerships. The following tables show 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 as of, and for the 12-month period ended, September 30: Balance Sheet Information December 31, ($ in millions) 2023 2022 Investments $ 142,411 114,038 Total assets 146,844 128,158 Total liabilities 15,854 15,464 Total partners’ capital 130,990 112,694 Income Statement Information ($ in millions) 2023 2022 2021 Net investment income (loss) $ 178 765 653 Realized gains 5,845 12,590 6,121 Net change in unrealized appreciation (depreciation) 5,810 (5,215) 26,877 Net income $ 11,833 8,140 33,651 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income 26.8 23.0 117.7 (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 December 31, 2023, or December 31, 2022. (g) 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 December 31, 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 December 31, 2023: ($ in millions) FHLBI Collateral FHLBNY Collateral Regulatory Deposits Total U.S. government and government agencies $ — — 19.9 19.9 Obligations of states and political subdivisions — — 3.5 3.5 RMBS 69.2 25.3 — 94.5 CMBS 2.5 8.6 — 11.1 Total pledged as collateral $ 71.7 33.9 23.4 129.0 (h) The components of pre-tax net investment income earned were as follows: ($ in thousands) 2023 2022 2021 Fixed income securities $ 345,886 259,918 209,709 CMLs 9,336 5,555 2,743 Equity securities 9,395 13,554 15,920 Short-term investments 14,818 3,997 260 Alternative investments 26,777 23,003 117,701 Other investments 650 258 359 Investment expenses (18,212) (18,130) (20,103) Net investment income earned $ 388,650 288,155 326,589 (i) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated: ($ in thousands) 2023 2022 2021 Gross gains on sales $ 5,896 28,419 15,284 Gross losses on sales (30,760) (60,055) (8,140) Net realized gains (losses) on disposals (24,864) (31,636) 7,144 Net unrealized gains (losses) on equity securities 9,510 (32,127) 17,881 Net credit loss benefit (expense) on fixed income securities, AFS 12,898 (39,169) (6,858) Net credit loss benefit (expense) on fixed income securities, HTM — 63 (49) Net credit loss benefit (expense) on CMLs (175) (116) — Losses on securities for which we have the intent to sell (921) (11,823) (519) Net realized and unrealized investment gains (losses) $ (3,552) (114,808) 17,599 The decrease in net realized and unrealized investment losses in 2023 compared to 2022 was primarily driven by (i) improved valuations in the public equity markets, and (ii) an improvement in expected credit losses in 2023 reflecting a decrease in benchmark U.S. Treasury rates and, to a lesser extent, a tightening of credit spreads. The increase in net realized and unrealized investment losses in 2022 compared to 2021 was primarily driven by (i) a decrease in valuations reflecting the public equities market in 2022, (ii) active trading of our fixed income securities in an effort to opportunistically increase yield given the rising interest rate environment in 2022, and (iii) higher credit loss expense on our AFS fixed income securities portfolio. Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following: ($ in thousands) 2023 2022 2021 Unrealized gains (losses) recognized in income on equity securities: On securities remaining in our portfolio at end of period $ 3,593 (10,454) 16,473 On securities sold in period 5,917 (21,673) 1,408 Total unrealized gains (losses) recognized in income on equity securities $ 9,510 (32,127) 17,881 Proceeds from the sales of AFS fixed income securities were $1,221.9 million, $1,211.7 million, and $502.9 million in 2023, 2022, and 2021, respectively. Proceeds from the sales of equity securities were $53.3 million, $186.1 million, and $99.2 million in 2023, 2022, and 2021, respectively. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Comprehensive Income (a) The components of comprehensive income, both gross and net of tax, for 2023, 2022, and 2021 are as follows: 2023 ($ in thousands) Gross Tax Net Net income $ 458,412 93,174 365,238 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains (losses) during the year 106,845 22,438 84,407 Unrealized gains (losses) on securities with credit loss recognized in earnings 60,234 12,649 47,585 Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 20,458 4,296 16,162 Credit loss (benefit) expense (12,898) (2,709) (10,189) Total unrealized gains (losses) on investment securities 174,639 36,674 137,965 Defined benefit pension and post-retirement plans: Net actuarial gain (loss) (19,385) (4,070) (15,315) Amounts reclassified into net income: Net actuarial (gain) loss 3,026 635 2,391 Total defined benefit pension and post-retirement plans (16,359) (3,435) (12,924) Other comprehensive income (loss) 158,280 33,239 125,041 Comprehensive income (loss) $ 616,692 126,413 490,279 2022 ($ in thousands) Gross Tax Net Net income $ 280,186 55,300 224,886 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the year (668,107) (140,302) (527,805) Unrealized gains (losses) on securities with credit loss recognized in earnings (187,968) (39,473) (148,495) Amounts reclassified into net income: HTM securities 4 1 3 Net realized (gains) losses on disposals and intent-to-sell AFS securities 60,048 12,610 47,438 Credit loss (benefit) expense 39,169 8,225 30,944 Total unrealized gains (losses) on investment securities (756,854) (158,939) (597,915) Defined benefit pension and post-retirement plans: Net actuarial gain (loss) (20,941) (4,398) (16,543) Amounts reclassified into net income: Net actuarial (gain) loss 1,668 351 1,317 Total defined benefit pension and post-retirement plans (19,273) (4,047) (15,226) Other comprehensive income (loss) (776,127) (162,986) (613,141) Comprehensive income (loss) $ (495,941) (107,686) (388,255) 2021 ($ in thousands) Gross Tax Net Net income $ 505,310 101,473 403,837 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the year (151,391) (31,793) (119,598) Unrealized gains (losses) on securities with credit loss recognized in earnings (9,061) (1,902) (7,159) Amounts reclassified into net income: HTM securities (11) (2) (9) Net realized (gains) losses on disposals and intent-to-sell AFS securities (3,825) (803) (3,022) Credit loss (benefit) expense 6,858 1,440 5,418 Total unrealized gains (losses) on investment securities (157,430) (33,060) (124,370) Defined benefit pension and post-retirement plans: Net actuarial gain (loss) 21,636 4,543 17,093 Amounts reclassified into net income: Net actuarial (gain) loss 2,772 582 2,190 Total defined benefit pension and post-retirement plans 24,408 5,125 19,283 Other comprehensive income (loss) (133,022) (27,935) (105,087) Comprehensive income (loss) $ 372,288 73,538 298,750 (b) The balances of, and changes in, each component of AOCI (net of taxes) as of December 31, 2023, and 2022, were as follows: Net Unrealized Gains (Losses) on Investment Securities Defined Benefit Pension and Post-retirement Plans ($ in thousands) Credit Loss Related 1 HTM Related All Other Investments Subtotal Total AOCI Balance, December 31, 2021 $ (4,287) (3) 185,170 180,880 (65,781) 115,099 OCI before reclassifications (148,495) — (527,805) (676,300) (16,543) (692,843) Amounts reclassified from AOCI 30,944 3 47,438 78,385 1,317 79,702 Net current period OCI (117,551) 3 (480,367) (597,915) (15,226) (613,141) Balance, December 31, 2022 (121,838) — (295,197) (417,035) (81,007) (498,042) OCI before reclassifications 47,585 — 84,407 131,992 (15,315) 116,677 Amounts reclassified from AOCI (10,189) — 16,162 5,973 2,391 8,364 Net current period OCI 37,396 — 100,569 137,965 (12,924) 125,041 Balance, December 31, 2023 $ (84,442) — (194,628) (279,070) (93,931) (373,001) 1 Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings. The reclassifications out of AOCI were as follows: ($ in thousands) Year ended December 31, 2023 Year ended December 31, 2022 Affected Line Item in the Consolidated Statements of Income HTM related Unrealized (gains) losses on HTM disposals $ — (7) Net realized and unrealized investment gains (losses) Amortization of net unrealized (gains) losses on HTM securities — 11 Net investment income earned — 4 Income before federal income tax — (1) Total federal income tax expense — 3 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 20,458 60,048 Net realized and unrealized investment gains (losses) 20,458 60,048 Income before federal income tax (4,296) (12,610) Total federal income tax expense 16,162 47,438 Net income Credit loss related Credit loss (benefit) expense (12,898) 39,169 Net realized and unrealized investment gains (losses) (12,898) 39,169 Income before federal income tax 2,709 (8,225) Total federal income tax expense (10,189) 30,944 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 695 359 Loss and loss expense incurred 2,331 1,309 Other insurance expenses Total defined benefit pension and post-retirement life 3,026 1,668 Income before federal income tax (635) (351) Total federal income tax expense 2,391 1,317 Net income Total reclassifications for the period $ 8,364 79,702 Net income |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 estimated fair values of our financial liabilities as of December 31, 2023, and 2022: December 31, 2023 December 31, 2022 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,926 53,047 49,921 51,705 6.70% Senior Notes 99,565 104,039 99,542 99,264 5.375% Senior Notes 294,523 288,787 294,424 258,459 3.03% Borrowings from FHLBI 60,000 57,932 60,000 57,175 Subtotal long-term debt 504,014 503,805 503,887 466,603 Unamortized debt issuance costs (2,704) (2,929) Finance lease obligations 2,636 3,718 Total long-term debt $ 503,946 $ 504,676 For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" of this Form 10-K. The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at December 31, 2023 and 2022: December 31, 2023 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 205,035 34,056 170,979 — Foreign government 9,803 — 9,803 — Obligations of states and political subdivisions 585,965 — 578,131 7,834 Corporate securities 2,711,239 — 2,413,907 297,332 CLO and other ABS 1,834,827 — 1,589,514 245,313 RMBS 1,477,483 — 1,477,483 — CMBS 674,845 — 674,489 356 Total AFS fixed income securities 7,499,197 34,056 6,914,306 550,835 Equity securities: Common stock 1 185,339 20,582 — 854 Preferred stock 1,816 1,816 — — Total equity securities 187,155 22,398 — 854 Short-term investments 309,317 308,512 805 — Total assets measured at fair value $ 7,995,669 364,966 6,915,111 551,689 December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs 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 $163.9 million at December 31, 2023 and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. The following tables provide a summary of Level 3 changes for the years indicated: 2023 ($ 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: OCI 1,111 10,645 2,974 49 — 14,779 Net realized and unrealized investment gains (losses) 62 419 (5) — (235) 241 Net investment income earned — 621 (30) (265) — 326 Purchases — 97,547 104,134 — — 201,681 Sales — — — — — — Issuances — — — — — — Settlements — (10,254) (16,737) (25) — (27,016) Transfers into Level 3 — 21,297 14,148 2,848 192 38,485 Transfers out of Level 3 — (10,923) (12,513) (2,626) — (26,062) Fair value, December 31, 2023 $ 7,834 297,332 245,313 356 854 551,689 Change in unrealized gains (losses) for the period included in earnings for assets held at period end 62 419 (5) — (235) 241 Change in unrealized gains (losses) for the period included in OCI for assets held at period end 1,111 10,634 2,858 49 — 14,652 2022 ($ in thousands) Obligations of states and political subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Common Stock 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 (985) (23,624) (11,287) (17) (481) — (36,394) Net realized and unrealized investment gains (losses) (99) (2,414) (876) — — — (3,389) Net investment income earned — 68 229 — 45 — 342 Purchases — 99,868 100,406 — — — 200,274 Sales — — — — — — — Issuances — — — — — — — Settlements — (10,148) (12,361) (11) (15) — (22,535) Transfers into Level 3 — 19,214 502 — — 897 20,613 Transfers out of Level 3 — (9,111) (48,180) (217) (3,430) — (60,938) Fair value, December 31, 2022 $ 6,661 187,980 153,342 — 375 897 349,255 Change in unrealized gains (losses) for the period included in earnings for assets held at period end (99) (2,399) (876) — — — (3,374) Change in unrealized gains (losses) for the period included in OCI for assets held at period end (985) (23,630) (11,246) (17) (481) — (36,359) The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at December 31, 2023, and 2022: December 31, 2023 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 135,524 DCF Illiquidity Spread (4.4)% - 5.3% 1.9% CLO and other ABS 127,210 DCF Illiquidity Spread 0.01% - 19.6% 2.4% Total internal valuations 262,734 Other 1 288,955 Total Level 3 securities $ 551,689 December 31, 2022 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 81,867 DCF Illiquidity Spread (4.4)% - 5.3% 1.3% CLO and other ABS 59,452 DCF 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 is 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 DCF 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 regarding our financial assets and liabilities that were not measured at fair value, but were disclosed as such at December 31, 2023, and 2022: December 31, 2023 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets HTM: Corporate securities $ 21,923 — 21,923 — Total HTM fixed income securities 21,923 — 21,923 — CMLs $ 178,913 — — 178,913 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 53,047 — 53,047 — 6.70% Senior Notes 104,039 — 104,039 — 5.375% Senior Notes 288,787 — 288,787 — 3.03% Borrowings from FHLBI 57,932 — 57,932 — Total long-term debt $ 503,805 — 503,805 — December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs 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 | 12 Months Ended |
Dec. 31, 2023 | |
Premiums Receivable [Abstract] | |
Allowance for Credit Losses on Premiums Receivable Note [Text Block] | Allowance for Credit Losses on Premiums Receivable The following table provides a roll forward of the ACL on our premiums receivable balance for 2023 and 2022: ($ in thousands) December 31, 2023 December 31, 2022 Balance at beginning of year $ 16,100 13,600 Current period change for expected credit losses 6,124 6,065 Write-offs charged against the allowance for credit losses (5,080) (4,978) Recoveries 1,756 1,413 ACL, end of year $ 18,900 16,100 For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies." |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | Reinsurance Our Financial Statements reflect the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that other insurance entities have underwritten. Ceded reinsurance involves transferring certain insurance risks (along with the related written and earned premiums) that we have underwritten to other insurance companies that agree to share these risks. The primary purpose of ceded reinsurance is to protect the Insurance Subsidiaries from potential losses in excess of the amount that we are willing to accept. Our major treaties covering property, property catastrophe, and casualty business are excess of loss contracts. We also entered into a catastrophe bond transaction to protect against certain named loss events, and use an intercompany quota share (proportional) pooling arrangement and other minor reinsurance treaties. Effective December 8, 2023, we secured property catastrophe protection through a per occurrence excess of loss indemnity reinsurance agreement with High Point Re Ltd. ("High Point Re"), an independent Bermuda special purpose insurer. The reinsurance agreement meets the requirements to be accounted for as reinsurance in accordance with the guidance for reinsurance contracts. In connection with the reinsurance agreement, High Point Re issued Series 2023-1, Class A Principal-at-Risk Variable Rates Notes (“catastrophe bonds”) to unrelated investors totaling $325 million, consistent with the amount of coverage provided under the reinsurance agreement. Under the terms of the reinsurance agreement, we pay annual reinsurance premiums to High Point Re for the reinsurance coverage, which are included in our ceded premiums. The principal amount of the catastrophe bonds will be reduced by any amounts paid to us under the reinsurance agreement. As a Standard Commercial Lines and E&S Lines writer, we are subject to the Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA"), which was extended by Congress to December 31, 2027. TRIPRA requires private insurers and the U. S. government to share the risk of loss on future acts of terrorism certified by the U.S. Secretary of the Treasury. Under TRIPRA, each participating insurer is responsible for paying a deductible of specified losses before federal assistance is available. This deductible is based on a percentage of the prior year’s applicable Standard Commercial Lines and E&S Lines premiums. In 2024, our deductible, before tax, is approximately $543 million. For losses above the deductible, the federal government will pay 80% of losses to an industry limit of $100 billion, and the insurer retains 20%. The Insurance Subsidiaries remain liable to policyholders to the extent that any reinsurer becomes unable to meet their contractual obligations. In addition to this direct counterparty credit risk, we have indirect counterparty credit risk as our reinsurers often enter into their own reinsurance programs, or retrocessions, as part of managing their exposure to large losses and improving their financial strength ratings. The credit quality of our reinsurers is also impacted by other factors, such as their reserve adequacy, investment portfolio, regulatory capital position, catastrophe aggregations, and risk management expertise. We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of December 31, 2023, and 2022: December 31, 2023 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 82,466 $ 21 $ 82,487 A+ 371,132 2,887 374,019 A 111,883 1,380 113,263 A- 3,596 89 3,685 Total rated reinsurers $ 569,077 $ 4,377 $ 573,454 Non-rated reinsurers Federal and state pools $ 80,506 $ — $ 80,506 Other than federal and state pools 4,488 77 4,565 Total non-rated reinsurers $ 84,994 $ 77 $ 85,071 Total reinsurance recoverable, gross $ 654,071 $ 4,454 $ 658,525 Less: ACL (1,700) Total reinsurance recoverable, net $ 656,825 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: ACL (1,600) Total reinsurance recoverable, net $ 782,810 The $100.3 million decrease in "Federal and state pools" as of December 31, 2023, compared to December 31, 2022, was primarily due to a decrease in the NFIP reserves recorded as of December 31, 2022, for flood losses in Florida and surrounding states as a result of Hurricane Ian, which are 100% ceded to the NFIP and continue to be paid as the associated claims are settled. The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the indicated periods: ($ in thousands) December 31, 2023 December 31, 2022 Balance at beginning of year $ 1,600 $ 1,600 Current period change for expected credit losses 100 — Write-offs charged against the allowance for credit losses — — Recoveries — — ACL, end of year $ 1,700 $ 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." The following table represents our total reinsurance balances segregated by reinsurer to illustrate our concentration of risk throughout our reinsurance portfolio: December 31, 2023 As of December 31, 2022 ($ in thousands) Reinsurance Balances % of Reinsurance Balance Reinsurance Balances % of Reinsurance Balance Total reinsurance recoverables, net of allowance for credit losses $ 656,825 $ 782,810 Total prepaid reinsurance premiums 203,320 172,371 Total reinsurance balance 860,145 955,181 Federal and state pools 1 : NFIP 203,273 24 % 276,541 29 % New Jersey Unsatisfied Claim Judgment Fund 46,715 5 45,496 5 Other 1,779 — 3,488 — Total federal and state pools 251,767 29 325,525 34 Remaining reinsurance balance $ 608,378 71 $ 629,656 66 Hannover Ruckversicherungs AG (AM Best rated "A+") $ 135,564 16 $ 124,706 13 Munich Re Group (AM Best rated "A+") 132,831 15 127,106 13 AXIS Reinsurance Company (AM Best rated "A") 76,286 9 70,957 8 Swiss Re Group (AM Best rated "A+") 30,222 4 36,525 4 Transatlantic Reinsurance Company (AM Best rated “A++”) 27,475 3 32,730 3 All other reinsurers 207,700 24 239,232 25 Total reinsurers 610,078 71 % 631,256 66 % Less: ACL (1,700) (1,600) Reinsurers, net of ACL 608,378 629,656 Less: collateral 2 (126,418) (126,167) Reinsurers, net of collateral $ 481,960 $ 503,489 1 Considered to have minimal risk of default. 2 Includes letters of credit, trust funds, and funds held against reinsurance recoverables. Under our reinsurance arrangements, which are prospective in nature, reinsurance premiums ceded are recorded as prepaid reinsurance and amortized over the remaining contract period in proportion to the reinsurance protection provided, or recorded periodically, as per the terms of the contract, in a direct relationship to the gross premium recording. Reinsurance recoveries are recognized as gross losses as incurred. 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: ($ in thousands) 2023 2022 2021 Premiums written: Direct $ 4,725,459 4,068,518 3,656,537 Assumed 23,999 32,320 22,664 Ceded (614,926) (527,248) (489,488) Net $ 4,134,532 3,573,590 3,189,713 Premiums earned: Direct $ 4,386,556 3,880,522 3,472,715 Assumed 25,027 30,742 21,550 Ceded (583,977) (537,884) (477,012) Net $ 3,827,606 3,373,380 3,017,253 Loss and loss expense incurred: Direct $ 2,738,301 2,537,638 2,096,512 Assumed 19,581 23,160 13,813 Ceded (273,597) (449,020) (296,341) Net $ 2,484,285 2,111,778 1,813,984 Ceded premiums written, ceded premiums earned, and ceded loss and loss expense incurred related to our participation in the NFIP, to which we cede 100% of our NFIP flood premiums, losses, and loss expenses, were as follows: Ceded to NFIP ($ in thousands) 2023 2022 2021 Ceded premiums written $ (305,609) (259,246) (284,311) Ceded premiums earned (279,087) (274,100) (274,384) Ceded loss and loss expense incurred (75,549) (200,467) (215,224) |
Reserve for Loss and Loss Expen
Reserve for Loss and Loss Expense | 12 Months Ended |
Dec. 31, 2023 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Loss and Loss Expense | Reserve for Loss and Loss Expense (a) The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances: ($ in thousands) 2023 2022 2021 Gross reserves for loss and loss expense, at beginning of year $ 5,144,821 4,580,903 4,260,355 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year 757,513 578,641 554,269 Net reserves for loss and loss expense, at beginning of year 4,387,308 4,002,262 3,706,086 Incurred loss and loss expense for claims occurring in the: Current year 2,474,331 2,190,668 1,896,837 Prior years 9,954 (78,890) (82,853) Total incurred loss and loss expense 2,484,285 2,111,778 1,813,984 Paid loss and loss expense for claims occurring in the: Current year 922,641 768,583 676,331 Prior years 1,230,642 958,149 841,477 Total paid loss and loss expense 2,153,283 1,726,732 1,517,808 Net reserves for loss and loss expense, at end of year 4,718,310 4,387,308 4,002,262 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of year 618,601 757,513 578,641 Gross reserves for loss and loss expense at end of year $ 5,336,911 5,144,821 4,580,903 Our net loss and loss expense reserves increased by $331.0 million in 2023, $385.0 million in 2022, and $296.2 million in 2021. The loss and loss expense reserves are net of anticipated recoveries for salvage and subrogation claims, which amounted to $116.0 million for 2023, $91.3 million for 2022, and $87.0 million for 2021. The increase in net loss and loss expense reserves in 2023 was primarily driven by increases in exposure due to premium growth and unfavorable prior year loss reserve development. In 2023, we experienced overall net unfavorable prior year loss reserve development of $10.0 million, compared to net favorable development of $78.9 million in 2022 and $82.9 million in 2021. The following table summarizes the prior year reserve development by line of business: (Favorable)/Unfavorable Prior Year Development ($ in millions) 2023 2022 2021 General Liability $ 55.0 (5.0) (29.0) Commercial Automobile 8.0 22.5 13.3 Workers Compensation (74.5) (70.0) (58.0) Businessowners' Policies 7.6 (7.3) (0.4) Commercial Property 0.7 (1.6) (2.6) Bonds — (10.0) — Homeowners 4.6 (0.6) 1.8 Personal Automobile 15.3 0.5 (0.2) E&S Casualty Lines (5.0) (5.0) (7.0) E&S Property Lines (1.6) (2.5) (0.8) Other (0.1) 0.1 — Total $ 10.0 (78.9) (82.9) The Insurance Subsidiaries had $10.0 million of unfavorable prior year reserve development during 2023, which included $6.5 million of net favorable casualty reserve development and $16.5 million of unfavorable property reserve development. The net favorable casualty reserve development was driven by the workers compensation line of business, which was largely offset by increases in the general liability and personal auto lines of business. Workers compensation benefited from continued favorable medical trends in accident years 2021 and prior. General liability development was impacted by increased loss severities in accident years 2015 through 2020. Personal auto development was primarily driven by increased loss severities in accident year 2022. The Insurance Subsidiaries had $78.9 million of favorable prior year reserve development during 2022, which included $86.0 million of net favorable casualty reserve development and $7.1 million of unfavorable property reserve development. The net favorable casualty reserve development was largely driven by the workers compensation line of business, which was impacted by continued favorable medical trends in accident years 2020 and prior, and favorable inception-to-date claim frequencies in accident year 2020. Partially offsetting this net favorable reserve development was $15.0 million of unfavorable casualty reserve development in the commercial auto line of business ($22.5 million net of property reserve development), primarily driven by increased loss severities in accident year 2021. The Insurance Subsidiaries had $82.9 million of favorable prior year reserve development during 2021, which included $81.0 million of net favorable casualty reserve development and $1.9 million of favorable property reserve development. The net favorable casualty reserve development was largely driven by the workers compensation and general liability lines of business. Workers compensation was impacted by continued favorable medical trends in accident years 2019 and prior, and general liability development was attributable to lower loss severities in accident years 2018 and prior. In addition, our E&S casualty lines experienced favorable reserve development of $7.0 million in 2021. Partially offsetting this net favorable reserve development was $15.0 million of unfavorable casualty reserve development in the commercial auto line of business ($13.3 million net of property reserve development), driven by unfavorable reserve development on loss severities in accident years 2016 through 2019. (b) We have exposure to abuse or molestation claims within our general liability line of business, primarily through insurance policies that we issue to schools, religious institutions, day-care facilities, and other social services. We also have exposure to abuse or molestation claims from state laws that extend the statute of limitations or permit windows to be opened for abuse or molestation claims and lawsuits that were previously barred by statutes of limitations. The emergence of these claims is highly unpredictable and may be reported over an extended period of time. In addition to legislative changes that increase our exposure, there are significant uncertainties in estimating our exposure to abuse or molestation claims (for both case and IBNR reserves) resulting from (i) lack of relevant historical data, (ii) the delayed and inconsistent reporting patterns associated with these claims, (iii) the obligation of an insurer to defend a claim, (iv) the extent to which a party can prove the existence of coverage, and (v) uncertainty as to the number and identity of claimants. It is possible, as a result, that we may receive claims decades after the allegations occurred from coverages provided by us or our predecessor companies, that will require complex claims coverage determinations, potential litigation, and the need to collect from reinsurers under older reinsurance agreements. (c) Reserves established for liability insurance include exposure to asbestos and environmental claims. These claims have arisen primarily from insured exposures in municipal government, small non-manufacturing commercial risk, and homeowners policies. The emergence of these claims is highly unpredictable and may be reported over an extended period of time. There are significant uncertainties in estimating our exposure to asbestos and environmental claims (for both case and IBNR reserves) resulting from (i) lack of relevant historical data, (ii) the delayed and inconsistent reporting patterns associated with these claims, and (iii) uncertainty as to the number and identity of claimants and complex legal and coverage issues. Legal issues that arise in asbestos and environmental cases include federal or state venue, choice of law, causation, admissibility of evidence, allocation of damages and contribution among joint defendants, successor and predecessor liability, and whether direct action against insurers can be maintained. Coverage issues that arise in asbestos and environmental cases include the interpretation and application of policy exclusions, the determination and calculation of policy limits, the determination of the ultimate amount of a loss, the extent to which a loss is covered by a policy, if at all, the obligation of an insurer to defend a claim, and the extent to which a party can prove the existence of coverage. Courts have reached different and sometimes inconsistent conclusions on these legal and coverage issues. Traditional accident year loss development methods cannot be applied because past loss history is not necessarily indicative of future behavior. Instead, we review the experience by calendar year and rely on alternative metrics, such as paid and incurred survival ratios. As a result, reserves for asbestos and environmental require a high degree of judgment. The following table details our loss and loss expense reserves for various asbestos and environmental claims showing gross and net of reinsurance: 2023 ($ in millions) Gross Net Asbestos $ 4.9 3.5 Landfill sites 11.4 7.5 Underground storage tanks 10.1 8.1 Total $ 26.4 19.1 Historically, our asbestos and environmental claims have been significantly lower in volume than many other Standard Commercial Lines carriers as, prior to the introduction of the absolute pollution exclusion endorsement in the mid-1980s, we primarily wrote Standard Personal Lines, and therefore, our exposure to asbestos and environmental claims has been limited. The following table provides a roll forward of asbestos and environmental incurred loss and loss expense and related reserves thereon showing gross and net of reinsurance: 2023 2022 2021 ($ in thousands) Gross Net Gross Net Gross Net Asbestos Reserves for loss and loss expense at beginning of year $ 5,891 4,660 6,115 4,884 6,254 5,023 Incurred loss and loss expense 603 515 8 8 51 51 Less: loss and loss expense paid (1,638) (1,638) (232) (232) (190) (190) Reserves for loss and loss expense at the end of year $ 4,856 3,537 5,891 4,660 6,115 4,884 Environmental Reserves for loss and loss expense at beginning of year $ 21,877 15,669 21,658 16,191 22,276 16,398 Incurred loss and loss expense 461 233 696 (213) (613) (14) Less: loss and loss expense paid (785) (296) (477) (309) (5) (193) Reserves for loss and loss expense at the end of year $ 21,553 15,606 21,877 15,669 21,658 16,191 Total Asbestos and Environmental Claims Reserves for loss and loss expense at beginning of year $ 27,768 20,329 27,773 21,075 28,530 21,421 Incurred loss and loss expense 1,064 748 704 (205) (562) 37 Less: loss and loss expense paid (2,423) (1,934) (709) (541) (195) (383) Reserves for loss and loss expense at the end of year $ 26,409 19,143 27,768 20,329 27,773 21,075 (d) The following is information about incurred and paid claims development as of December 31, 2023, net of reinsurance, as well as the associated IBNR liabilities. During the experience period we implemented a series of underwriting and claims-related initiatives, including claims management changes. These initiatives focused on general underwriting and claims improvements and may impact some relationships in the tables below. As a result, several historical patterns have changed and may no longer be appropriate to use as the sole basis for projections. The tables below also include information regarding reported claims. Claims are counted at the occurrence, line of business, and policy level. For example, if a single occurrence (e.g. an automobile accident) leads to a claim under an automobile and an associated umbrella policy, they are each counted separately. Conversely, multiple claimants under the same occurrence/line/policy would contribute only a single count. A claim is considered reported when a reserve is established or a payment is made. Therefore, claims closed without payment are included in the count as long as there was an associated case reserve at some point in its life cycle. The cumulative number of reported claims for each accident year in the tables below were updated with information available as of December 31, 2023. Therefore, the claim counts presented for the more recent accident years may not be representative of the ultimate claim counts, as they are for the more mature accident years presented. All Lines (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 1,107,513 1,133,798 1,146,990 1,124,014 1,104,218 1,100,208 1,089,529 1,094,367 1,090,345 1,087,700 33,872 95,785 2015 1,114,081 1,130,513 1,144,830 1,138,313 1,119,441 1,108,860 1,103,592 1,103,543 1,105,039 38,133 95,468 2016 1,188,608 1,203,634 1,227,142 1,199,734 1,180,829 1,171,273 1,167,539 1,163,467 47,702 96,324 2017 1,270,110 1,313,372 1,313,585 1,288,526 1,268,941 1,273,039 1,287,882 63,595 100,292 2018 1,413,800 1,461,603 1,457,415 1,441,303 1,425,540 1,424,953 98,900 107,541 2019 1,483,945 1,523,041 1,526,566 1,529,859 1,523,313 169,855 104,668 2020 1,591,972 1,587,607 1,550,195 1,531,446 243,526 95,537 2021 1,784,661 1,781,054 1,774,984 438,488 99,553 2022 2,073,343 2,096,742 690,322 105,549 2023 2,337,320 1,169,504 101,414 Total 15,332,846 All Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 405,898 614,075 736,154 855,959 936,425 981,868 1,002,157 1,020,961 1,032,400 1,040,893 2015 376,641 581,203 725,385 845,868 929,222 967,857 1,000,509 1,018,023 1,032,064 2016 387,272 617,958 764,331 892,390 983,852 1,025,264 1,061,952 1,088,453 2017 433,440 678,453 829,134 954,792 1,050,258 1,116,336 1,180,346 2018 511,271 779,466 942,893 1,083,556 1,187,744 1,252,623 2019 510,091 781,462 949,996 1,109,628 1,247,100 2020 572,302 831,976 988,463 1,152,227 2021 609,889 934,965 1,134,930 2022 699,789 1,155,527 2023 843,967 Total 11,128,130 All outstanding liabilities before 2014, net of reinsurance 361,321 Liabilities for loss and loss expenses, net of reinsurance 4,566,037 General Liability (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 244,312 249,946 257,132 239,333 234,082 237,125 229,679 230,247 228,933 226,407 13,296 10,725 2015 254,720 245,710 246,990 233,249 219,204 214,176 211,768 210,137 213,653 16,595 10,596 2016 277,214 272,048 277,986 263,245 252,733 246,643 243,669 244,782 22,161 10,900 2017 293,747 293,128 301,384 289,883 278,607 283,379 293,448 33,861 11,426 2018 317,934 336,326 345,224 332,013 324,567 329,102 57,847 11,924 2019 347,150 356,363 358,301 366,184 362,139 98,841 11,767 2020 361,554 360,302 352,834 361,163 142,886 10,050 2021 422,748 414,279 414,204 209,078 10,916 2022 482,590 482,279 308,245 11,275 2023 541,559 453,175 9,213 Total 3,468,736 General Liability (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 14,901 46,825 79,972 121,969 154,957 179,192 187,352 198,772 204,212 208,521 2015 14,665 39,978 78,668 116,804 144,216 157,071 173,697 179,117 186,336 2016 15,684 46,549 89,431 133,757 164,136 181,770 199,032 211,725 2017 17,366 49,470 92,355 131,980 167,002 201,948 241,879 2018 19,531 60,784 108,421 155,538 197,286 236,812 2019 18,097 58,284 100,206 160,680 213,020 2020 21,858 58,699 100,356 159,209 2021 28,069 71,664 131,157 2022 31,502 93,422 2023 30,743 Total 1,712,824 All outstanding liabilities before 2014, net of reinsurance 119,032 Liabilities for loss and loss expenses, net of reinsurance 1,874,944 Workers Compensation (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 199,346 187,065 182,579 172,515 164,420 160,646 159,604 161,021 158,479 156,750 15,581 10,495 2015 193,729 194,639 183,604 179,642 176,242 172,572 170,577 169,008 166,042 15,698 10,554 2016 196,774 184,946 176,248 166,009 156,540 155,210 151,961 147,732 17,164 10,587 2017 195,202 184,306 175,853 162,672 154,159 151,221 148,949 16,019 10,814 2018 193,894 193,818 181,151 173,428 167,974 163,884 20,739 11,136 2019 188,625 188,596 174,912 164,940 159,225 22,629 10,330 2020 168,643 168,594 159,229 143,384 21,785 7,551 2021 185,198 185,151 173,784 52,182 8,580 2022 207,206 207,156 70,491 8,963 2023 204,240 106,226 8,331 Total 1,671,146 Workers Compensation (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 35,924 78,944 100,876 113,626 119,392 124,077 127,858 130,726 132,809 134,338 2015 33,857 77,320 98,195 112,601 120,097 124,046 129,019 132,235 133,272 2016 34,525 78,531 98,037 109,166 115,159 119,800 122,186 123,232 2017 40,375 82,216 100,645 110,645 116,426 120,468 123,573 2018 41,122 84,780 105,903 119,904 126,206 129,869 2019 37,826 77,878 100,812 112,649 119,875 2020 29,559 68,277 87,211 102,142 2021 32,918 76,015 96,674 2022 45,814 99,894 2023 49,253 Total 1,112,122 All outstanding liabilities before 2014, net of reinsurance 208,760 Liabilities for loss and loss expenses, net of reinsurance 767,784 Commercial Automobile (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 200,534 212,725 216,824 219,925 218,172 217,334 216,461 214,992 214,816 215,073 276 28,447 2015 220,994 240,958 253,074 259,495 260,565 261,386 262,054 262,766 263,115 470 30,332 2016 255,187 274,367 285,302 285,304 290,359 291,674 294,297 294,878 1,457 32,324 2017 301,274 329,389 324,291 322,197 326,461 325,654 326,832 2,984 33,627 2018 347,908 352,487 345,547 350,310 348,202 346,213 5,190 36,286 2019 385,212 398,346 404,854 407,051 410,432 16,701 36,653 2020 381,654 381,163 375,636 374,293 37,371 30,533 2021 483,831 512,673 510,825 92,709 37,184 2022 572,421 581,223 170,627 39,879 2023 633,529 308,059 36,860 Total 3,956,413 Commercial Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 80,810 117,169 148,884 180,701 202,821 209,655 212,481 213,689 213,847 214,564 2015 91,347 132,260 175,866 211,515 238,142 249,905 255,600 257,668 260,328 2016 106,022 155,720 200,701 233,939 264,858 277,242 284,870 288,512 2017 117,287 178,823 220,422 262,349 296,600 309,810 318,047 2018 134,867 193,788 243,713 291,725 319,819 330,584 2019 149,538 221,590 283,410 331,152 376,550 2020 139,016 198,034 254,365 306,355 2021 187,200 283,411 352,383 2022 216,180 336,516 2023 237,931 Total 3,021,770 All outstanding liabilities before 2014, net of reinsurance 5,001 Liabilities for loss and loss expenses, net of reinsurance 939,644 Businessowners' Policies (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 55,962 60,949 62,548 59,806 58,517 58,093 57,302 57,483 57,355 57,649 (21) 4,067 2015 52,871 53,768 57,245 55,925 54,454 52,325 52,200 52,514 51,457 24 3,971 2016 52,335 53,792 54,993 53,835 53,367 53,147 53,201 52,930 280 3,857 2017 46,624 48,698 51,524 48,067 43,606 42,374 42,408 416 3,897 2018 55,024 57,202 62,427 60,393 56,625 55,586 1,169 4,264 2019 53,531 59,466 64,667 65,762 64,721 3,129 3,650 2020 71,836 73,680 73,077 73,320 2,777 5,443 2021 66,312 63,648 72,231 11,352 3,520 2022 86,194 89,025 16,496 3,750 2023 80,943 23,721 3,129 Total 640,270 Businessowners' Policies (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 28,914 40,584 44,911 49,460 52,940 55,458 55,708 55,729 56,861 57,670 2015 24,189 36,014 42,710 46,571 49,073 49,839 50,005 51,120 51,308 2016 24,655 36,848 39,973 45,308 48,786 50,536 52,070 52,427 2017 21,865 31,337 36,950 40,359 39,940 40,845 41,217 2018 29,995 39,791 44,316 48,144 51,239 52,496 2019 27,718 41,587 46,113 52,887 60,076 2020 43,376 57,210 60,596 66,478 2021 34,412 47,436 54,651 2022 36,421 66,581 2023 45,021 Total 547,925 All outstanding liabilities before 2014, net of reinsurance 9,256 Liabilities for loss and loss expenses, net of reinsurance 101,601 Commercial Property (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 141,192 136,249 136,820 138,751 138,155 136,212 136,237 136,151 136,112 136,370 8 6,517 2015 110,270 109,513 111,750 111,566 112,496 112,582 112,937 112,915 112,974 8 6,407 2016 121,927 126,185 125,937 124,487 123,567 123,005 123,126 123,067 16 6,743 2017 138,773 149,106 149,044 153,664 154,119 154,942 155,408 22 6,907 2018 183,177 190,834 192,558 194,016 196,413 196,527 40 8,294 2019 173,826 177,075 179,574 180,605 180,832 88 7,315 2020 232,060 225,278 226,107 226,915 1,345 10,155 2021 246,319 239,822 237,831 859 7,983 2022 297,318 296,974 4,467 8,828 2023 341,585 53,704 7,129 Total 2,008,483 Commercial Property (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 101,131 132,909 136,634 137,883 137,418 136,008 135,928 136,141 136,107 136,362 2015 79,048 106,182 109,829 110,994 110,969 112,117 112,410 112,391 112,568 2016 83,966 118,789 122,930 123,828 123,601 122,909 123,265 123,203 2017 99,047 142,338 148,589 152,018 153,750 154,689 155,236 2018 135,416 184,813 192,698 193,487 196,376 196,605 2019 130,891 172,768 177,825 179,538 180,179 2020 164,613 215,107 220,953 223,902 2021 161,757 227,259 235,217 2022 186,677 285,250 2023 226,872 Total 1,875,394 All outstanding liabilities before 2014, net of reinsurance 323 Liabilities for loss and loss expenses, net of reinsurance 133,412 Personal Automobile (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 102,250 109,325 106,757 107,452 106,821 107,104 107,106 107,566 107,543 107,390 8 22,510 2015 96,387 99,698 100,214 99,570 98,718 98,588 98,596 98,669 98,939 53 20,866 2016 92,727 98,032 100,202 101,140 99,544 99,858 100,395 100,458 113 19,827 2017 101,880 105,139 103,653 103,260 103,557 105,079 105,243 435 20,751 2018 111,594 113,569 112,030 112,418 113,647 113,037 781 22,685 2019 114,043 115,688 115,993 118,669 119,632 1,871 22,872 2020 95,625 94,532 90,179 89,027 2,537 17,548 2021 108,244 102,777 105,088 5,963 19,730 2022 121,030 133,623 16,991 21,262 2023 172,104 45,030 25,893 Total 1,144,541 Personal Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 62,519 83,739 92,589 99,173 104,055 105,709 106,478 107,108 107,325 107,381 2015 58,725 76,470 87,163 92,102 95,997 97,275 97,761 97,920 98,483 2016 57,961 76,823 86,752 94,372 98,080 98,977 99,656 100,315 2017 62,854 82,730 91,479 97,628 100,521 103,556 104,114 2018 69,721 89,628 99,982 107,026 109,644 110,894 2019 69,699 92,162 102,930 109,844 115,919 2020 53,407 68,691 76,710 83,137 2021 65,325 84,743 94,480 2022 75,994 107,778 2023 102,642 Total 1,025,143 All outstanding liabilities before 2014, net of reinsurance 6,542 Liabilities for loss and loss expenses, net of reinsurance 125,940 Homeowners (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 80,111 82,461 83,637 83,844 83,539 83,824 83,525 83,830 83,819 83,796 37 8,776 2015 76,637 76,400 76,559 74,723 74,978 74,673 74,682 74,237 74,265 44 7,754 2016 60,105 60,931 62,391 61,723 61,735 60,855 60,841 60,453 45 6,896 2017 59,167 67,978 70,365 70,064 68,938 68,902 68,919 463 7,391 2018 62,961 68,526 69,832 68,931 68,416 68,581 757 7,609 2019 64,306 72,772 73,816 73,070 72,856 1,061 7,010 2020 109,033 112,523 113,804 112,590 1,345 9,835 2021 82,425 83,295 84,189 3,612 6,919 2022 93,826 100,389 5,017 6,869 2023 137,029 24,058 7,051 Total 863,067 Homeowners (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 61,561 76,007 79,751 81,664 82,583 82,836 82,831 83,321 83,782 83,782 2015 52,589 70,078 72,202 72,927 74,079 74,052 74,096 74,108 74,108 2016 42,252 57,333 59,546 60,082 61,187 60,449 60,474 60,480 2017 45,466 63,290 67,193 67,767 68,078 68,282 68,454 2018 49,430 64,137 65,348 66,634 67,739 67,726 2019 49,680 67,631 69,911 70,880 71,603 2020 83,838 105,690 109,145 110,578 2021 59,054 77,018 79,399 2022 68,832 91,788 2023 101,952 Total 809,870 All outstanding liabilities before 2014, net of reinsurance 5,137 Liabilities for loss and loss expenses, net of reinsurance 58,334 E&S Casualty Lines (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 55,316 63,505 69,929 71,719 71,206 71,153 70,846 74,270 74,538 75,436 4,631 1,888 2015 75,498 76,432 82,404 90,488 90,355 90,126 87,662 90,263 91,424 5,159 2,899 2016 94,451 96,416 104,655 105,120 104,730 102,476 101,873 101,105 6,299 3,015 2017 91,438 95,783 99,866 99,395 99,960 102,045 106,663 9,143 2,866 2018 98,324 103,004 103,184 104,983 105,756 106,490 12,001 2,843 2019 117,087 118,298 117,736 117,113 114,802 23,476 2,752 2020 103,872 103,137 95,832 91,077 30,090 1,891 2021 128,099 125,436 120,191 60,356 1,991 2022 146,999 145,918 96,255 1,944 2023 157,260 137,488 1,242 Total 1,110,366 E&S Casualty Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 2,353 12,234 25,571 43,877 53,780 60,092 64,698 66,661 68,648 69,498 2015 3,036 13,057 29,389 50,712 64,529 71,421 75,844 81,396 83,587 2016 3,720 16,195 33,950 56,581 69,448 75,004 81,932 90,665 2017 5,057 14,672 34,179 53,238 68,266 77,090 88,294 2018 5,509 21,337 39,174 57,962 73,605 82,549 2019 4,422 17,812 35,844 57,701 73,779 2020 3,695 13,064 27,861 46,349 2021 4,326 15,835 37,213 2022 4,198 21,618 2023 4,887 Total 598,439 All outstanding liabilities before 2014, net of reinsurance 6,061 Liabilities for loss and loss expenses, net of reinsurance 517,988 (e) The reconciliation of the net incurred and paid claims development tables to the liability for loss and loss expenses in the Consolidated Balance Sheet is as follows: (in thousands) December 31, 2023 Net outstanding liabilities: Standard Commercial Lines General liability $ 1,874,944 Workers compensation 767,784 Commercial automobile 939,644 Businessowners' policies 101,601 Commercial property 133,412 Other Standard Commercial Lines 18,637 Total Standard Commercial Lines net outstanding liabilities 3,836,022 Standard Personal Lines Personal automobile 125,940 Homeowners 58,334 Other Standard Personal Lines 14,178 Total Standard Personal Lines net outstanding liabilities 198,452 E&S Lines Casualty lines 517,988 Property lines 13,575 Total E&S Lines net outstanding liabilities 531,563 Total liabilities for unpaid loss and loss expenses, net of reinsurance 4,566,037 Reinsurance recoverable on unpaid claims: Standard Commercial Lines General liability 255,493 Workers compensation 203,982 Commercial automobile 15,683 Businessowners' policies 5,252 Commercial property 39,152 Other Standard Commercial Lines 10,241 Total Standard Commercial Lines reinsurance recoverable on unpaid loss 529,803 Standard Personal Lines Personal automobile 38,273 Homeowners 1,647 Other Standard Personal Lines 32,736 Total Standard Personal Lines reinsurance recoverable on unpaid loss 72,656 E&S Lines Casualty lines 15,686 Property lines 456 Total E&S Lines reinsurance recoverable on unpaid loss 16,142 Total reinsurance recoverable on unpaid loss 618,601 Unallocated loss expenses 152,273 Total gross liability for unpaid loss and loss expenses $ 5,336,911 (f) The table below reflects the historical average annual percentage payout of incurred claims by age. For example, the general liability line of business averages payout of 6.2% of its ultimate losses in the first year, 11.9% in the second year, and so forth. The following is supplementary information about average historical claims duration as of December 31, 2023: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 General liability 6.2% 11.9 14.4 16.6 14.0 10.4 8.4 4.1 2.7 3.4 Workers compensation 22.8 26.7 13.2 9.2 4.2 2.9 2.2 0.9 0.3 3.2 Commercial automobile 36.8 17.5 14.2 13.0 10.0 3.8 2.1 0.9 0.8 0.6 Businessowners’ policies 49.5 21.4 8.2 8.9 5.1 2.8 1.5 0.7 0.4 0.2 Commercial property 68.8 26.3 3.1 1.0 0.5 0.1 0.1 0.1 0.1 0.1 Personal automobile 59.4 19.0 8.9 5.9 3.7 1.5 0.7 0.5 0.2 0.1 Homeowners 70.7 22.0 3.6 1.6 1.2 0.3 0.2 0.1 0.1 0.1 E&S Lines - casualty 3.8 11.6 17.3 20.9 14.4 8.4 6.8 5.9 2.2 0.9 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The table below provides a summary of our outstanding debt at December 31, 2023, and 2022: Outstanding Debt 2023 Carry Value Issuance Date Maturity Date Interest Rate Original Amount Unamortized Issuance Costs Debt Discount December 31, 2023 December 31, 2022 ($ in thousands) Description Long term (1) Senior Notes 3/1/2019 3/1/2049 5.375 % 300,000 $ 2,363 5,478 292,159 291,881 (2) FHLBI 12/16/2016 12/16/2026 3.03 % 60,000 — — 60,000 60,000 (3) Senior Notes 11/3/2005 11/1/2035 6.70 % 100,000 227 434 99,339 99,286 (4) Senior Notes 11/16/2004 11/15/2034 7.25 % 50,000 114 74 49,812 49,791 Finance lease obligations 2,636 3,718 Total long-term debt $ 2,704 5,986 503,946 504,676 On November 7, 2022, the Parent entered into a Credit Agreement with the lenders named therein (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent (the “Line of Credit”). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $50 million revolving credit facility that can be increased to $125 million with the Lenders' consent. No borrowings were made under the Line of Credit in 2023 or 2022. The Line of Credit will mature on November 7, 2025, and has a variable interest rate based on the Parent’s debt ratings. This agreement replaced a prior $50 million revolving credit facility that the Parent terminated on November 7, 2022 in conjunction with entering into the Line of Credit. No borrowings were made under this credit agreement in 2022 prior to its termination. Our Line of Credit contains representations, warranties, and covenants that are customary for credit facilities of this type, including, without limitation, financial covenants under which we are obligated to maintain a minimum consolidated net worth, a maximum ratio of consolidated debt to total capitalization, and covenants limiting our ability to: (i) merge or liquidate; (ii) incur debt or liens; (iii) dispose of assets; (iv) make investments and acquisitions; and (v) engage in transactions with affiliates. The table below outlines information regarding certain covenants in the Line of Credit: Required as of Actual as of December 31, 2023 December 31, 2023 Consolidated net worth 1 Not less than $2.2 billion $3.3 billion Debt to total capitalization ratio 1 Not to exceed 35% 13.2% 1 Calculated in accordance with the Line of Credit. In addition to the above requirements, the Line of Credit contains a cross-default provision that provides that the Line of Credit will be in default if we fail to comply with any condition, covenant, or agreement (including payment of principal and interest when due on any debt with an aggregate principal amount of at least $30 million), which causes or permits the acceleration of principal. Additionally, the Line of Credit limits borrowings from the FHLBI and the FHLBNY to 10% of the respective member company's admitted assets for the previous year. Short-term Debt Activity (1) On April 6, 2023, SICA borrowed $20 million from the FHLBNY at an interest rate of 5.00% that was repaid on May 8, 2023. These funds were used for general corporate purposes. Long-term Debt Activity (1) In the first quarter of 2019, we issued $300 million of 5.375% Senior Notes due 2049 at a discount of $5.9 million which, when coupled with debt issuance costs of approximately $3.3 million, resulted in net proceeds from the offering of $290.8 million. The 5.375% Senior Notes pay interest on March 1 and September 1 of each year. The first payment was made on September 1, 2019. A portion of the proceeds from this debt issuance was used to fully redeem the $185 million aggregate principal amount of our 5.875% Senior Notes due 2043, with the remaining $106 million being used for general corporate purposes. The 5.875% Senior Notes had pre-tax debt retirement costs of $4.2 million, or $3.3 million after tax, which was recorded in Interest expense on the Consolidated Statements of Income in the first quarter of 2019. There are no financial debt covenants to which we are required to comply in regards to the 5.375% Senior Notes. (2) In the first quarter of 2009, Selective Insurance Company of South Carolina ("SICSC") and Selective Insurance Company of the Southeast ("SICSE"), which are collectively referred to as the "Indiana Subsidiaries" as they are domiciled in Indiana, joined, and invested in, the FHLBI, which provides them with access to additional liquidity. The Indiana Subsidiaries’ aggregate investment in the FHLBI was $5.2 million at both December 31, 2023 and December 31, 2022. Our investment provides us the ability to borrow approximately 20 times the total amount of the FHLBI common stock purchased with additional collateral, at comparatively low borrowing rates. The proceeds from the FHLBI borrowing on December 16, 2016 of $60 million were used to repay a $45 million borrowing from the FHLBI that was outstanding at the time, with the remaining $15 million used for general corporate purposes. All borrowings from the FHLBI require security. There are no financial debt covenants to which we are required to comply in regards to these borrowings. For information on investments that are pledged as collateral for these borrowings, see Note 5. "Investments" above. (3) In November 2005, we issued $100 million of 6.70% Senior Notes due 2035. These notes were issued at a discount of $0.7 million resulting in an effective yield of 6.754%. Net proceeds of approximately $50 million were used to fund an irrevocable trust that subsequently funded certain payment obligations in respect of our outstanding debt. The remainder of the proceeds was used for general corporate purposes. The agreements covering these notes contain a standard default cross-acceleration provision that provides the 6.70% Senior Notes will enter a state of default upon the failure to pay principal when due or upon any event or condition that results in an acceleration of principal of any other debt instrument in excess of $10 million that we have outstanding concurrently with the 6.70% Senior Notes. There are no financial debt covenants to which we are required to comply in regards to these notes. (4) In November 2004, we issued $50 million of 7.25% Senior Notes due 2034. These notes were issued at a discount of $0.1 million, resulting in an effective yield of 7.27%. We contributed $25 million of the bond proceeds to the Insurance Subsidiaries as capital. The remainder of the proceeds was used for general corporate purposes. The agreements covering these notes contain a standard default cross-acceleration provision that provides the 7.25% Senior Notes will enter a state of default upon the failure to pay principal when due or upon any event or condition that results in an acceleration of principal of any other debt instrument in excess of $10 million that we have outstanding concurrently with the 7.25% Senior Notes. There are no financial debt covenants to which we are required to comply in regards to these notes. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 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, policyholders 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 Investment 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. Our combined insurance operations are subject to certain geographic concentrations, particularly in the Eastern region of the country. In 2023, approximately 35% of NPW were related to insurance policies written in New Jersey (16%), Pennsylvania (10%), and New York (9%). We also had a goodwill balance of $7.8 million at both December 31, 2023, and 2022, on our Consolidated Balance Sheets that relates to our Standard Commercial Lines reporting unit. The following summaries present revenues (net investment income and net realized and unrealized gains and losses on investments in the case of the Investments segment) and pre-tax income for the individual segments: Revenue by Segment Years ended December 31, ($ in thousands) 2023 2022 2021 Standard Commercial Lines: Net premiums earned: General liability $ 1,020,362 902,428 807,158 Commercial automobile 916,140 812,306 724,398 Commercial property 586,267 495,647 436,412 Workers compensation 333,669 335,955 306,428 Businessowners’ policies 140,547 124,474 110,622 Bonds 46,215 43,354 35,762 Other 28,584 25,655 23,105 Miscellaneous income 17,168 9,519 16,056 Total Standard Commercial Lines revenue 3,088,952 2,749,338 2,459,941 Standard Personal Lines: Net premiums earned: Personal automobile 200,027 162,899 163,007 Homeowners 154,828 128,222 122,526 Other 10,358 8,284 8,026 Miscellaneous income 2,201 1,816 1,667 Total Standard Personal Lines revenue 367,414 301,221 295,226 E&S Lines: Net premiums earned: Casualty lines 261,144 233,086 197,779 Property lines 129,465 101,070 82,030 Miscellaneous income 33 — — Total E&S Lines revenue 390,642 334,156 279,809 Investments: Net investment income 388,650 288,155 326,589 Net realized and unrealized investment gains (losses) (3,552) (114,808) 17,599 Total Investments revenues 385,098 173,347 344,188 Total revenues $ 4,232,106 3,558,062 3,379,164 Income Before and After Federal Income Tax Years ended December 31, ($ in thousands) 2023 2022 2021 Standard Commercial Lines: Underwriting income (loss), before federal income tax $ 157,306 143,696 198,596 Underwriting income (loss), after federal income tax 124,272 113,520 156,891 Combined ratio 94.9 % 94.8 % 91.9 % ROE contribution 5.0 % 4.6 5.9 Standard Personal Lines: Underwriting income (loss), before federal income tax (79,263) (7,193) 3,966 Underwriting income (loss), after federal income tax (62,618) (5,682) 3,133 Combined ratio 121.7 % 102.4 % 98.6 % ROE contribution (2.5) % (0.2) 0.1 E&S Lines: Underwriting income (loss), before federal income tax 54,756 30,299 16,030 Underwriting income (loss), after federal income tax 43,257 23,936 12,664 Combined ratio 86.0 % 90.9 % 94.3 % ROE contribution 1.7 % 1.0 % 0.5 Investments: Net investment income earned $ 388,650 288,155 326,589 Net realized and unrealized investment gains (losses) (3,552) (114,808) 17,599 Total investment segment income, before federal income tax 385,098 173,347 344,188 Tax on investment segment income 78,369 31,846 67,284 Total investment segment income, after federal income tax $ 306,729 141,501 276,904 ROE contribution of after-tax net investment income earned 12.4 % 9.4 9.9 Reconciliation of Segment Results to Income Before Federal Income Tax Years ended December 31, ($ in thousands) 2023 2022 2021 Underwriting income (loss) Standard Commercial Lines $ 157,306 143,696 198,596 Standard Personal Lines (79,263) (7,193) 3,966 E&S Lines 54,756 30,299 16,030 Investment income 385,098 173,347 344,188 Total all segments $ 517,897 340,149 562,780 Interest expense (28,799) (28,847) (29,165) Corporate expenses (30,686) (31,116) (28,305) Income, before federal income tax $ 458,412 280,186 505,310 Preferred stock dividends (9,200) (9,200) (9,353) Income available to common stockholders, before federal income tax $ 449,212 $ 270,986 $ 495,957 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis: ($ in thousands, except per share amounts) 2023 2022 2021 Net income available to common stockholders: $ 356,038 215,686 394,484 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 60,631 60,407 60,183 Effect of dilutive securities - stock compensation plans 338 468 484 Weighted average common shares outstanding - diluted 60,969 60,875 60,667 EPS: Basic $ 5.87 3.57 6.55 Diluted 5.84 3.54 6.50 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | Federal Income Taxes (a) A reconciliation of federal income tax on income at the corporate rate (21.0%) to the effective tax rate is as follows: ($ in thousands) 2023 2022 2021 Tax at statutory rate $ 96,267 58,839 106,115 Tax-advantaged interest (2,229) (4,087) (4,514) Dividends received deduction (273) (469) (558) Executive compensation 1,989 1,848 2,469 Stock-based compensation (1,804) (893) (693) Other (776) 62 (1,346) Federal income tax expense 93,174 55,300 101,473 Income before federal income tax, less preferred stock dividends 449,212 270,986 495,957 Effective tax rate 20.7 % 20.4 % 20.5 % (b) The tax effects of the significant temporary differences that gave rise to deferred tax assets and liabilities were as follows: ($ in thousands) 2023 2022 Deferred tax assets: Net loss reserve discounting $ 73,175 65,907 Net unearned premiums 89,413 76,513 Employee benefits 13,777 7,064 Long-term incentive compensation 6,736 6,384 Unrealized losses on fixed income securities 74,183 110,857 Temporary investment write-downs 7,560 12,480 Other 8,080 9,824 Total deferred tax assets 272,924 289,029 Deferred tax liabilities: Deferred policy acquisition costs 89,221 77,411 Other investment-related items, net 33,309 26,713 Accelerated depreciation and amortization 10,157 12,172 Total deferred tax liabilities 132,687 116,296 Net deferred federal income tax assets (liabilities) $ 140,237 172,733 After considering all evidence, both positive and negative, with respect to our federal tax loss carryback availability, expected levels of pre-tax financial statement income, federal taxable income, liquidity, and prudent and reasonable tax planning strategies, we believe it is more likely than not that the existing deductible temporary differences will reverse during periods in which we generate net federal taxable income or have adequate federal carryback availability. As a result, we had no valuation allowance recognized for federal deferred tax assets at December 31, 2023, or 2022. We did not have unrecognized tax expense or benefit as of December 31, 2023. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans (a) Selective Insurance Retirement Savings Plan (“Retirement Savings Plan”) and Selective Insurance Company of America Deferred Compensation Plan ("Deferred Compensation Plan") SICA offers a voluntary defined contribution 401(k) plan that is available to most of our employees and is a tax-qualified retirement plan subject to ERISA. In addition, SICA offers a Deferred Compensation Plan to a group of management or highly compensated employees as a method of recognizing and retaining such employees. Expenses recorded for these plans were $21.5 million in 2023, $19.8 million in 2022, and $19.2 million in 2021. (b) Retirement Income Plan SICA maintains a defined benefit pension plan, the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). This qualified, noncontributory plan is closed to new entrants, and existing participants ceased accruing benefits after March 31, 2016. The following tables provide details on the Pension Plan for 2023 and 2022: December 31, Pension Plan ($ in thousands) 2023 2022 Change in Benefit Obligation: Benefit obligation, beginning of year $ 311,945 407,758 Interest cost 15,465 9,944 Actuarial gains 12,890 (91,653) Benefits paid (14,824) (14,104) Benefit obligation, end of year $ 325,476 311,945 Change in Fair Value of Assets: Fair value of assets, beginning of year $ 342,974 450,305 Actual return on plan assets, net of expenses 16,982 (93,227) Benefits paid (14,824) (14,104) Fair value of assets, end of year $ 345,132 342,974 Funded status $ 19,656 31,029 Amounts Recognized in the Consolidated Balance Sheet: Net pension assets, end of year $ 19,656 31,029 Amounts Recognized in AOCI: Net actuarial loss $ 116,558 100,561 Other Information as of December 31: Accumulated benefit obligation $ 325,476 311,945 Weighted-Average Liability Assumptions as of December 31: Discount rate 5.02 % 5.21 When determining the most appropriate discount rate to be used in the valuation at December 31, 2023, we consider, among other factors, our expected payout patterns of the Pension Plan's obligations as well as our investment strategy. We ultimately select the rate that we believe best represents our estimate of the inherent interest rate at which our pension benefits can be effectively settled. The approach we utilize discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. Our discount rate decreased 19 basis points, to 5.02% as of December 31, 2023, from 5.21% as of December 31, 2022, which drove the increase in the benefit obligation for the period. Pension Plan ($ in thousands) 2023 2022 2021 Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income: Net Periodic Benefit Cost (Benefit): Interest cost $ 15,465 9,944 8,593 Expected return on plan assets (23,091) (22,147) (22,976) Amortization of unrecognized actuarial loss 3,001 1,465 2,501 Total net periodic pension cost (benefit) 1 $ (4,625) (10,738) (11,882) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net actuarial loss (gain) $ 18,998 23,722 (20,609) Reversal of amortization of net actuarial loss (3,001) (1,465) (2,501) Total recognized in other comprehensive income $ 15,997 22,257 (23,110) Total recognized in net periodic benefit cost and other comprehensive income $ 11,372 11,519 (34,992) 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 2023 2022 2021 Weighted-Average Expense Assumptions for the years ended December 31: Discount rate 5.21 % 2.98 % 2.68 % Interest rate 5.09 % 2.48 % 2.06 % Expected return on plan assets 6.90 5.00 5.40 Pension Plan Assets Assets of the Pension Plan are invested to adequately support the liability associated with the Pension Plan's defined benefit obligation. Our return objective is to exceed the returns of the plan's policy benchmark, which is the return the plan would have earned if the assets were invested according to the target asset class weightings and earned index returns shown below. In 2024, we will continue to phase in adjustments to the asset allocation to steadily increase the asset-liability interest rate hedge ratio, provided certain improved funding targets are achieved. Over time, the target and actual asset allocations may change based on the funded status of the Pension Plan and market return expectations. The Pension Plan’s target ranges, as well as the actual weighted average asset allocation by strategy, at December 31 were as follows: 2023 2022 Target Percentage Actual Percentage Actual Percentage Minimum Maximum Return seeking assets 1 28 % 58 % 52 % 71 % Liability hedging assets 42 % 72 % 45 % 27 % Short-term investments - - 3 % 2 % Total 100 % 100 % 1 Includes limited partnerships. The use of derivative instruments is permitted under certain circumstances for the Pension Plan portfolio, but may not be used for unrelated speculative purposes or to create exposures that are not permitted in the Pension Plan's investment guidelines. We currently invest in a U.S. Treasury overlay derivative strategy, within the funds in our liability hedging assets, to manage the interest rate duration mismatch between the assets and liabilities of the Pension Plan to help insulate the funded status of the plan. Considering the impact of this derivative overlay, the liability hedging assets provide for an approximate 90% hedge against the projected benefit obligation. The Pension Plan had no investments in the Parent’s common stock as of December 31, 2023, or 2022. For information regarding investments in funds of our related parties, refer to Note 18. "Related Party Transactions" below. The techniques used to determine the fair value of the Pension Plan's invested assets that appear on the following page are as follows: • The investments in the equities and liability hedging funds include collective investment funds and fund of funds that utilize a market approach wherein the published prices in the active market for identical assets are used. These investments are traded at their net asset value per share. These investments are classified as Level 1 in the fair value hierarchy. • The investments in private limited partnerships are valued utilizing net asset value as a practical expedient for fair value. These investments are not classified in the fair value hierarchy. • Short-term investments are recorded at fair value. Given that these investments are listed on active exchanges, coupled with their liquid nature, these investments are classified as Level 1 in the fair value hierarchy. • The deposit administration contract is recorded at cost, which approximates fair value. Given the liquid nature of the underlying investments in overnight cash deposits and other short-term duration products, we have determined that a correlation exists between the deposit administration contract and other short-term investments, such as money market funds. As such, this investment is classified as Level 2 in the fair value hierarchy. For discussion regarding the levels within the fair value hierarchy, see Note 2. "Summary of Significant Accounting Policies." In addition, refer to Note 5. "Investments" for discussion regarding the private equity, venture capital, and real asset limited partnership investment strategies as these investments are part of the Pension Plan's investment portfolio. The following tables provide quantitative disclosures of the Pension Plan’s invested assets that are measured at fair value on a recurring basis: December 31, 2023 Fair Value Measurements at 12/31/23 Using ($ in thousands) Assets Measured at Fair Value At 12/31/2023 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 39,038 39,038 — — Diversified credit 42,630 42,630 — — Real assets 59,603 59,603 — — Liquid diversifiers 1 40,095 40,095 — — Total equities 181,366 181,366 — — Limited partnerships (at net asset value) 2 : Real assets 27 — — — Private equity 311 — — — Total limited partnerships 338 — — — Total return seeking assets 181,704 181,366 — — Liability hedging assets: Fixed income 79,632 79,632 — — U.S. Treasury overlay 75,198 75,198 — — Total liability hedging assets 154,830 154,830 — — Cash and short-term investments: Short-term investments 9,015 9,015 — — Deposit administration contracts 2,391 — 2,391 — Total cash and short-term investments 11,406 9,015 2,391 — Total invested assets $ 347,940 345,211 2,391 — December 31, 2022 Fair Value Measurements at 12/31/22 Using ($ in thousands) Assets Measured at Fair Value At 12/31/2022 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 63,852 63,852 — — Diversified credit 58,761 58,761 — — Real assets 95,396 95,396 — — Liquid diversifiers 1 23,978 23,978 — — Total equities 241,987 241,987 — — Limited partnerships (at net asset value) 2 : Real assets 27 — — — Private equity 331 — — — Total limited partnerships 358 — — — Total return seeking assets 242,345 241,987 — — Liability hedging assets: Fixed income 35,378 35,378 — — U.S. Treasury overlay 56,255 56,255 — — Total liability hedging assets 91,633 91,633 — — Cash and short-term investments: Short-term investments 5,108 5,108 — — Deposit administration contracts 2,740 — 2,740 — Total cash and short-term investments 7,848 5,108 2,740 — Total invested assets $ 341,826 338,728 2,740 — 1 Liquid diversifiers are investments that unbundle return drivers from hedge funds, providing investors access to liquid, diversifying returns. 2 These investments 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. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets. Contributions We presently do not anticipate contributing to the Pension Plan in 2024, as we have no minimum required contribution amounts. Benefit Payments ($ in thousands) Pension Plan Benefits Expected to be Paid in Future Fiscal Years: 2024 $ 17,750 2025 17,854 2026 18,930 2027 19,922 2028 20,846 2029-2033 113,137 |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | Share-Based Payments Active Plans As of December 31, 2023, the following four plans were available for the issuance of share-based payment awards: • The 2014 Omnibus Stock Plan, As Amended and Restated Effective as of May 2, 2018 (the "Stock Plan"); • The Cash Incentive Plan, As Amended and Restated as of May 1, 2014 (the "Cash Plan"); • The Employee Stock Purchase Plan, As Amended and Restated as of July 1, 2021 ("ESPP"); and • The Amended and Restated Stock Purchase Plan for Independent Insurance Agencies (2010), Amended and Restated as of November 1, 2020 (the "Agent Plan"). The following table provides information regarding the approval of these plans: Plan Approvals Stock Plan Approved effective as of May 1, 2014 by stockholders on April 23, 2014. Cash Plan Approved effective April 1, 2005 by stockholders on April 27, 2005. ESPP Approved effective July 1, 2009 by stockholders on April 29, 2009. Agent Plan Approved by stockholders on April 26, 2006. Most recently amended and restated plan was approved effective November 1, 2020 by the Salary and Employee Benefits Committee (now known as the Compensation and Human Capital Committee) of the Parent's Board on October 26, 2020. The types of awards that can be issued under each of these plans are as follows: Plan Types of Share-Based Payments Issued Stock Plan Qualified and nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), stock grants, and other awards valued in whole or in part by reference to the Parent's common stock. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. Dividend equivalent units ("DEUs") are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. The requisite service period for grants to employees under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. Cash Plan Cash incentive units (“CIUs”). The initial dollar value of each CIU will be adjusted to reflect the percentage increase or decrease in the total shareholder return on the Parent's common stock over a specified performance period. In addition, for certain grants, the number of CIUs granted will be increased or decreased to reflect our performance on specified performance indicators compared to targeted peer companies. The requisite service period for grants under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. ESPP Enables employees to purchase shares of the Parent’s common stock. The purchase price is the lower of: (i) 85% of the closing market price at the time the option is granted; or (ii) 85% of the closing price at the time the option is exercised. Shares are generally issued on June 30 and December 31 of each year. Agent Plan Quarterly offerings to purchase the Parent's common stock at a 10% discount with a one-year restricted period during which the shares purchased cannot be sold or transferred. Only our independent retail insurance agencies and wholesale general agencies, and certain eligible persons associated with the agencies, are eligible to participate in this plan. Shares authorized and available for issuance as of December 31, 2023 were as follows: Authorized Available for Issuance Awards Outstanding Stock Plan 4,750,000 2,318,832 572,249 ESPP 5,500,000 1,049,788 — Agent Plan 3,000,000 1,508,712 — Retired Plans The following plans are closed for the issuance of new awards as of December 31, 2023, although awards outstanding continue in effect according to the terms of the applicable award agreements: Plan Types of Share-Based Payments Issued Reserve Shares Awards Outstanding 1 2005 Omnibus Stock Plan ("2005 Stock Plan") Qualified and nonqualified stock options, SARs, restricted stock, RSUs, phantom stock, stock bonuses, and other awards in such amounts and with such terms and conditions as it determined, subject to the provisions of the 2005 Stock Plan. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. DEUs are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. 1,951,538 26,138 Parent's Stock Compensation Plan for Non-employee Directors Directors could elect to receive a portion of their annual compensation in shares of the Parent's common stock. 37,412 37,412 1 Awards outstanding under the 2005 Stock Plan represent shares deferred by our non-employee directors. RSU Transactions A summary of the RSU transactions under our share-based payment plans is as follows: Number Weighted Average Unvested RSU awards at December 31, 2022 637,062 $ 68.84 Granted 2023 191,867 99.55 Vested 2023 (230,383) 68.54 Forfeited 2023 (47,325) 76.19 Unvested RSU awards at December 31, 2023 551,221 $ 79.23 As of December 31, 2023, total unrecognized compensation expense related to unvested RSU awards granted under our Stock Plan was $10.6 million. That expense is expected to be recognized over a weighted-average period of 1.6 years. The total intrinsic value of RSUs vested was $23.3 million for 2023, $18.1 million for 2022, and $17.2 million for 2021. In connection with vested RSUs, the total value of the DEUs that vested was $0.9 million in 2023, $0.7 million in 2022, and $0.6 million in 2021. CIU Transactions The liability recorded in connection with our Cash Plan was $10.5 million as of December 31, 2023, and $11.1 million as of December 31, 2022. The remaining cost associated with the CIUs is expected to be recognized over a weighted average period of 0.8 years. The CIU payments made in connection with the CIU vestings were $3.0 million in 2023, $2.9 million in 2022, and $2.2 million in 2021. ESPP and Agent Plan Transactions A summary of ESPP and Agent Plan share issuances is as follows: 2023 2022 2021 ESPP Issuances 67,075 67,986 72,239 Agent Plan Issuances 42,786 56,736 50,999 Fair Value Measurements The grant date fair value of RSUs is based on the market price of our common stock on the grant date, adjusted for the present value of our expected dividend payments. The expense recognized for share-based awards is based on the number of shares or units expected to be issued at the end of the performance period and the grant date fair value. The grant date fair value of each option award is estimated using the Black Scholes option valuation model ("Black Scholes"). The following are the significant assumptions used in applying Black Scholes: (i) the risk-free interest rate, which is the implied yield currently available on U.S. Treasury zero-coupon issues with an equal remaining term; (ii) the expected term, which is based on historical experience of similar awards; (iii) the dividend yield, which is determined by dividing the expected per share dividend during the coming year by the grant date stock price; and (iv) the expected volatility, which is based on the volatility of the Parent's stock price over a historical period comparable to the expected term. In applying Black Scholes, we use the weighted average assumptions illustrated in the following table: ESPP 2023 2022 2021 Risk-free interest rate 5.14 % 1.42 0.07 Expected term 6 months 6 months 6 months Dividend yield 1.3 % 1.3 1.4 Expected volatility 26 % 21 28 The weighted-average fair value per share of options and stock, including RSUs granted under the Parent's stock plans, during 2023, 2022, and 2021 was as follows: 2023 2022 2021 RSUs $ 99.55 76.09 64.03 ESPP: Six month option 6.67 4.43 4.69 Discount of grant date market value 13.91 12.61 10.98 Total ESPP 20.58 17.04 15.67 Agent Plan: Discount of grant date market value 9.99 8.28 7.57 The fair value of the CIU liability is remeasured at each reporting period through the settlement date of the awards, which is three years from the date of grant, based on an amount expected to be paid. A Monte Carlo simulation is performed to approximate the projected fair value of the CIUs that, in accordance with the CIU agreements established under the Cash Plan, is adjusted to reflect our performance on specified indicators compared to targeted peer companies. Expense Recognition The following table provides share-based compensation expense in 2023, 2022, and 2021: ($ in millions) 2023 2022 2021 Share-based compensation expense, pre-tax $ 23.0 23.6 22.3 Income tax benefit, including the benefit related to stock grants that vested during the year (6.4) (5.6) (5.1) Share-based compensation expense, after-tax $ 16.6 18.0 17.2 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity Text Block | Preferred Stock We have 5,000,000 shares of preferred stock authorized, with no par value, of which (i) 300,000 shares are designated Series A junior preferred stock, which have not been issued, and (ii) 8,000 shares were issued as Series B in 2020 as discussed below. On December 2, 2020, we issued 8.0 million depository shares, each representing a 1/1,000th interest in a share of our perpetual 4.60% Non-Cumulative Preferred Stock, Series B, without par value, with a liquidation preference of $25,000 per share (equivalent to $25.00 per depository share) (“Preferred Stock”), for net proceeds of $194.6 million. Dividends are recorded when declared and, if declared, are payable quarterly in arrears on the 15th day of March, June, September, and December. If a dividend is not declared and paid or made payable on all outstanding shares of the Preferred Stock for the latest completed dividend period, no dividends may be declared or paid on our common stock and we may not purchase, redeem, or otherwise acquire our outstanding common stock. The Preferred Stock is redeemable at our option in whole or in part, from time to time, on or after December 15, 2025 at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the then current dividend period. Prior to December 15, 2025, the Preferred Stock is redeemable at the Company’s option, in whole but not in part, within 90 days of the occurrence of (a) a rating agency event at a redemption price equal to $25,500 per share of Preferred Stock (equivalent to $25.50 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a rating agency changes its criteria used to assign equity credit to securities like the Preferred Stock; or (b) a regulatory capital event at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a capital regulator such as a state insurance regulator changes or proposes to change capital adequacy rules. Share Repurchase Program On December 2, 2020, we announced that our Board authorized a $100 million share repurchase program, with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management will determine the timing and amount of any share repurchases under the authorization at its discretion based on market conditions and other considerations. We had no common stock share repurchases in 2023. For the year ended December 31, 2022, 165,159 shares were repurchased under the share repurchase program at a total cost of $12.4 million, including commissions. We had $84.2 million of remaining capacity under our share repurchase program as of both December 31, 2023, and 2022. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions William M. Rue, a former Director of the Parent, is Chairman of, and owns more than 10% of the equity of Rue Holding Company, which owns 100% of Chas. E. Rue & Son, Inc., t/a Rue Insurance, a general independent retail insurance agency ("Rue Insurance"). Rue Insurance is an appointed distribution partner of the Insurance Subsidiaries on terms and conditions similar to those of our other distribution partners, which includes the right to participate in the Agent Plan. Mr. Rue’s son is President, and an employee, of Rue Insurance, and owns more than 10% of the equity of Rue Holding Company. Mr. Rue’s daughter is an employee of Rue Insurance and owns less than 10% of the equity of Rue Holding Company. Our relationship with Rue Insurance has existed since 1928. Mr. Rue retired from the Parent's Board in May 2023. Rue Insurance placed insurance policies with the Insurance Subsidiaries for its customers and itself. Direct premiums written associated with these policies were $15.7 million in 2023, $14.3 million in 2022, and $12.8 million in 2021. In return, the Insurance Subsidiaries paid standard market commissions, including supplemental commissions, to Rue Insurance of $2.9 million in 2023, $2.7 million in 2022, and $2.0 million in 2021. Amounts due to Rue Insurance at December 31, 2023 and December 31, 2022 were $0.7 million and $0.7 million, respectively. All contracts and transactions with Rue Insurance were consummated in the ordinary course of business on an arm's-length basis. In 2005, we established a private foundation, now named The Selective Insurance Group Foundation (the "Foundation"), under Section 501(c)(3) of the Internal Revenue Code. The Board of the Foundation is comprised of some of the officers of the Parent and the Insurance Subsidiaries. We did not make any contributions to the Foundation in 2023. We contributed $0.3 million in 2022 and $1.3 million in 2021. BlackRock, Inc., a leading publicly-traded investment management firm (“BlackRock”), has purchased our common shares in the ordinary course of its investment business and has previously filed Schedules 13G/A with the SEC. On January 23, 2024, BlackRock filed a Schedule 13G/A reporting beneficial ownership as of December 31, 2023, of 12.8% of our common stock. In connection with purchasing our common shares, BlackRock filed the necessary filings with insurance regulatory authorities. On the basis of those filings, BlackRock is deemed not to be a controlling person for the purposes of applicable insurance law. We are required to disclose related party information for our transactions with BlackRock. BlackRock is highly regulated, serves its clients as a fiduciary, and has a diverse platform of active (alpha) and index (beta) investment strategies across asset classes that enables it to tailor investment outcomes and asset allocation solutions for clients. BlackRock also offers the BlackRock Solutions ® investment and risk management technology platform, Aladdin ® , risk analytics, advisory, and technology services and solutions to a broad base of institutional and wealth management investors. We incurred expenses related to BlackRock for services rendered of $2.1 million in 2023, $1.8 million in 2022, and $1.8 million in 2021. Amounts payable for such services were $0.6 million at December 31, 2023, $0.8 million at December 31, 2022, and $0.5 million at December 31, 2021. As part of our overall investment diversification, we invest in various BlackRock funds from time to time. These funds accounted for less than 1% of our invested assets at December 31, 2023 and December 31, 2022, and are predominately reflected in "Fixed income securities" on our Consolidated Balance Sheet. During 2023, with regard to BlackRock funds, we (i) purchased $7.9 million in securities, (ii) sold $2.8 million, (iii) recognized net realized and unrealized gains of $1.7 million, and (iv) recorded $2.5 million in income. During 2022, we (i) purchased $18.5 million in securities, (ii) sold $32.3 million, (iii) recognized net realized and unrealized losses of $6.9 million, and (iv) recorded $1.8 million in income. During 2021, we (i) purchased $16.5 million in securities, (ii) sold $32.5 million, (iii) recognized net realized and unrealized losses of $0.6 million, and (iv) recorded $0.9 million in income. There were no amounts payable on the settlement of these investment transactions at December 31, 2023 and December 31, 2022. Our Pension Plan's investment portfolio contained investments in BlackRock funds of $114.2 million at December 31, 2023 and $120.1 million at December 31, 2022. During 2023, with regard to BlackRock funds, the Pension Plan (i) purchased $19.9 million in securities, (ii) sold $35.1 million, and (iii) recorded net investment income of $9.3 million. During 2022, with regard to BlackRock funds, the Pension Plan (i) purchased $56.4 million in securities, (ii) sold $65.7 million, and (iii) recorded net investment losses of $80.5 million. During 2021, with regard to BlackRock funds, the Pension Plan (i) purchased $18.0 million in securities, (ii) sold $18.1 million, and (iii) recorded net investment income of $18.2 million. In addition, our Deferred Compensation Plan and Retirement Savings Plan may offer our employees the option to invest in various BlackRock funds. All contracts and transactions with BlackRock were consummated in the ordinary course of business on an arm's-length basis. Vanguard, one of the world’s largest investment management companies, has purchased our common shares in the ordinary course of its investment business and has previously filed Schedules 13G/A with the SEC. Vanguard offers low-cost mutual funds and exchange-traded funds, as well as other investment related services. On February 10, 2023, Vanguard filed a Schedule 13G/A reporting beneficial ownership of 10.03% of our common stock as of January 31, 2023. In connection with purchasing our common shares, Vanguard filed the necessary filings with insurance regulatory authorities. On the basis of those filings, we do not expect Vanguard to be deemed a controlling person for the purposes of applicable insurance law. As part of our overall investment diversification, we may invest in various Vanguard funds from time to time. These funds accounted for less than 1% of our invested assets at December 31, 2023 and December 31, 2022, and are predominately reflected in "Equity securities" on our Consolidated Balance Sheet. During 2023, with regard to Vanguard funds, we (i) purchased $0.5 million in securities, (ii) sold $32.9 million, (iii) recognized net realized and unrealized gains of $0.1 million, and (iv) recorded $0.7 million in income. During 2022, we (i) purchased $3.5 million in securities, (ii) sold $125.2 million, (iii) recognized net realized and unrealized losses of $10.4 million, and (iv) recorded $4.7 million in income. During 2021, we (i) purchased $19.3 million in securities, (ii) sold $23.6 million, (iii) recognized net realized and unrealized gains of $17.7 million, and (iv) recorded $7.5 million in income. There were no amounts payable on the settlement of these investment transactions at December 31, 2023 and December 31, 2022. Our Deferred Compensation Plan offers our employees investment options based on the notional value of various Vanguard funds. Our Retirement Savings Plan offers our employees the option to invest in a Vanguard fund. All transactions with Vanguard are consummated in the ordinary course of business on an arm’s-length basis. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee Disclosure [Text Block] | Leases We have various operating leases for office space, equipment, and fleet vehicles. In addition, we have various finance leases for computer hardware. Such lease agreements, which expire at various dates through 2032, are generally renewed or replaced by similar leases. The components of lease expense for the years ended December 31, 2023, and 2022, were as follows: ($ in thousands) 2023 2022 Operating lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 7,409 8,148 Finance lease cost: Amortization of assets, included in Other insurance expenses on the Consolidated Statements of Income 2,692 2,440 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Income 66 46 Total finance lease cost 2,758 2,486 Variable lease cost, included in Other insurance expenses on the Consolidated Statements of Income 996 1,384 Short-term lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 411 166 The following table provides supplemental information regarding our operating and finance leases. December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 7 8 years Finance leases 2 2 Weighted-average discount rate Operating leases 2.8 2.6 % Finance leases 3.5 1.2 Operating and finance lease asset and liability balances are included within the following line items on the Consolidated Balance Sheets: ($ in thousands) December 31, 2023 December 31, 2022 Operating leases Other assets $ 41,256 42,403 Other liabilities 43,675 44,505 Finance leases Property and equipment - at cost, net of accumulated depreciation and amortization 2,605 3,713 Long-term debt $ 2,636 3,718 The maturities of our lease liabilities at December 31, 2023 were as follows: ($ in thousands) Finance Leases Operating Leases Total Year ended December 31, 2024 $ 3,002 7,624 10,626 2025 2,859 7,749 10,608 2026 2,482 7,413 9,895 2027 702 7,109 7,811 2028 — 6,889 6,889 Thereafter — 18,605 18,605 Total lease payments 9,045 55,389 64,434 Less: imputed interest 112 4,221 4,333 Less: leases that have not yet commenced 6,297 7,493 13,790 Total lease liabilities $ 2,636 43,675 46,311 Refer to Note 4. "Statements of Cash Flows" in Item 8. "Financial Statements and Supplementary Data." of Form 10-K for supplemental cash and non-cash transactions included in the measurement of operating and finance lease liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) We purchase annuities from life insurance companies to fulfill obligations under claim settlements that provide for periodic future payments to claimants. As of December 31, 2023, we had purchased such annuities with a present value of $30.8 million for settlement of claims on a structured basis for which we are contingently liable. To our knowledge, there are no material defaults from any of the issuers of such annuities. (b) As of December 31, 2023, we have made commitments that may require us to invest additional amounts into our investment portfolio, which are as follows: ($ in millions) Amount of Obligation Alternative investments $ 254.3 Non-publicly traded CLOs in our fixed income securities portfolio 86.7 Non-publicly traded common stock within our equity portfolio 40.0 CMLs 0.8 Privately-placed corporate securities 32.0 Total $ 413.8 There is no certainty that any such additional investment will be required. We expect to have the capacity to repay or refinance these obligations as they come due. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Litigation | Litigation As of December 31, 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 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 also is 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 the handling of 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. |
Statutory Financial Information
Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Statutory Financial Information, Capital Requirments, and Retrictions on Dividends and Transfers of Funds | Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds (a) Statutory Financial Information The Insurance Subsidiaries prepare their statutory financial statements in accordance with accounting principles prescribed or permitted by the various state insurance departments of domicile. Prescribed statutory accounting principles include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (“NAIC"). Permitted statutory accounting principles encompass all accounting principles that are not prescribed; such principles differ from state to state, may differ from company to company within a state and may change in the future. The Insurance Subsidiaries do not utilize any permitted statutory accounting principles that affect the determination of statutory surplus, statutory net income, or risk-based capital (“RBC”). As of December 31, 2023, the various state insurance departments of domicile have adopted the March 2023 version of the NAIC Accounting Practices and Procedures manual in its entirety, as a component of prescribed or permitted practices. The following table provides statutory data for each of our Insurance Subsidiaries: State of Domicile Unassigned Surplus Statutory Surplus Statutory Net Income ($ in millions) 2023 2022 2023 2022 2023 2022 2021 SICA New Jersey $ 773.6 686.6 938.8 851.8 120.4 103.1 134.7 Selective Way Insurance Company ("SWIC") New Jersey 513.5 461.9 569.3 517.8 64.1 69.6 74.5 SICSC Indiana 201.3 164.1 235.6 198.4 26.0 17.0 24.2 SICSE Indiana 155.1 135.9 182.7 163.5 21.6 14.2 19.4 SICNY New York 152.4 137.4 180.1 165.1 16.4 13.2 18.6 Selective Insurance Company of New England ("SICNE") New Jersey 45.5 38.2 76.7 69.3 8.3 5.1 7.5 Selective Auto Insurance Company of New Jersey ("SAICNJ") New Jersey 119.3 102.2 164.2 147.1 16.2 12.7 16.7 Mesa Underwriters Specialty Insurance Company ("MUSIC") New Jersey 64.3 52.8 133.7 122.3 14.4 9.7 13.9 Selective Casualty Insurance Company ("SCIC") New Jersey 107.8 91.4 184.3 167.9 24.0 14.0 20.6 Selective Fire and Casualty Insurance Company ("SFCIC") New Jersey 43.9 37.6 76.9 70.5 7.4 5.8 8.2 Total $ 2,176.7 1,908.1 2,742.3 2,473.7 318.8 264.4 338.3 (b) Capital Requirements The Insurance Subsidiaries are required to maintain certain minimum amounts of statutory surplus to satisfy the requirements of their various state insurance departments of domicile. RBC requirements for property and casualty insurance companies are designed to assess capital adequacy and to raise the level of protection that statutory surplus provides for policyholders. The Insurance Subsidiaries' combined total adjusted capital exceeded the required level of capital as defined by the NAIC based on their 2023 statutory financial statements. In the fourth quarter of 2020, the NAIC adopted the basic structure of Group Capital Calculation ("GCC"), along with a model law to enable the GCC after state legislative enactment. The GCC expands the existing RBC calculation to include (i) capital requirements for other regulated entities in the group, and (ii) defined capital calculation for other group entities that are unregulated. Our New Jersey state insurance regulators, our lead state, adopted the GCC model law in 2022. Based on our 2023 statutory financial statements, our GCC ratio exceeds the regulatory action minimum threshold. In addition to statutory capital requirements, we are impacted by various rating agency requirements related to certain rating levels. These required capital levels may be higher than statutory requirements. (c) Restrictions on Dividends and Transfers of Funds Our ability to declare and pay dividends on the Parent's common stock is dependent on liquidity at the Parent coupled with the ability of the Insurance Subsidiaries to declare and pay dividends, if necessary, and/or the availability of other sources of liquidity to the Parent. In addition to regulatory restrictions on the availability of dividends that our Insurance Subsidiaries can pay to the Parent, the maximum amount of dividends the Parent can pay our shareholders is limited by certain New Jersey corporate law provisions that limit dividends if either: (i) the Parent would be unable to pay its debts as they became due in the usual course of business; or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to shareholders also are impacted by (i) covenants in its Line of Credit that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends to be declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period. As of December 31, 2023, the Parent had an aggregate of $508.0 million in investments and cash available to fund future dividends and interest payments. These amounts are not subject to any regulatory restrictions other than the standard state insolvency restrictions noted above, whereas our consolidated retained earnings of $3 billion are predominately restricted due to regulations applicable to our Insurance Subsidiaries. In 2024, the Insurance Subsidiaries have the ability to provide for $316.2 million in annual dividends to the Parent; however, as regulated entities, these dividends are subject to certain restrictions, which are further discussed below. The Parent also has other potential sources of liquidity, such as: (i) borrowings from our Indiana Subsidiaries; (ii) debt issuances; (iii) common and preferred stock issuances; and (iv) borrowings under our Line of Credit. Borrowings from our Indiana Subsidiaries are governed by approved intercompany lending agreements with the Parent that provide for additional capacity of $114.5 million as of December 31, 2023, based on restrictions in these agreements that limit borrowings to 10% of the admitted assets of the Indiana Subsidiaries. For additional restrictions on the Parent's debt, see Note 11. "Indebtedness" in this Form 10-K. Insurance Subsidiaries Dividend Restrictions As noted above, the restriction on our net assets and retained earnings is predominantly driven by our Insurance Subsidiaries' ability to pay dividends to the Parent under applicable laws and regulations. Under the insurance laws of the domiciliary states of the Insurance Subsidiaries, New Jersey, Indiana, and New York, an insurer can potentially make an ordinary dividend payment if its statutory surplus following such dividend is reasonable in relation to its outstanding liabilities, is adequate to its financial needs, and the dividend does not exceed the insurer's unassigned surplus. In general, New Jersey defines an ordinary dividend as a dividend whose fair market value, together with other dividends made within the preceding 12 months, is less than the greater of 10% of the insurer's statutory surplus as of the preceding December 31, or the insurer's net income (excluding capital gains) for the 12-month period ending on the preceding December 31. Indiana's ordinary dividend calculation is consistent with New Jersey's, except that it does not exclude capital gains from net income. In general, New York defines an ordinary dividend as a dividend whose fair market value, together with other dividends made within the preceding 12 months, is less than the lesser of 10% of the insurer's statutory surplus, or 100% of adjusted net investment income. New Jersey and Indiana require notice of the declaration of any ordinary dividend distribution. During the notice period, the relevant state regulatory authority may disallow all or part of the proposed dividend if it determines that the dividend is not appropriate given the above considerations. New York does not require notice of ordinary dividends. Dividend payments exceeding ordinary dividends are referred to as extraordinary dividends and require review and approval by the applicable domiciliary insurance regulatory authority prior to payment. The table below provides the following information: (i) quantitative data regarding all Insurance Subsidiaries' dividends paid to the Parent in 2023, which was used for debt service, shareholder dividends, and general operating purposes; and (ii) the maximum ordinary dividends that can be paid to the Parent by the Insurance Subsidiaries in 2024, based on the 2023 statutory financial statements. Dividends Twelve Months ended December 31, 2023 2024 ($ in millions) State of Domicile Ordinary Dividends Paid Maximum Ordinary Dividends SICA New Jersey $ 41.5 $ 117.7 SWIC New Jersey 16.3 62.4 SICSC Indiana 3.8 26.0 SICSE Indiana 4.4 21.6 SICNY New York 2.0 18.0 SICNE New Jersey 1.0 8.1 SAICNJ New Jersey 0.8 16.4 MUSIC New Jersey 3.5 14.3 SCIC New Jersey 5.2 24.0 SFCIC New Jersey 1.5 7.7 Total $ 80.0 $ 316.2 |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments- Other than Investments in Related Parties | SCHEDULE I SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2023 Types of investment ($ in thousands) Amortized Cost or Cost Fair Value Carrying Amount Fixed income securities: Held-to-maturity: All other corporate securities $ 22,700 21,923 22,700 Total fixed income securities, held-to-maturity 22,700 21,923 22,700 Available-for-sale: U.S. government and government agencies 223,157 205,035 205,035 Foreign government 11,140 9,803 9,803 Obligations of states and political subdivisions 612,938 585,965 585,965 Public utilities 150,064 142,425 142,425 All other corporate securities 2,683,984 2,568,814 2,568,814 Collateralized loan obligation securities and other asset-backed securities 1,911,831 1,834,827 1,834,827 Residential mortgage-backed securities 1,568,960 1,477,483 1,477,483 Commercial mortgage-backed securities 718,623 674,845 674,845 Total fixed income securities, available-for-sale 7,880,697 7,499,197 7,499,197 Equity securities: Common stock: Banks, trusts and insurance companies 33,224 32,725 32,725 Industrial, miscellaneous and all other 147,892 152,614 152,614 Nonredeemable preferred stock 1,960 1,816 1,816 Total equity securities 183,076 187,155 187,155 Commercial mortgage loans 188,708 188,417 Short-term investments 309,300 309,317 Alternative investments 395,779 395,779 Other investments 91,164 91,164 Total investments $ 9,071,424 8,693,729 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K |
Schedule II - Parent Corporatio
Schedule II - Parent Corporation Finanical Statements | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II- Parent Corporation Financial Statements | SCHEDULE II SELECTIVE INSURANCE GROUP, INC. (Parent Corporation) Balance Sheets December 31, ($ in thousands, except share amounts) 2023 2022 Assets: Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $426 – 2023; $1,194 – 2022; amortized cost: $443,261 – 2023; $418,588 – 2022 $ 421,089 387,535 Equity securities 50,920 48,095 Short-term investments 17,671 33,008 Alternative investments 18,134 15,631 Cash 180 26 Investment in subsidiaries 2,958,746 2,524,448 Current federal income tax 9,006 8,894 Deferred federal income tax 11,128 14,733 Other assets 10,101 11,104 Total assets $ 3,496,975 3,043,474 Liabilities: Long-term debt $ 441,310 440,958 Intercompany notes payable 81,465 56,266 Accrued long-term stock compensation 10,522 11,101 Other liabilities 9,297 7,585 Total liabilities $ 542,594 515,910 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: 105,223,307 – 2023; 104,847,111 – 2022 210,447 209,694 Additional paid-in capital 522,748 493,488 Retained earnings 3,029,396 2,749,703 Accumulated other comprehensive income (loss) (373,001) (498,042) Treasury stock – at cost (shares: 44,586,870 – 2023; 44,508,211 – 2022) (635,209) (627,279) Total stockholders’ equity 2,954,381 2,527,564 Total liabilities and stockholders’ equity $ 3,496,975 3,043,474 See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K. SCHEDULE II (continued) SELECTIVE INSURANCE GROUP, INC. (Parent Corporation) Statements of Income Year ended December 31, ($ in thousands) 2023 2022 2021 Revenues: Dividends from subsidiaries $ 80,005 120,007 140,018 Net investment income earned 20,167 18,622 15,454 Net realized and unrealized investment gains (losses) 996 (17,855) 1,898 Total revenues 101,168 120,774 157,370 Expenses: Interest expense 29,824 28,897 28,988 Other expenses 30,686 31,116 28,305 Total expenses 60,510 60,013 57,293 Income before federal income tax 40,658 60,761 100,077 Federal income tax (benefit) expense: Current (9,618) (9,381) (6,552) Deferred 1,650 (2,189) 12 Total federal income tax benefit (7,968) (11,570) (6,540) Net income before equity in undistributed income of subsidiaries 48,626 72,331 106,617 Equity in undistributed income of subsidiaries, net of tax 316,612 152,555 297,220 Net income $ 365,238 224,886 403,837 Preferred stock dividends 9,200 9,200 9,353 Net income available to common stockholders $ 356,038 215,686 394,484 See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K. SCHEDULE II (continued) SELECTIVE INSURANCE GROUP, INC. (Parent Corporation) Statements of Cash Flows Year ended December 31, ($ in thousands) 2023 2022 2021 Operating Activities: Net income $ 365,238 224,886 403,837 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income of subsidiaries, net of tax (316,612) (152,555) (297,220) Stock-based compensation expense 18,346 18,428 15,893 Net realized and unrealized investment (gains) losses (996) 17,855 (1,898) Undistributed gains of equity method investments (279) (2,240) (1,859) Disbursements in excess of current year income of equity method investments 766 — — Amortization – other (1,020) (154) 1,076 Changes in assets and liabilities: Increase (decrease) in accrued long-term stock compensation (579) 136 2,727 (Increase) decrease in net federal income taxes 1,538 (3,875) 3,843 (Increase) decrease in other assets 963 (1,961) (7,251) Increase (decrease) in other liabilities 1,375 (2,813) (1,742) Net cash provided by (used in) operating activities 68,740 97,707 117,406 Investing Activities: Purchases of fixed income securities, available-for-sale (72,328) (208,512) (113,829) Purchases of equity securities (743) (1,647) (5,676) Purchases of short-term investments (233,129) (362,213) (330,843) Purchases of alternative investments (53,262) (4,149) (4,949) Redemption and maturities of fixed income securities, available-for-sale 29,619 35,527 51,524 Sales of fixed income securities, available-for-sale 20,314 66,725 15,713 Sales of equity securities 48,960 77,971 31,204 Sales of short-term investments 248,588 385,254 311,225 Proceeds from alternative investments 20 — 959 Net cash provided by (used in) investing activities (11,961) (11,044) (44,672) Financing Activities: Dividends to preferred stockholders (9,200) (9,200) (9,353) Dividends to common stockholders (73,827) (66,920) (60,136) Acquisition of treasury stock (7,930) (18,344) (9,050) Net proceeds from stock purchase and compensation plans 9,133 9,086 7,976 Preferred stock issued, net of issuance costs — — (479) Proceeds from borrowings from subsidiaries 27,000 — — Principal payment on borrowings from subsidiaries (1,801) (1,714) (1,631) Net cash provided by (used in) financing activities (56,625) (87,092) (72,673) Net increase (decrease) in cash 154 (429) 61 Cash, beginning of year 26 455 394 Cash, end of year $ 180 26 455 See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III- Supplementary Insurance Information | SCHEDULE III SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION Year ended December 31, 2023 ($ in thousands) Deferred Reserve Unearned premiums Net Net investment income 1 Loss Amortization Other operating expenses 2 Net Standard Commercial Lines Segment $ 350,198 4,494,965 1,722,706 3,071,784 — 1,919,204 674,374 320,900 3,281,319 Standard Personal Lines Segment 24,759 278,152 399,157 365,213 — 353,185 36,001 55,290 414,585 E&S Lines Segment 49,907 563,794 208,793 390,609 — 211,896 85,807 38,150 438,628 Investments Segment — — — — 385,098 — — — — Total $ 424,864 5,336,911 2,330,656 3,827,606 385,098 2,484,285 796,182 414,340 4,134,532 1 Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. 2 “Other operating expenses” of $414,340 reconciles to the Consolidated Statements of Income as follows: Other insurance expenses $ 433,742 Other income (19,402) Total $ 414,340 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. Year ended December 31, 2022 ($ in thousands) Deferred Reserve Unearned premiums Net Net investment income 1 Loss Amortization Other operating expenses 2 Net Standard Commercial Lines Segment $ 311,535 4,275,002 1,511,447 2,739,819 — 1,683,988 605,845 306,290 2,901,984 Standard Personal Lines Segment 17,817 340,302 322,668 299,405 — 231,113 27,129 48,356 319,059 E&S Lines Segment 39,272 529,517 158,666 334,156 — 196,677 72,848 34,332 352,547 Investments Segment — — — — 173,347 — — — — Total $ 368,624 5,144,821 1,992,781 3,373,380 173,347 2,111,778 705,822 388,978 3,573,590 1 Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. 2 “Other operating expenses” of $388,978 reconciles to the Consolidated Statements of Income as follows: Other insurance expenses $ 400,313 Other income (11,335) Total $ 388,978 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. Year ended December 31, 2021 ($ in thousands) Deferred Reserve Unearned premiums Net Net investment income 1 Loss Amortization Other operating expenses 2 Net Standard Commercial Lines Segment $ 279,850 3,832,151 1,346,809 2,443,885 — 1,426,768 539,606 278,915 2,593,018 Standard Personal Lines Segment 12,911 270,066 317,276 293,559 — 212,116 25,918 51,559 292,265 E&S Lines Segment 34,154 478,686 139,122 279,809 — 175,100 60,945 27,734 304,430 Investments Segment — — — — 344,188 — — — — Total $ 326,915 4,580,903 1,803,207 3,017,253 344,188 1,813,984 626,469 358,208 3,189,713 1 Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. 2 “Other operating expenses” of $358,208 reconciles to the Consolidated Statements of Income as follows: Other insurance expenses $ 375,931 Other income (17,723) Total $ 358,208 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES REINSURANCE Years ended December 31, 2023, 2022, and 2021 ($ thousands) Direct Amount Assumed from Other Companies Ceded to Other Companies Net Amount % of Amount Assumed to Net 2023 Premiums earned: Accident and health insurance $ — — — — — Property and liability insurance 4,386,556 25,027 583,977 3,827,606 1 % Total premiums earned 4,386,556 25,027 583,977 3,827,606 1 % 2022 Premiums earned: Accident and health insurance $ — — — — — Property and liability insurance 3,880,522 30,742 537,884 3,373,380 1 % Total premiums earned 3,880,522 30,742 537,884 3,373,380 1 % 2021 Premiums earned: Accident and health insurance $ 2 — 2 — — Property and liability insurance 3,472,713 21,550 477,010 3,017,253 1 % Total premiums earned 3,472,715 21,550 477,012 3,017,253 1 % See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. |
Schedule V - Allowance for Cred
Schedule V - Allowance for Credit Losses on Premiums and Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Allowance for Credit Losses on Premiums and Other Receivables | SCHEDULE V SELECTIVE INSURANCE GROUP, INC. AND CONSOLIDATED SUBSIDIARIES ALLOWANCE FOR CREDIT LOSSES ON PREMIUMS AND OTHER RECEIVABLES Years ended December 31, 2023, 2022, and 2021 ($ in thousands) 2023 2022 2021 Balance, January $ 17,700 15,200 22,777 Additions 7,980 7,478 1,766 Deductions (5,080) (4,978) (9,343) Balance, December 31 $ 20,600 17,700 15,200 See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements (“Financial Statements”) include the accounts of the Parent and its subsidiaries, and have been prepared 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”). All significant intercompany accounts and transactions are eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of our Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. |
Investments | Investments Portfolio Composition and Presentation in the Consolidated Balance Sheet Our investment portfolio is primarily comprised of fixed income securities. We also hold commercial mortgage loans ("CMLs"), equity securities, short-term investments, alternative investments, and other investments. A description of our portfolio holdings, and the related presentation in our Consolidated Balance Sheet, is provided below. Fixed Income Investments Our fixed income investments include our fixed income securities portfolio and our CML portfolio. Fixed Income Securities We hold the following types of securities in our fixed income securities portfolio: • U.S. government and government agency obligations; • Foreign government obligations; • Obligations of states and political subdivisions, including special revenue and general obligation bonds; • Corporate securities, which may include investment grade and below investment grade bonds, bank loan investments, redeemable preferred stock, and non-redeemable preferred stock with certain debt-like characteristics; • Collateralized loan obligations ("CLOs") and other asset-backed securities ("ABS"); • Residential mortgage-backed securities ("RMBS"); and • Commercial mortgage-backed securities ("CMBS"). We have designated substantially all of the holdings in our fixed income securities as available-for-sale ("AFS"). These securities are reported at fair value in our Consolidated Balance Sheet. The after-tax difference between fair value and cost or amortized cost is reflected in stockholders’ equity as a component of accumulated other comprehensive income (loss) ("AOCI"). The amortized cost of fixed income securities is adjusted for the amortization of premiums and the accretion of discounts over the expected life of the security using the effective yield method. Callable debt securities held at a premium are amortized to the earliest call date. Premiums and discounts arising from the purchase of RMBS, CMBS, CLO and other ABS are amortized over the expected life of the security based on future principal payments, giving additional consideration to prepayments. These prepayments are estimated based on historical and projected cash flows. Prepayment assumptions are reviewed quarterly and adjusted to reflect actual prepayments and changes in expectations. Future amortization of any premium and/or discount is adjusted to reflect the revised assumptions. Accrued interest on our fixed income securities is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. If accrued interest is due but not paid within 90 days, we reverse the delinquent amount and record this reversal through earnings as a component of “Net investment income earned” on our Consolidated Statement of Income. CMLs CMLs are loans secured by commercial property, such as an office building, multi-family apartment complex, industrial warehouse, or shopping center. We may acquire investments in CMLs through (i) direct originations under a loan syndication arrangement or (ii) a marketplace purchase. We record our investment in CMLs on the settlement date of the loan. Our CMLs are reported at amortized cost, net of any allowance for credit losses ("ACL"), on our Consolidated Balance Sheet. Interest is recorded using the effective yield method and accrued interest on our CMLs is recorded as a component of “Accrued investment income” on our Consolidated Balance Sheet. Other Portfolio Holdings Equity securities may include common and non-redeemable preferred stocks. Equity securities with readily determinable fair values are reported at fair value. Equity securities without readily determinable fair values are reported at net asset value ("NAV") as a practical expedient. Short-term investments may include money market instruments, savings accounts, commercial paper, and fixed income securities purchased with a maturity of less than one year. We may also enter into reverse repurchase agreements that are included in short-term investments. These repurchase agreements are fully collateralized by high-quality, readily-marketable instruments that support the principal amount. At maturity, we receive principal and interest income on these agreements. Short-term investments are generally reported at fair value. Alternative investments are limited partnership investments in private equity, private credit, and real estate strategies. These alternative investments are accounted for using the equity method, with income typically recognized on a one-quarter lag. Because these alternative investments are recorded under the equity method of accounting, with the underlying holdings carried at fair value, the valuation and income recognized on these investments may be impacted by volatility in the financial markets. We categorize distributions from our equity method investments on our Consolidated Statement of Cash Flows using the cumulative earnings approach. Under this approach, distributions received are classified as cash flows from operating activities until such time that the cumulative distributions exceed cumulative earnings for the investment. When such an excess occurs, the excess portion of the current period distribution is considered a return of investment and is classified as a cash flow from investing activities. We evaluate our alternative investments to determine whether those investments are variable interest entities ("VIEs") and if so, whether consolidation is required. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest or lack sufficient funds to finance its own activities without financial support provided by other entities. We consider several significant factors in determining if our investments are VIEs and if we are the primary beneficiary, including whether we have (i) the power to direct activities of the VIE, (ii) the ability to remove the decision maker of the VIE, (iii) the ability to participate in making decisions that are significant to the VIE, and (iv) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. We have reviewed our alternative investments and have concluded that they are VIEs, but that we are not the primary beneficiary and therefore, consolidation is not required. Our other investment portfolio includes Federal Home Loan Bank stock (“FHLB Stock”) and tax credit investments. The FHLB Stock is reported at cost. Accounting for our tax credit investments is dependent on the type of credit we have purchased, as follows: • Federal low income housing tax credits are accounted for under the proportional amortization method; and • All other tax credits in our investment portfolio are accounted for using the equity method. For federal tax credits accounted for under the equity method, we use the deferral method for recognizing the benefit of the tax credit with the related deferred revenue being recognized in our Consolidated Income Statement as a component of "Federal income tax expense" proportionately over the life of the investment. Presentation in the Consolidated Statement of Income Net Investment Income Earned Net investment income earned on our Consolidated Statement of Income includes the following: • Interest income, as well as amortization and accretion, on fixed income securities; • Interest income on CMLs; • Dividend income on equity securities; • Interest income on our short-term investments; and • Income recognized on our alternative and other investments accounted for under the equity method of accounting, except for federal tax credits, as discussed below. Income related to federal tax credits (either low income housing tax credits or other federal credits) is recorded in our Consolidated Statement of Income as a component of “Federal income tax expense” proportionately over the life of the investment. Net Realized and Unrealized Investment (Losses) Gains Net realized and unrealized investment gains (losses) on our Consolidated Statement of Income include the following: • Realized gains and losses on the disposal of holdings in our investment portfolio, which are determined on the basis of the cost of the specific investments sold; • Changes in unrealized gains or losses on our equity securities; • Losses on investments for which we have the intent to sell, which are discussed further below; and • Net credit loss expense or benefit resulting from changes in the ACL related to our investment portfolio, which is also discussed further below. Losses on Investments for which we have the Intent to Sell For our AFS fixed income securities and short-term investments, we review our fixed income securities in an unrealized loss position to determine (i) if we have the intent to sell the security, or (ii) if it is more likely than not we will be required to sell the security before its anticipated recovery. If we determine that we have the intent or likely requirement to sell the security, we write down its amortized cost to its fair value. In writing down amortized cost, any amount previously recorded as an ACL is reversed and any incremental reduction in amortized cost is recorded directly to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. For our alternative and other investments, if we determine that we intend to sell a holding and the expected proceeds are less than the recorded value of the investment, we will record a loss on those securities we intend to sell in earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. After reviewing our portfolio, if (i) we do not have the intent to sell, or (ii) it is more likely than not we will not be required to sell the security before its anticipated recovery, then our intent is to hold the investment securities to recovery, or maturity if necessary to recover the decline in valuation as prices accrete to par. However, our intent may change prior to maturity due to certain types of events, which include, but are not limited to, changes in the financial markets, our analysis of an issuer’s credit metrics and prospects, changes in tax laws or the regulatory environment, or as a result of significant unforeseen changes in liquidity needs. As such, we may, from time to time, sell invested assets subsequent to the balance sheet date that we did not intend to sell at the balance sheet date. Conversely, we may not sell invested assets that we asserted we intended to sell at the balance sheet date. Such changes in intent are due to unforeseen events occurring subsequent to the balance sheet date. ACL on AFS Fixed Income Securities and Short-Term Investments When fixed income securities are in an unrealized loss position and we do not record any losses on securities for which we intend to sell, we record an ACL for the portion of the unrealized loss due to an expected credit loss. We estimate expected credit losses on fixed income securities with certain credit qualities by performing a discounted cash flow (“DCF”). The ACL is equal to the excess of amortized cost over the greater of: (i) our estimate of the present value of expected future cash flows, or (ii) fair value. The ACL is recorded as a contra-asset reflected in the carrying value of the investment on the Consolidated Balance Sheet. The initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. Any remaining unrealized loss is the non-credit amount and is recorded in AOCI. The ACL cannot exceed the unrealized loss of an AFS security and therefore it may fluctuate with changes in the fair value of the security. The ACL is written off against the amortized cost basis in the period in which it is determined uncollectible. Our DCF analyses calculate the present value of expected future cash flows using various models specific to the major security types in our portfolio. These models use security-specific information, as well as reasonable and forecasted macroeconomic data, to determine possible expected credit loss scenarios based on projected changes in the economy. The forecasted economic data incorporated into the models is based on the Federal Reserve Board’s annual supervisory stress test review on certain large banks and financial institutions. We also have the ability to incorporate internally-developed forecast information into the models as we deem appropriate. The discount rate used in a DCF is one of the following: • The current yield in effect at the reporting date to accrete the beneficial interest for RMBS, CMBS, CLO and other ABS that were not of high credit quality at acquisition; • The effective interest rate in effect as of the reporting date for non-fixed rate securities; and • The effective interest rate implicit in the security at the date of acquisition for all other securities. DCFs may include, but are not necessarily limited to: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as the historical performance of the underlying collateral, including net operating income generated by underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. We do not record a valuation allowance on the accrued interest balance associated with our fixed income securities as we reverse delinquent amounts on a timely basis. We consider a fixed income security to be past due at the time any principal or interest payments become 90 days delinquent. ACL on CMLs We evaluate our CMLs on a quarterly basis for expected credit losses. If we hold a CML with a specific credit concern, we record an individual ACL on that loan. For all other CMLs, we record an ACL on the pool of loans based on lifetime expected credit losses. The ACL is recorded as a contra-asset reflected in the carrying value of our CMLs on the Consolidated Balance Sheet. Our initial ACL and any subsequent changes are recorded to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. We utilize a forecasting model to estimate lifetime expected credit losses at a loan level under multiple economic scenarios. The scenarios apply reasonable and forecasted macroeconomic data such as unemployment, inflation, and rent assumptions to project property-specific operating income and capitalization rates that are used to estimate the value of the future operating income stream. This information, coupled with historical data about mortgage loan performance, is used to project the probability of default, the amount of loss given a default, and the resulting lifetime expected loss. Credit Losses on Alternative Investments We review our alternative investment portfolio for potential credit losses through quarterly fund reports and conversations with the general partners of the alternative investments concerning the following: • The current investment strategy; • Changes made or future changes to be made to the investment strategy; • Emerging issues that may affect the success of the strategy; and • The appropriateness of the valuation methodology used regarding the underlying investments. Credit Losses on Other Investments Our evaluation for potential credit loss on tax credits and FHLB Stock include a qualitative assessment of credit indicators, which include, but are not limited to, the following: • An adverse development of the expected receipt of remaining tax credits and other tax benefits; and • A significant deterioration in the financial condition or liquidity of the Federal Home Loan Bank of Indiana or New York. If we do not intend to sell a security, and we expect a credit loss on a holding in our alternative or other investments portfolio, we record a charge to earnings as a component of “Net realized and unrealized investment gains (losses)” on our Consolidated Statement of Income. |
Fair Value of Financial Instruments | Fair Values of Financial Instruments Assets The fair values of our investments are generated using various valuation techniques and are placed into the fair value hierarchy considering the following: (i) the highest priority is given to quoted prices in active markets for identical assets (Level 1); (ii) the next highest priority is given to quoted prices in markets that are not active or inputs that are observable either directly or indirectly, including quoted prices for similar assets in markets that are not active and other inputs that can be derived principally from, or corroborated by, observable market data for substantially the full term of the assets (Level 2); and (iii) the lowest priority is given to unobservable inputs supported by little or no market activity and that reflect our assumptions about the exit price, including assumptions that market participants would use in pricing the asset (Level 3). An asset’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The techniques used to value our financial assets are as follows: Level 1 Pricing Security Type Methodology Equity Securities; U.S. Treasury Notes Equity and U.S. Treasury Note prices are received from an independent pricing service that are based on observable market transactions. We validate these prices against a second external pricing service, and if established market value comparison thresholds are breached, further analysis is performed to determine the price to be used. Short-Term Investments Short-term investments are recorded at fair value. Given the liquid nature of our short-term investments, we generally validate their fair value by way of active trades within approximately one week of the financial statement close. Level 2 Pricing We utilize a market approach for our Level 2 securities, using primarily matrix pricing models prepared by external pricing services. Matrix pricing models use mathematical techniques to value fixed income securities by relying on the securities' relationship to other benchmark quoted securities, and not relying exclusively on quoted prices for specific securities, as the specific securities are not always frequently traded. As a matter of policy, we consistently use one pricing service as our primary source and secondary pricing services if prices are not available from the primary pricing service. Fixed income security pricing is reviewed for reasonableness by (i) comparing our pricing to other third-party pricing services as well as benchmark indexed pricing, (ii) comparing fair value fluctuations between months for reasonableness, (iii) reviewing stale prices, and (iv) internally reviewing prices for reasonableness if a price from another third-party source is not available. If further analysis is needed, a challenge is sent to the pricing service for review and confirmation of the price. Further information on our Level 2 asset pricing is included in the following table: Security Type Methodology Corporate Securities, including preferred stocks classified as Fixed Income Securities, and U.S. Government and Government Agencies Evaluations include obtaining relevant trade data, benchmark quotes and spreads, and incorporating this information into either spread-based or price-based evaluations as determined by the observed market data. Spread-based evaluations include: (i) creating a range of spreads for relevant maturities of each issuer based on the new issue market, secondary trading, and dealer quotes; and (ii) incorporating option adjusted spreads for issues that have early redemption features. Based on the findings in (i) and (ii) above, final spreads are derived and added to benchmark curves. Price-based evaluations include matching each issue to its best-known market maker and contacting firms that transact in these securities. Obligations of States and Political Subdivisions Evaluations are based on yield curves that are developed based on factors such as: (i) benchmarks to issues with interest rates near prevailing market rates; (ii) established trading spreads over widely-accepted market benchmarks; (iii) yields on new issues; and (iv) market information from third-party sources such as reportable trades, broker-dealers, or issuers. RMBS, CMBS, CLO and other ABS Evaluations are based on a DCF, including: (i) generating cash flows for each tranche considering tranche-specific data, market data, and other pertinent information, such as historical performance of the underlying collateral, including net operating income generated by the underlying properties, conditional default rate assumptions, loan loss severity assumptions, consensus projections, prepayment projections, and actual pool and loan level collateral information; (ii) identifying applicable benchmark yields; and (iii) applying market-based tranche-specific spreads to determine an appropriate yield by incorporating collateral performance, tranche-level attributes, trades, bids, and offers. Foreign Government Evaluations are performed using a DCF model and by incorporating observed market yields of benchmarks as inputs, adjusting for varied maturities. Level 3 Pricing Security Type Methodology CMLs Evaluations are performed by a third party and are based on matrix pricing. For fixed rate loans, the matrix process uses a yield build up approach to create a pricing yield, with components for base yield, credit quality spread, property type spread, and a weighted average life spread. Floating rate loans are priced with a target quality spread over the swap curve. In addition to our CML portfolio, certain securities in our AFS fixed income securities portfolio are priced using (i) unobservable inputs, such as illiquidity spreads, (ii) broker quotes, or (iii) information received from other third-party sources, for which there is a lack of transparency as to the inputs used to generate the valuation. The quantitative detail of these unobservable inputs is neither provided to us, nor reasonably available to us. Liabilities The techniques used to value our notes payable are as follows: Level 2 Pricing Security Type Methodology 7.25% Senior Notes; 6.70% Senior Notes; Based on matrix pricing models prepared by external pricing services. Borrowings from Federal Home Loan Banks Evaluations are performed using a DCF model based on current borrowing rates provided by the Federal Home Loan Banks that are consistent with the remaining term of the borrowing. |
Allowance for Uncollectible Accounts | Allowance for Credit Losses on Premiums Receivable We estimate an ACL on our outstanding premiums receivable balance at each reporting date. In determining this allowance, we use a method that considers the aging of the receivable, based on the effective year of the related policy, along with our historical receivable loss experience. We also contemplate expected macroeconomic conditions over the expected collection period, which are short-term in nature because the majority of the balances are collected within two years of policy issuance. Changes in our ACL are charged to earnings as credit loss expense or benefit, which is a component of "Other insurance expenses" on our Consolidated Statements of Income, with an offsetting ACL recorded as a contra-asset reflected in the carrying value of the receivable. We charge write-offs against the allowance when we determine the account to be uncollectible after considering information obtained from our collection efforts. |
Share-Based Compensation | Share-Based Compensation Share-based compensation consists of all share-based payment transactions in which an entity acquires goods or services by issuing (or offering to issue) its shares, share units, share options, or other equity instruments. The cost resulting from all share-based payment transactions are recognized in the Financial Statements based on the fair value of both equity and liability awards. The fair value is measured at grant date for equity awards, whereas the fair value for liability awards are remeasured at each reporting period. The fair value of both equity and liability awards is recognized over the requisite service period. The requisite service period is typically the lesser of the vesting period or the period of time from the grant date to the date of retirement eligibility. The expense recognized for share-based awards, which, in some cases, contain performance criteria, is based on the number of shares or units expected to be issued at the end of the performance period. We repurchase the Parent’s stock from our employees in connection with tax withholding obligations, as permitted under our stock-based compensation plans. This activity is disclosed in our Consolidated Statement of Stockholders' Equity. |
Reinsurance | Reinsurance The “Reinsurance recoverable” balance on our Consolidated Balance Sheet represents our estimate of amounts that will be recovered from reinsurers under our various treaties. Generally, amounts recoverable from reinsurers are recognized as assets at the same time and in a manner consistent with the paid and unpaid losses associated with the reinsured policies. We would consider a recoverable balance from a reinsurer to be past due if payment is not received by the first day following the invoice due date. We require collateral to secure reinsurance recoverable balances primarily from our reinsurance carriers that are not authorized, otherwise approved, or certified to do business in one or more of our ten insurance subsidiaries' domiciliary states. Our ten insurance subsidiaries are collectively referred to as the "Insurance Subsidiaries." The collateral received is typically in the form of a letter of credit, trust funds, or funds withheld against reinsurance recoverables. We have a reinsurance agreement with a special purpose insurer ("SPI"). The reinsurance agreement meets the requirements to be accounted for as reinsurance in accordance with the guidance for reinsurance contracts. At the time of entering into the agreement, we evaluated the applicability of the VIE accounting guidance. A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest or lack sufficient funds to finance its own activities without financial support provided by other entities. We considered several significant factors in determining if the SPI is a VIE and if we are the primary beneficiary, including whether we have (i) the power to direct activities of the VIE, (ii) the ability to remove the decision maker of the VIE, (iii) the ability to participate in making decisions that are significant to the VIE, and (iv) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the VIE. As a result of the evaluation of the reinsurance agreement with the SPI, we concluded that it was a VIE. However, we do not have a variable interest in the entity, as the variability in its results, caused by the reinsurance agreement, is expected to be absorbed entirely by the investors in the senior notes issued by the SPI, and residual amounts earned by it, if any, are expected to be absorbed by the equity investors. We have neither an equity nor a residual interest in the SPI. Accordingly, we are not the primary beneficiary of the SPI and do not consolidate that entity in our Financial Statements. Additionally, because we have no intention to pursue any transaction that would result in it acquiring interest in and becoming the primary beneficiary of the SPI, the consolidation of that entity in our Financial Statements in future periods is unlikely. Refer to Note 9. "Reinsurance" for more information on this transaction. We estimate an ACL on our outstanding reinsurance recoverable balance at each reporting date. Credit risk is mitigated to the extent we have obtained collateral. As part of our estimation of the ACL, we reduce the recoverable balance by the amount of the collateral. We then pool the uncollateralized balances by similar risk characteristics, including the financial strength rating of the reinsurer, and use a probability-of-default methodology to calculate the allowance. Historical default rates are sourced from AM Best Company ("AM Best") and are coupled with severity assumptions in developing a baseline scenario. We then stress this scenario by incorporating forecasts of industry catastrophe losses and economic factors sourced through third-party data providers. In developing our best estimate of the allowance for credit losses, we consider our outlook as to the probability of each of these scenarios occurring. |
Property and Equipment | Property and Equipment Property and equipment used in operations, including certain costs incurred to develop or obtain computer software for internal use, are capitalized and recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The following estimated useful lives can be considered as general guidelines: Asset Category Years Computer hardware 3 Computer software 3 to 5 Software licenses 3 to 5 Internally developed software 5 Furniture and fixtures 10 Buildings and improvements 5 to 40 |
Deferred Policy Acquisition Costs | Deferred Policy Acquisition Costs Deferred policy acquisition costs are limited to costs directly related to the successful acquisition of insurance contracts. Costs meeting this definition typically include, among other things, sales commissions paid to our distribution partners, premium taxes, and the portion of employee salaries and benefits directly related to time spent on acquired contracts. These costs are deferred and amortized over the life of the contracts. Accounting guidance requires a premium deficiency analysis to be performed at the level an entity acquires, services, and measures the profitability of its insurance contracts. We currently perform three premium deficiency analyses for our insurance operations, consistent with our reportable segments of Standard Commercial Lines, Standard Personal Lines, and E&S Lines. A combined ratio of over 100% does not necessarily indicate a premium deficiency, as any year's combined ratio includes a portion of underwriting expenses that are expensed at policy inception and therefore are not covered by the remaining unearned premium. In addition, investment income is not contemplated in the combined ratio calculation. |
Goodwill | Goodwill Goodwill results from business acquisitions where the cost of assets and liabilities acquired exceeds the fair value of those assets and liabilities. A quantitative goodwill impairment analysis is performed if our quarterly qualitative analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Goodwill is allocated to the reporting units for purposes of these analyses. Based on our analysis at December 31, 2023, goodwill was not impaired. |
Reserve for Loss and Loss Expense | Reserve for Loss and Loss Expense Reserve for loss and loss expense includes case reserves on reported claims and reserves for incurred but not reported ("IBNR") losses. Case reserves are estimated for each individual claim based on the facts and circumstances known at the time about the claim. Case reserves may be adjusted up or down as the claim's facts and circumstances change. IBNR reserves are established at more aggregated levels and include provisions for (i) claims not yet reported, (ii) future development on reported claims, (iii) previously closed claims that could reopen in the future, and (iv) anticipated salvage and subrogation recoveries. We evaluate our reserves quarterly, through an in-depth reserve review process, and adjustments to recorded reserves are made accordingly. The primary input we use to evaluate reserve levels is the quarterly reserve review prepared by our internal actuaries, which provides comprehensive loss and loss expense projections. We base our reviews primarily on our own loss experience, organized by line of business. Where sufficient statistical credibility exists, we may further segment the loss experience by coverage within a line, or geographic area. Generally accepted actuarial methodologies are applied to these reserve groups to produce ultimate loss and loss expense projections. Typically, we organize our experience by accident year and age, which lends itself to the application of various loss development methods. These methods rely on historical claims reporting and payment patterns to project ultimate loss or expense for open accident years. We also consider the initial expectation of ultimate losses, particularly for longer-tailed lines of business and the current accident year. For the current accident year, our detailed actuarial planning process develops the expectation. The initial estimate is adjusted over time as actual experience emerges. These methods require numerous assumptions, like the selection of loss and loss expense development factors and the weight applied to each individual projection method. Accordingly, no single method can be interpreted as definitive. Instead, ultimate loss and loss expenses are selected based on the various methods, considering the strengths and weaknesses of each applied to the specific line of business and accident year. Certain liabilities do not lend themselves to the application of loss development methods, such as property catastrophes (low frequency/high severity, unique events), latent claims (where losses are incurred over an extended period of time), and unallocated loss expenses (loss expenses that cannot be attributed to a specific claim). We use alternate estimation techniques for these liabilities, some of which are primarily exposure-based methods. These methods include individual claims reviews, calendar year counts and averages, aggregate benchmark measures, such as paid and incurred “survival ratios,” and others. These approaches often require additional assumptions and a greater amount of professional judgment. The reserve review results in a set of ultimate loss and loss expense estimates by line of business, including current and prior accident years. To provide additional insight, the selected ultimate losses are separated into their components of claim frequency and severity, along with their associated trend. While these ultimate loss and loss expense estimates serve as the primary basis for determining the recorded IBNR reserves, other internal and external factors are considered in our overall reserve review. Internal factors include (i) changes to our underwriting and claims practices, (ii) supplemental data on claims reporting and settlement trends, (iii) exposure estimates for reported claims, (iv) potential large or complex claims, and (v) additional trends observed by claims personnel or defense counsel. External factors considered include (i) legislative and regulatory enactments, (ii) judicial trends and decisions, (iii) social trends, including the impacts of social inflation, and (iv) trends in general economic conditions, including the effects of inflation on medical costs, raw materials, and labor. The combination of IBNR estimates and case reserve estimates on individual claims results in our total reserve for loss and loss expense. These reserves are expected to be sufficient for settling loss and loss expense obligations under our policies on unpaid claims, including changes in the (i) volume of business written, (ii) claims frequency and severity, (iii) mix of business, (iv) claims processing, and (v) other items that management expects to affect our ultimate settlement of loss and loss expense. However, our loss and loss expense reserves are estimates of future events for which the outcomes are not yet known. As with all estimates, they carry inherent uncertainty, which may be driven by internal factors, such as changes to our claims or underwriting operations, or external factors, like legislative, judicial, economic, or social trends. Actual outcomes are further impacted by inherent randomness, such as the actual number of accidents/incidents or the occurrence or non-occurrence of a single large event. Because of these uncertainties, actual outcomes may differ materially from the reserves established. While this risk cannot be eliminated, we review our reserves quarterly based on the information then available, and make adjustments to our ultimate loss and loss expense estimates accordingly. These changes in our ultimate loss and loss expense estimates are reflected in the Consolidated Statements of Income for the period in which such estimates are changed. Changes in the liability estimate could be material to the results of operations in future periods. Loss reserves are estimates, so we consider a range of possible loss and loss expense reserve estimates. This range is determined at the beginning of each year, using prior year-end data. It reflects the fact that no single precise method for estimating the required reserves exists due to the many factors that may influence the amounts ultimately paid. We do not discount to present value that portion of our loss and loss expense reserves expected to be paid in future periods. Our loss and loss expense reserves implicitly include anticipated salvage and subrogation recoveries. Claims are counted by occurrence and by line of business and policy. For example, if a single occurrence (like an automobile accident) leads to a claim under an automobile and an associated umbrella policy, each claim is counted separately. Conversely, multiple claimants under the same occurrence/line/policy would constitute only one claim. Claim counts are on a reported basis and a claim is considered reported when a reserve is established or a loss payment is made. Claims closed without payment are included in the count if an associated case reserve was established at some point in the claim's life cycle. |
Revenue Recognition | Revenue Recognition Premiums written are recognized as revenue over the period that coverage is provided using the semi-monthly pro-rata method. Unearned premiums and prepaid reinsurance premiums represent that portion of premiums written that are applicable to the unexpired terms of policies in force. The Insurance Subsidiaries' net premiums written (“NPW”) include direct insurance policy writings, plus reinsurance assumed, less reinsurance ceded. Insureds' records within our workers compensation and general liability lines of business are subject to periodic audit for purposes of verifying premium amounts. This premium is referred to as audit premium and is billed or returned on policies subsequent to expiration based on exposure levels (i.e. payroll or sales). We estimate this premium when it |
Dividends to Policyholders | Dividends to Policyholders We establish reserves for dividends to policyholders on certain policies, most significantly workers compensation policies. These dividends are based on the policyholders' loss experience. Dividend reserves are established based on past experience, adjusted for the effects of current developments and anticipated trends. The expense for these dividends is recognized over a period that begins at policy inception and ends with the payment of the dividend. We report these dividends within "Other insurance expenses" on the Consolidated Statement of Income. We do not issue policies that entitle the policyholder to participate in the statutory earnings or surplus of our Insurance Subsidiaries. |
Federal Income Tax | Federal Income Tax We use the asset and liability method of accounting for income taxes. Current federal income taxes are recognized for the estimated taxes payable or refundable on tax returns for the current year. Deferred federal income taxes arise from the recognition of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. We consider all evidence, both positive and negative, with respect to our federal net operating and capital loss carryback availability, expected levels of pre-tax financial statement income, federal taxable income, liquidity, and prudent and reasonable tax planning strategies when evaluating whether the temporary differences will be realized. In projecting future taxable income, we begin with budgeted pre-tax income adjusted for estimated taxable and non-taxable items. The assumptions about future taxable income require significant judgment and are consistent with the plans and estimates we use to manage our businesses. A valuation allowance is established when it is more likely than not that some portion of the deferred tax asset will not be realized. The evaluation of a valuation allowance considers the character of the taxable income, ordinary income versus capital income. A liability for uncertain tax positions is recorded when it is more likely than not that a tax position will not be sustained upon examination by taxing authorities. The effect of a change in tax rates is recognized in the period of enactment. If we were to be levied interest and penalties by the Internal Revenue Service, these amounts would be recognized as a component of “Total federal income tax expense” on the Consolidated Statement of Income. |
Leases | LeasesWe have various operating leases for office space, equipment, and fleet vehicles. In addition, we have various finance leases for computer hardware. We determine if an arrangement is a lease on the commencement date of the contract. Lease assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. The lease asset and liability are measured by the present value of the future minimum lease payments over the lease term. Our fleet vehicle leases include a residual value guarantee; however, the residual value guarantee is not probable of being owed. Therefore, there is no impact to the lease liability or lease asset. To measure the present value, we use the discount rate in the contract. If the discount rate is not readily determinable, our incremental borrowing rate is used. The lease asset is then adjusted to exclude lease incentives. We recognize variable lease payments in the periods in which the obligations for those payments are incurred. In calculating a lease liability, we include options to extend or terminate the lease if it is reasonably certain that we will exercise such option. Lease expense is calculated using the straight-line method. In addition, we have adopted accounting policy elections to: (i) aggregate lease and non-lease components into a single lease component; and (ii) expense short-term leases on a straight-line basis over the lease term. |
Pension | Pension Our pension obligations and related costs are calculated using actuarial methods, within the framework of GAAP. Our pension benefit obligation is determined as the actuarial present value of the vested benefits to which employees are currently entitled, based on the average life expectancy of the employees. Our funding policy provides that payments to our pension trust shall be equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"), plus additional amounts that may be approved from time to time. Two key assumptions, the benefit obligation discount rate and the expected return on plan assets, are important elements of expense and/or liability measurement. We evaluate these key assumptions annually unless facts indicate that a more frequent review is required. The discount rate enables us to state expected future cash flows at their present value on the measurement date. The purpose of the discount rate is to determine the interest rates inherent in the price at which pension benefits could be effectively settled. Our discount rate selection is based on high-quality, long-term corporate bonds. To determine the expected long-term rate of return on the plan assets, we consider the current and expected asset allocation, as well as historical and expected returns on each plan asset class. Other assumptions involve demographic factors such as retirement age and mortality. A portion of our plan assets is allocated to a liability hedging strategy through which we have an expectation that our plan assets will move in tandem with a portion of the plan liabilities, helping to mitigate funding ratio volatility. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Estimated Useful Life for Property and Equipment | Asset Category Years Computer hardware 3 Computer software 3 to 5 Software licenses 3 to 5 Internally developed software 5 Furniture and fixtures 10 Buildings and improvements 5 to 40 |
Statements of Cash Flow (Tables
Statements of Cash Flow (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | ($ in thousands) 2023 2022 2021 Cash paid (received) during the period for: Interest $ 28,359 26,639 28,930 Federal income tax 79,702 75,000 100,000 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 7,409 8,148 7,935 Operating cash flows from financing leases 66 46 35 Financing cash flows from finance leases 2,666 2,438 1,768 Non-cash items: Corporate actions related to fixed income securities, AFS 1 22,741 38,106 56,365 Corporate actions related to equity securities 1 — — 30,666 Conversion of AFS fixed income securities to equity securities — 1,463 15,139 Conversion of alternative investments to equity securities 2 50,253 — — Assets acquired under finance lease arrangements 1,584 707 6,709 Assets acquired under operating lease arrangements 5,885 16,649 3,272 Non-cash purchase of property and equipment 242 70 472 1 Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock-splits. 2 This non-cash exchange represents our investment in a private fund that was initially classified as an alternative investment accounted for using the equity method. The fund was later reclassified as an equity security when the fund transitioned to an Investment Company Act of 1940 fund. |
Schedule of Cash and Cash Equivalents | ($ in thousands) December 31, 2023 December 31, 2022 Cash $ 180 26 Restricted cash 13,092 25,183 Total cash and restricted cash shown in the Statements of Cash Flows $ 13,272 25,209 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment [Line Items] | |
Schedule of Unrealized Gains (Losses) On Investments | ($ in thousands) 2023 2022 2021 AFS securities: Fixed income securities $ (353,288) (527,926) 228,947 Total AFS securities (353,288) (527,926) 228,947 Held-to-Maturity ("HTM") securities: Fixed income securities — — (4) Total HTM securities — — (4) Short-term securities 35 35 20 Total net unrealized gains (losses) (353,253) (527,891) 228,963 Deferred income tax 74,184 110,857 (48,082) Net unrealized gains (losses), net of deferred income tax (279,069) (417,034) 180,881 Increase (decrease) in net unrealized gains (losses) in OCI, net of deferred income tax $ 137,965 (597,915) (124,370) |
Schedule of Available For Sale Securities | December 31, 2023 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value AFS fixed income securities: U.S. government and government agencies $ 223,157 — 139 (18,261) 205,035 Foreign government 11,140 (35) — (1,302) 9,803 Obligations of states and political subdivisions 612,938 (669) 2,623 (28,927) 585,965 Corporate securities 2,834,048 (12,999) 28,078 (137,888) 2,711,239 CLO and other ABS 1,911,831 (2,854) 11,855 (86,005) 1,834,827 RMBS 1,568,960 (11,649) 6,023 (85,851) 1,477,483 CMBS 718,623 (6) 1,358 (45,130) 674,845 Total AFS fixed income securities $ 7,880,697 (28,212) 50,076 (403,364) 7,499,197 December 31, 2022 Cost/ Amortized Allowance for Unrealized Unrealized Fair ($ in thousands) Cost Credit Losses Gains Losses Value 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 |
Schedule of debt securities, available-for-sale, allowance for credit losses | 2023 Beginning Balance Current Provision for Securities without Prior Allowance Initial Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) 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 — — (249) — — 35 Obligations of states and political subdivisons 1,024 48 — (281) (122) — 669 Corporate securities 30,330 3,457 — (16,879) (3,638) (271) 12,999 CLO and other ABS 2,375 619 — (116) (24) — 2,854 RMBS 11,597 17 — 447 (412) — 11,649 CMBS 111 1 — 38 (144) — 6 Total AFS fixed income securities $ 45,721 4,142 — (17,040) (4,340) (271) 28,212 2022 Beginning Balance Current Provisions for Securities without Prior Allowance Initial Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) 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 $ 46 291 — 4 (57) — 284 Obligations of states and political subdivisons 137 1,087 — (6) (194) — 1,024 Corporate securities 6,682 30,670 — 3,714 (6,902) (3,834) 30,330 CLO and other ABS 939 2,158 — (652) (50) (20) 2,375 RMBS 1,909 245 8,318 1,558 (433) — 11,597 CMBS 11 110 — (10) — — 111 Total AFS fixed income securities $ 9,724 34,561 8,318 4,608 (7,636) (3,854) 45,721 |
Schedule of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time | December 31, 2023 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair Unrealized AFS fixed income securities: U.S. government and government agencies $ 77,698 (188) 108,578 (18,073) 186,276 (18,261) Foreign government 1,552 (87) 8,251 (1,215) 9,803 (1,302) Obligations of states and political subdivisions 137,031 (962) 290,964 (27,965) 427,995 (28,927) Corporate securities 263,423 (6,369) 1,439,422 (131,519) 1,702,845 (137,888) CLO and other ABS 278,940 (7,120) 984,175 (78,885) 1,263,115 (86,005) RMBS 351,976 (4,765) 757,914 (81,086) 1,109,890 (85,851) CMBS 130,189 (2,995) 471,256 (42,135) 601,445 (45,130) Total AFS fixed income securities $ 1,240,809 (22,486) 4,060,560 (380,878) 5,301,369 (403,364) December 31, 2022 Less than 12 months 12 months or longer Total ($ in thousands) Fair Unrealized Fair Unrealized Fair 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 Investments Classified by Contractual Maturity Date | AFS HTM ($ in thousands) Fair Value Carrying Value Fair Value Due in one year or less $ 511,125 — — Due after one year through five years 3,450,675 13,624 13,307 Due after five years through 10 years 2,817,046 9,076 8,616 Due after 10 years 720,351 — — Total fixed income securities $ 7,499,197 22,700 21,923 |
Schedule of Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy | December 31, 2023 December 31, 2022 ($ in thousands) Carrying Remaining Maximum Carrying Remaining Maximum Alternative investments Private equity $ 301,759 131,885 433,644 280,980 134,676 415,656 Private credit 54,500 89,401 143,901 54,866 89,481 144,347 Real assets 39,520 33,040 72,560 35,470 21,945 57,415 Total alternative investments $ 395,779 254,326 650,105 371,316 246,102 617,418 |
Schedule of Aggregated Summarized Balance Sheet Financial Information For Partnerships In Our Alternative Investment Portfolio | Balance Sheet Information December 31, ($ in millions) 2023 2022 Investments $ 142,411 114,038 Total assets 146,844 128,158 Total liabilities 15,854 15,464 Total partners’ capital 130,990 112,694 |
Schedule of Aggregated Summarized Income Statement Financial Information For Partnerships In Our Alternative Investment Portfolio | Income Statement Information ($ in millions) 2023 2022 2021 Net investment income (loss) $ 178 765 653 Realized gains 5,845 12,590 6,121 Net change in unrealized appreciation (depreciation) 5,810 (5,215) 26,877 Net income $ 11,833 8,140 33,651 Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income 26.8 23.0 117.7 |
Schedule Of Securities Pledged As Collateral | ($ in millions) FHLBI Collateral FHLBNY Collateral Regulatory Deposits Total U.S. government and government agencies $ — — 19.9 19.9 Obligations of states and political subdivisions — — 3.5 3.5 RMBS 69.2 25.3 — 94.5 CMBS 2.5 8.6 — 11.1 Total pledged as collateral $ 71.7 33.9 23.4 129.0 |
Schedule of Components of Pre-Tax Net Investment Income Earned | ($ in thousands) 2023 2022 2021 Fixed income securities $ 345,886 259,918 209,709 CMLs 9,336 5,555 2,743 Equity securities 9,395 13,554 15,920 Short-term investments 14,818 3,997 260 Alternative investments 26,777 23,003 117,701 Other investments 650 258 359 Investment expenses (18,212) (18,130) (20,103) Net investment income earned $ 388,650 288,155 326,589 |
Schedule of realized and unrealized gains (losses) on securities | ($ in thousands) 2023 2022 2021 Gross gains on sales $ 5,896 28,419 15,284 Gross losses on sales (30,760) (60,055) (8,140) Net realized gains (losses) on disposals (24,864) (31,636) 7,144 Net unrealized gains (losses) on equity securities 9,510 (32,127) 17,881 Net credit loss benefit (expense) on fixed income securities, AFS 12,898 (39,169) (6,858) Net credit loss benefit (expense) on fixed income securities, HTM — 63 (49) Net credit loss benefit (expense) on CMLs (175) (116) — Losses on securities for which we have the intent to sell (921) (11,823) (519) Net realized and unrealized investment gains (losses) $ (3,552) (114,808) 17,599 |
Unrealized Gain (Loss) on Equity Securities | ($ in thousands) 2023 2022 2021 Unrealized gains (losses) recognized in income on equity securities: On securities remaining in our portfolio at end of period $ 3,593 (10,454) 16,473 On securities sold in period 5,917 (21,673) 1,408 Total unrealized gains (losses) recognized in income on equity securities $ 9,510 (32,127) 17,881 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of Components of Comprehensive Income-Gross and Net of Tax | 2023 ($ in thousands) Gross Tax Net Net income $ 458,412 93,174 365,238 Components of OCI: Unrealized gains (losses) on investment securities : Unrealized holding gains (losses) during the year 106,845 22,438 84,407 Unrealized gains (losses) on securities with credit loss recognized in earnings 60,234 12,649 47,585 Amounts reclassified into net income: Net realized (gains) losses on disposals and intent-to-sell AFS securities 20,458 4,296 16,162 Credit loss (benefit) expense (12,898) (2,709) (10,189) Total unrealized gains (losses) on investment securities 174,639 36,674 137,965 Defined benefit pension and post-retirement plans: Net actuarial gain (loss) (19,385) (4,070) (15,315) Amounts reclassified into net income: Net actuarial (gain) loss 3,026 635 2,391 Total defined benefit pension and post-retirement plans (16,359) (3,435) (12,924) Other comprehensive income (loss) 158,280 33,239 125,041 Comprehensive income (loss) $ 616,692 126,413 490,279 2022 ($ in thousands) Gross Tax Net Net income $ 280,186 55,300 224,886 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the year (668,107) (140,302) (527,805) Unrealized gains (losses) on securities with credit loss recognized in earnings (187,968) (39,473) (148,495) Amounts reclassified into net income: HTM securities 4 1 3 Net realized (gains) losses on disposals and intent-to-sell AFS securities 60,048 12,610 47,438 Credit loss (benefit) expense 39,169 8,225 30,944 Total unrealized gains (losses) on investment securities (756,854) (158,939) (597,915) Defined benefit pension and post-retirement plans: Net actuarial gain (loss) (20,941) (4,398) (16,543) Amounts reclassified into net income: Net actuarial (gain) loss 1,668 351 1,317 Total defined benefit pension and post-retirement plans (19,273) (4,047) (15,226) Other comprehensive income (loss) (776,127) (162,986) (613,141) Comprehensive income (loss) $ (495,941) (107,686) (388,255) 2021 ($ in thousands) Gross Tax Net Net income $ 505,310 101,473 403,837 Components of OCI: Unrealized gains (losses) on investment securities: Unrealized holding gains (losses) during the year (151,391) (31,793) (119,598) Unrealized gains (losses) on securities with credit loss recognized in earnings (9,061) (1,902) (7,159) Amounts reclassified into net income: HTM securities (11) (2) (9) Net realized (gains) losses on disposals and intent-to-sell AFS securities (3,825) (803) (3,022) Credit loss (benefit) expense 6,858 1,440 5,418 Total unrealized gains (losses) on investment securities (157,430) (33,060) (124,370) Defined benefit pension and post-retirement plans: Net actuarial gain (loss) 21,636 4,543 17,093 Amounts reclassified into net income: Net actuarial (gain) loss 2,772 582 2,190 Total defined benefit pension and post-retirement plans 24,408 5,125 19,283 Other comprehensive income (loss) (133,022) (27,935) (105,087) Comprehensive income (loss) $ 372,288 73,538 298,750 |
Schedule of Components of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Investment Securities Defined Benefit Pension and Post-retirement Plans ($ in thousands) Credit Loss Related 1 HTM Related All Other Investments Subtotal Total AOCI Balance, December 31, 2021 $ (4,287) (3) 185,170 180,880 (65,781) 115,099 OCI before reclassifications (148,495) — (527,805) (676,300) (16,543) (692,843) Amounts reclassified from AOCI 30,944 3 47,438 78,385 1,317 79,702 Net current period OCI (117,551) 3 (480,367) (597,915) (15,226) (613,141) Balance, December 31, 2022 (121,838) — (295,197) (417,035) (81,007) (498,042) OCI before reclassifications 47,585 — 84,407 131,992 (15,315) 116,677 Amounts reclassified from AOCI (10,189) — 16,162 5,973 2,391 8,364 Net current period OCI 37,396 — 100,569 137,965 (12,924) 125,041 Balance, December 31, 2023 $ (84,442) — (194,628) (279,070) (93,931) (373,001) 1 |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | ($ in thousands) Year ended December 31, 2023 Year ended December 31, 2022 Affected Line Item in the Consolidated Statements of Income HTM related Unrealized (gains) losses on HTM disposals $ — (7) Net realized and unrealized investment gains (losses) Amortization of net unrealized (gains) losses on HTM securities — 11 Net investment income earned — 4 Income before federal income tax — (1) Total federal income tax expense — 3 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 20,458 60,048 Net realized and unrealized investment gains (losses) 20,458 60,048 Income before federal income tax (4,296) (12,610) Total federal income tax expense 16,162 47,438 Net income Credit loss related Credit loss (benefit) expense (12,898) 39,169 Net realized and unrealized investment gains (losses) (12,898) 39,169 Income before federal income tax 2,709 (8,225) Total federal income tax expense (10,189) 30,944 Net income Defined benefit pension and post-retirement life plans Net actuarial loss 695 359 Loss and loss expense incurred 2,331 1,309 Other insurance expenses Total defined benefit pension and post-retirement life 3,026 1,668 Income before federal income tax (635) (351) Total federal income tax expense 2,391 1,317 Net income Total reclassifications for the period $ 8,364 79,702 Net income |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | December 31, 2023 December 31, 2022 ($ in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities Long-term debt: 7.25% Senior Notes $ 49,926 53,047 49,921 51,705 6.70% Senior Notes 99,565 104,039 99,542 99,264 5.375% Senior Notes 294,523 288,787 294,424 258,459 3.03% Borrowings from FHLBI 60,000 57,932 60,000 57,175 Subtotal long-term debt 504,014 503,805 503,887 466,603 Unamortized debt issuance costs (2,704) (2,929) Finance lease obligations 2,636 3,718 Total long-term debt $ 503,946 $ 504,676 |
Schedule of Quantitative Disclosures of our Pension Assets that were Measured at Fair Value | December 31, 2023 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 205,035 34,056 170,979 — Foreign government 9,803 — 9,803 — Obligations of states and political subdivisions 585,965 — 578,131 7,834 Corporate securities 2,711,239 — 2,413,907 297,332 CLO and other ABS 1,834,827 — 1,589,514 245,313 RMBS 1,477,483 — 1,477,483 — CMBS 674,845 — 674,489 356 Total AFS fixed income securities 7,499,197 34,056 6,914,306 550,835 Equity securities: Common stock 1 185,339 20,582 — 854 Preferred stock 1,816 1,816 — — Total equity securities 187,155 22,398 — 854 Short-term investments 309,317 308,512 805 — Total assets measured at fair value $ 7,995,669 364,966 6,915,111 551,689 December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs 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 $163.9 million at December 31, 2023 and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs | 2023 ($ 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: OCI 1,111 10,645 2,974 49 — 14,779 Net realized and unrealized investment gains (losses) 62 419 (5) — (235) 241 Net investment income earned — 621 (30) (265) — 326 Purchases — 97,547 104,134 — — 201,681 Sales — — — — — — Issuances — — — — — — Settlements — (10,254) (16,737) (25) — (27,016) Transfers into Level 3 — 21,297 14,148 2,848 192 38,485 Transfers out of Level 3 — (10,923) (12,513) (2,626) — (26,062) Fair value, December 31, 2023 $ 7,834 297,332 245,313 356 854 551,689 Change in unrealized gains (losses) for the period included in earnings for assets held at period end 62 419 (5) — (235) 241 Change in unrealized gains (losses) for the period included in OCI for assets held at period end 1,111 10,634 2,858 49 — 14,652 2022 ($ in thousands) Obligations of states and political subdivisions Corporate Securities CLO and Other ABS RMBS CMBS Common Stock 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 (985) (23,624) (11,287) (17) (481) — (36,394) Net realized and unrealized investment gains (losses) (99) (2,414) (876) — — — (3,389) Net investment income earned — 68 229 — 45 — 342 Purchases — 99,868 100,406 — — — 200,274 Sales — — — — — — — Issuances — — — — — — — Settlements — (10,148) (12,361) (11) (15) — (22,535) Transfers into Level 3 — 19,214 502 — — 897 20,613 Transfers out of Level 3 — (9,111) (48,180) (217) (3,430) — (60,938) Fair value, December 31, 2022 $ 6,661 187,980 153,342 — 375 897 349,255 Change in unrealized gains (losses) for the period included in earnings for assets held at period end (99) (2,399) (876) — — — (3,374) Change in unrealized gains (losses) for the period included in OCI for assets held at period end (985) (23,630) (11,246) (17) (481) — (36,359) |
Fair Value Measurement Inputs and Valuation Techniques | December 31, 2023 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 135,524 DCF Illiquidity Spread (4.4)% - 5.3% 1.9% CLO and other ABS 127,210 DCF Illiquidity Spread 0.01% - 19.6% 2.4% Total internal valuations 262,734 Other 1 288,955 Total Level 3 securities $ 551,689 December 31, 2022 ($ in thousands) Assets Measured at Fair Value Valuation Techniques Unobservable Inputs Range Weighted Average Internal valuations: Corporate securities $ 81,867 DCF Illiquidity Spread (4.4)% - 5.3% 1.3% CLO and other ABS 59,452 DCF 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 is 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 | December 31, 2023 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets HTM: Corporate securities $ 21,923 — 21,923 — Total HTM fixed income securities 21,923 — 21,923 — CMLs $ 178,913 — — 178,913 Financial Liabilities Long-term debt: 7.25% Senior Notes $ 53,047 — 53,047 — 6.70% Senior Notes 104,039 — 104,039 — 5.375% Senior Notes 288,787 — 288,787 — 3.03% Borrowings from FHLBI 57,932 — 57,932 — Total long-term debt $ 503,805 — 503,805 — December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets/Liabilities Disclosed at Quoted Prices in Active Markets for Identical Assets/Liabilities Significant Other Observable Inputs Significant Unobservable Inputs 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) | 12 Months Ended |
Dec. 31, 2023 | |
Premiums Receivable [Abstract] | |
Allowance for Credit Losses on Premiums Receivable [Table Text Block] | ($ in thousands) December 31, 2023 December 31, 2022 Balance at beginning of year $ 16,100 13,600 Current period change for expected credit losses 6,124 6,065 Write-offs charged against the allowance for credit losses (5,080) (4,978) Recoveries 1,756 1,413 ACL, end of year $ 18,900 16,100 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance Recoverable, Credit Quality Indicator | December 31, 2023 ($ in thousands) Current Past Due Total Reinsurance Recoverables Financial strength rating of rated reinsurers A++ $ 82,466 $ 21 $ 82,487 A+ 371,132 2,887 374,019 A 111,883 1,380 113,263 A- 3,596 89 3,685 Total rated reinsurers $ 569,077 $ 4,377 $ 573,454 Non-rated reinsurers Federal and state pools $ 80,506 $ — $ 80,506 Other than federal and state pools 4,488 77 4,565 Total non-rated reinsurers $ 84,994 $ 77 $ 85,071 Total reinsurance recoverable, gross $ 654,071 $ 4,454 $ 658,525 Less: ACL (1,700) Total reinsurance recoverable, net $ 656,825 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: ACL (1,600) Total reinsurance recoverable, net $ 782,810 |
Reinsurance Recoverable, Allowance for Credit Loss | ($ in thousands) December 31, 2023 December 31, 2022 Balance at beginning of year $ 1,600 $ 1,600 Current period change for expected credit losses 100 — Write-offs charged against the allowance for credit losses — — Recoveries — — ACL, end of year $ 1,700 $ 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." |
Schedule of Total Reinsurance Balances Segregated By Reinsurer | December 31, 2023 As of December 31, 2022 ($ in thousands) Reinsurance Balances % of Reinsurance Balance Reinsurance Balances % of Reinsurance Balance Total reinsurance recoverables, net of allowance for credit losses $ 656,825 $ 782,810 Total prepaid reinsurance premiums 203,320 172,371 Total reinsurance balance 860,145 955,181 Federal and state pools 1 : NFIP 203,273 24 % 276,541 29 % New Jersey Unsatisfied Claim Judgment Fund 46,715 5 45,496 5 Other 1,779 — 3,488 — Total federal and state pools 251,767 29 325,525 34 Remaining reinsurance balance $ 608,378 71 $ 629,656 66 Hannover Ruckversicherungs AG (AM Best rated "A+") $ 135,564 16 $ 124,706 13 Munich Re Group (AM Best rated "A+") 132,831 15 127,106 13 AXIS Reinsurance Company (AM Best rated "A") 76,286 9 70,957 8 Swiss Re Group (AM Best rated "A+") 30,222 4 36,525 4 Transatlantic Reinsurance Company (AM Best rated “A++”) 27,475 3 32,730 3 All other reinsurers 207,700 24 239,232 25 Total reinsurers 610,078 71 % 631,256 66 % Less: ACL (1,700) (1,600) Reinsurers, net of ACL 608,378 629,656 Less: collateral 2 (126,418) (126,167) Reinsurers, net of collateral $ 481,960 $ 503,489 1 Considered to have minimal risk of default. 2 Includes letters of credit, trust funds, and funds held against reinsurance recoverables. |
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts | ($ in thousands) 2023 2022 2021 Premiums written: Direct $ 4,725,459 4,068,518 3,656,537 Assumed 23,999 32,320 22,664 Ceded (614,926) (527,248) (489,488) Net $ 4,134,532 3,573,590 3,189,713 Premiums earned: Direct $ 4,386,556 3,880,522 3,472,715 Assumed 25,027 30,742 21,550 Ceded (583,977) (537,884) (477,012) Net $ 3,827,606 3,373,380 3,017,253 Loss and loss expense incurred: Direct $ 2,738,301 2,537,638 2,096,512 Assumed 19,581 23,160 13,813 Ceded (273,597) (449,020) (296,341) Net $ 2,484,285 2,111,778 1,813,984 |
Schedule of Ceded Premiums and Losses Related to Flood Operations | Ceded to NFIP ($ in thousands) 2023 2022 2021 Ceded premiums written $ (305,609) (259,246) (284,311) Ceded premiums earned (279,087) (274,100) (274,384) Ceded loss and loss expense incurred (75,549) (200,467) (215,224) |
Reserve for Loss and Loss Exp_2
Reserve for Loss and Loss Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Roll Forward of Reserve for Loss and Loss Expense | ($ in thousands) 2023 2022 2021 Gross reserves for loss and loss expense, at beginning of year $ 5,144,821 4,580,903 4,260,355 Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year 757,513 578,641 554,269 Net reserves for loss and loss expense, at beginning of year 4,387,308 4,002,262 3,706,086 Incurred loss and loss expense for claims occurring in the: Current year 2,474,331 2,190,668 1,896,837 Prior years 9,954 (78,890) (82,853) Total incurred loss and loss expense 2,484,285 2,111,778 1,813,984 Paid loss and loss expense for claims occurring in the: Current year 922,641 768,583 676,331 Prior years 1,230,642 958,149 841,477 Total paid loss and loss expense 2,153,283 1,726,732 1,517,808 Net reserves for loss and loss expense, at end of year 4,718,310 4,387,308 4,002,262 Add: Reinsurance recoverable on unpaid loss and loss expense, at end of year 618,601 757,513 578,641 Gross reserves for loss and loss expense at end of year $ 5,336,911 5,144,821 4,580,903 |
Schedule of (Favorable)/ Unfavorable Prior Year Development | (Favorable)/Unfavorable Prior Year Development ($ in millions) 2023 2022 2021 General Liability $ 55.0 (5.0) (29.0) Commercial Automobile 8.0 22.5 13.3 Workers Compensation (74.5) (70.0) (58.0) Businessowners' Policies 7.6 (7.3) (0.4) Commercial Property 0.7 (1.6) (2.6) Bonds — (10.0) — Homeowners 4.6 (0.6) 1.8 Personal Automobile 15.3 0.5 (0.2) E&S Casualty Lines (5.0) (5.0) (7.0) E&S Property Lines (1.6) (2.5) (0.8) Other (0.1) 0.1 — Total $ 10.0 (78.9) (82.9) |
Schedule of Exposure to Various Asbestos and Environmental Claims | 2023 ($ in millions) Gross Net Asbestos $ 4.9 3.5 Landfill sites 11.4 7.5 Underground storage tanks 10.1 8.1 Total $ 26.4 19.1 |
Schedule of Roll Forward of Gross and Net Asbestos and Environmental Incurred Losses and Loss Expenses and Related Reserves | 2023 2022 2021 ($ in thousands) Gross Net Gross Net Gross Net Asbestos Reserves for loss and loss expense at beginning of year $ 5,891 4,660 6,115 4,884 6,254 5,023 Incurred loss and loss expense 603 515 8 8 51 51 Less: loss and loss expense paid (1,638) (1,638) (232) (232) (190) (190) Reserves for loss and loss expense at the end of year $ 4,856 3,537 5,891 4,660 6,115 4,884 Environmental Reserves for loss and loss expense at beginning of year $ 21,877 15,669 21,658 16,191 22,276 16,398 Incurred loss and loss expense 461 233 696 (213) (613) (14) Less: loss and loss expense paid (785) (296) (477) (309) (5) (193) Reserves for loss and loss expense at the end of year $ 21,553 15,606 21,877 15,669 21,658 16,191 Total Asbestos and Environmental Claims Reserves for loss and loss expense at beginning of year $ 27,768 20,329 27,773 21,075 28,530 21,421 Incurred loss and loss expense 1,064 748 704 (205) (562) 37 Less: loss and loss expense paid (2,423) (1,934) (709) (541) (195) (383) Reserves for loss and loss expense at the end of year $ 26,409 19,143 27,768 20,329 27,773 21,075 |
Schedule of Short-duration Insurance Contracts, Claims Development | All Lines (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 1,107,513 1,133,798 1,146,990 1,124,014 1,104,218 1,100,208 1,089,529 1,094,367 1,090,345 1,087,700 33,872 95,785 2015 1,114,081 1,130,513 1,144,830 1,138,313 1,119,441 1,108,860 1,103,592 1,103,543 1,105,039 38,133 95,468 2016 1,188,608 1,203,634 1,227,142 1,199,734 1,180,829 1,171,273 1,167,539 1,163,467 47,702 96,324 2017 1,270,110 1,313,372 1,313,585 1,288,526 1,268,941 1,273,039 1,287,882 63,595 100,292 2018 1,413,800 1,461,603 1,457,415 1,441,303 1,425,540 1,424,953 98,900 107,541 2019 1,483,945 1,523,041 1,526,566 1,529,859 1,523,313 169,855 104,668 2020 1,591,972 1,587,607 1,550,195 1,531,446 243,526 95,537 2021 1,784,661 1,781,054 1,774,984 438,488 99,553 2022 2,073,343 2,096,742 690,322 105,549 2023 2,337,320 1,169,504 101,414 Total 15,332,846 All Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 405,898 614,075 736,154 855,959 936,425 981,868 1,002,157 1,020,961 1,032,400 1,040,893 2015 376,641 581,203 725,385 845,868 929,222 967,857 1,000,509 1,018,023 1,032,064 2016 387,272 617,958 764,331 892,390 983,852 1,025,264 1,061,952 1,088,453 2017 433,440 678,453 829,134 954,792 1,050,258 1,116,336 1,180,346 2018 511,271 779,466 942,893 1,083,556 1,187,744 1,252,623 2019 510,091 781,462 949,996 1,109,628 1,247,100 2020 572,302 831,976 988,463 1,152,227 2021 609,889 934,965 1,134,930 2022 699,789 1,155,527 2023 843,967 Total 11,128,130 All outstanding liabilities before 2014, net of reinsurance 361,321 Liabilities for loss and loss expenses, net of reinsurance 4,566,037 General Liability (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 244,312 249,946 257,132 239,333 234,082 237,125 229,679 230,247 228,933 226,407 13,296 10,725 2015 254,720 245,710 246,990 233,249 219,204 214,176 211,768 210,137 213,653 16,595 10,596 2016 277,214 272,048 277,986 263,245 252,733 246,643 243,669 244,782 22,161 10,900 2017 293,747 293,128 301,384 289,883 278,607 283,379 293,448 33,861 11,426 2018 317,934 336,326 345,224 332,013 324,567 329,102 57,847 11,924 2019 347,150 356,363 358,301 366,184 362,139 98,841 11,767 2020 361,554 360,302 352,834 361,163 142,886 10,050 2021 422,748 414,279 414,204 209,078 10,916 2022 482,590 482,279 308,245 11,275 2023 541,559 453,175 9,213 Total 3,468,736 General Liability (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 14,901 46,825 79,972 121,969 154,957 179,192 187,352 198,772 204,212 208,521 2015 14,665 39,978 78,668 116,804 144,216 157,071 173,697 179,117 186,336 2016 15,684 46,549 89,431 133,757 164,136 181,770 199,032 211,725 2017 17,366 49,470 92,355 131,980 167,002 201,948 241,879 2018 19,531 60,784 108,421 155,538 197,286 236,812 2019 18,097 58,284 100,206 160,680 213,020 2020 21,858 58,699 100,356 159,209 2021 28,069 71,664 131,157 2022 31,502 93,422 2023 30,743 Total 1,712,824 All outstanding liabilities before 2014, net of reinsurance 119,032 Liabilities for loss and loss expenses, net of reinsurance 1,874,944 Workers Compensation (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 199,346 187,065 182,579 172,515 164,420 160,646 159,604 161,021 158,479 156,750 15,581 10,495 2015 193,729 194,639 183,604 179,642 176,242 172,572 170,577 169,008 166,042 15,698 10,554 2016 196,774 184,946 176,248 166,009 156,540 155,210 151,961 147,732 17,164 10,587 2017 195,202 184,306 175,853 162,672 154,159 151,221 148,949 16,019 10,814 2018 193,894 193,818 181,151 173,428 167,974 163,884 20,739 11,136 2019 188,625 188,596 174,912 164,940 159,225 22,629 10,330 2020 168,643 168,594 159,229 143,384 21,785 7,551 2021 185,198 185,151 173,784 52,182 8,580 2022 207,206 207,156 70,491 8,963 2023 204,240 106,226 8,331 Total 1,671,146 Workers Compensation (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 35,924 78,944 100,876 113,626 119,392 124,077 127,858 130,726 132,809 134,338 2015 33,857 77,320 98,195 112,601 120,097 124,046 129,019 132,235 133,272 2016 34,525 78,531 98,037 109,166 115,159 119,800 122,186 123,232 2017 40,375 82,216 100,645 110,645 116,426 120,468 123,573 2018 41,122 84,780 105,903 119,904 126,206 129,869 2019 37,826 77,878 100,812 112,649 119,875 2020 29,559 68,277 87,211 102,142 2021 32,918 76,015 96,674 2022 45,814 99,894 2023 49,253 Total 1,112,122 All outstanding liabilities before 2014, net of reinsurance 208,760 Liabilities for loss and loss expenses, net of reinsurance 767,784 Commercial Automobile (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 200,534 212,725 216,824 219,925 218,172 217,334 216,461 214,992 214,816 215,073 276 28,447 2015 220,994 240,958 253,074 259,495 260,565 261,386 262,054 262,766 263,115 470 30,332 2016 255,187 274,367 285,302 285,304 290,359 291,674 294,297 294,878 1,457 32,324 2017 301,274 329,389 324,291 322,197 326,461 325,654 326,832 2,984 33,627 2018 347,908 352,487 345,547 350,310 348,202 346,213 5,190 36,286 2019 385,212 398,346 404,854 407,051 410,432 16,701 36,653 2020 381,654 381,163 375,636 374,293 37,371 30,533 2021 483,831 512,673 510,825 92,709 37,184 2022 572,421 581,223 170,627 39,879 2023 633,529 308,059 36,860 Total 3,956,413 Commercial Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 80,810 117,169 148,884 180,701 202,821 209,655 212,481 213,689 213,847 214,564 2015 91,347 132,260 175,866 211,515 238,142 249,905 255,600 257,668 260,328 2016 106,022 155,720 200,701 233,939 264,858 277,242 284,870 288,512 2017 117,287 178,823 220,422 262,349 296,600 309,810 318,047 2018 134,867 193,788 243,713 291,725 319,819 330,584 2019 149,538 221,590 283,410 331,152 376,550 2020 139,016 198,034 254,365 306,355 2021 187,200 283,411 352,383 2022 216,180 336,516 2023 237,931 Total 3,021,770 All outstanding liabilities before 2014, net of reinsurance 5,001 Liabilities for loss and loss expenses, net of reinsurance 939,644 Businessowners' Policies (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 55,962 60,949 62,548 59,806 58,517 58,093 57,302 57,483 57,355 57,649 (21) 4,067 2015 52,871 53,768 57,245 55,925 54,454 52,325 52,200 52,514 51,457 24 3,971 2016 52,335 53,792 54,993 53,835 53,367 53,147 53,201 52,930 280 3,857 2017 46,624 48,698 51,524 48,067 43,606 42,374 42,408 416 3,897 2018 55,024 57,202 62,427 60,393 56,625 55,586 1,169 4,264 2019 53,531 59,466 64,667 65,762 64,721 3,129 3,650 2020 71,836 73,680 73,077 73,320 2,777 5,443 2021 66,312 63,648 72,231 11,352 3,520 2022 86,194 89,025 16,496 3,750 2023 80,943 23,721 3,129 Total 640,270 Businessowners' Policies (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 28,914 40,584 44,911 49,460 52,940 55,458 55,708 55,729 56,861 57,670 2015 24,189 36,014 42,710 46,571 49,073 49,839 50,005 51,120 51,308 2016 24,655 36,848 39,973 45,308 48,786 50,536 52,070 52,427 2017 21,865 31,337 36,950 40,359 39,940 40,845 41,217 2018 29,995 39,791 44,316 48,144 51,239 52,496 2019 27,718 41,587 46,113 52,887 60,076 2020 43,376 57,210 60,596 66,478 2021 34,412 47,436 54,651 2022 36,421 66,581 2023 45,021 Total 547,925 All outstanding liabilities before 2014, net of reinsurance 9,256 Liabilities for loss and loss expenses, net of reinsurance 101,601 Commercial Property (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 141,192 136,249 136,820 138,751 138,155 136,212 136,237 136,151 136,112 136,370 8 6,517 2015 110,270 109,513 111,750 111,566 112,496 112,582 112,937 112,915 112,974 8 6,407 2016 121,927 126,185 125,937 124,487 123,567 123,005 123,126 123,067 16 6,743 2017 138,773 149,106 149,044 153,664 154,119 154,942 155,408 22 6,907 2018 183,177 190,834 192,558 194,016 196,413 196,527 40 8,294 2019 173,826 177,075 179,574 180,605 180,832 88 7,315 2020 232,060 225,278 226,107 226,915 1,345 10,155 2021 246,319 239,822 237,831 859 7,983 2022 297,318 296,974 4,467 8,828 2023 341,585 53,704 7,129 Total 2,008,483 Commercial Property (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 101,131 132,909 136,634 137,883 137,418 136,008 135,928 136,141 136,107 136,362 2015 79,048 106,182 109,829 110,994 110,969 112,117 112,410 112,391 112,568 2016 83,966 118,789 122,930 123,828 123,601 122,909 123,265 123,203 2017 99,047 142,338 148,589 152,018 153,750 154,689 155,236 2018 135,416 184,813 192,698 193,487 196,376 196,605 2019 130,891 172,768 177,825 179,538 180,179 2020 164,613 215,107 220,953 223,902 2021 161,757 227,259 235,217 2022 186,677 285,250 2023 226,872 Total 1,875,394 All outstanding liabilities before 2014, net of reinsurance 323 Liabilities for loss and loss expenses, net of reinsurance 133,412 Personal Automobile (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 102,250 109,325 106,757 107,452 106,821 107,104 107,106 107,566 107,543 107,390 8 22,510 2015 96,387 99,698 100,214 99,570 98,718 98,588 98,596 98,669 98,939 53 20,866 2016 92,727 98,032 100,202 101,140 99,544 99,858 100,395 100,458 113 19,827 2017 101,880 105,139 103,653 103,260 103,557 105,079 105,243 435 20,751 2018 111,594 113,569 112,030 112,418 113,647 113,037 781 22,685 2019 114,043 115,688 115,993 118,669 119,632 1,871 22,872 2020 95,625 94,532 90,179 89,027 2,537 17,548 2021 108,244 102,777 105,088 5,963 19,730 2022 121,030 133,623 16,991 21,262 2023 172,104 45,030 25,893 Total 1,144,541 Personal Automobile (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 62,519 83,739 92,589 99,173 104,055 105,709 106,478 107,108 107,325 107,381 2015 58,725 76,470 87,163 92,102 95,997 97,275 97,761 97,920 98,483 2016 57,961 76,823 86,752 94,372 98,080 98,977 99,656 100,315 2017 62,854 82,730 91,479 97,628 100,521 103,556 104,114 2018 69,721 89,628 99,982 107,026 109,644 110,894 2019 69,699 92,162 102,930 109,844 115,919 2020 53,407 68,691 76,710 83,137 2021 65,325 84,743 94,480 2022 75,994 107,778 2023 102,642 Total 1,025,143 All outstanding liabilities before 2014, net of reinsurance 6,542 Liabilities for loss and loss expenses, net of reinsurance 125,940 Homeowners (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 80,111 82,461 83,637 83,844 83,539 83,824 83,525 83,830 83,819 83,796 37 8,776 2015 76,637 76,400 76,559 74,723 74,978 74,673 74,682 74,237 74,265 44 7,754 2016 60,105 60,931 62,391 61,723 61,735 60,855 60,841 60,453 45 6,896 2017 59,167 67,978 70,365 70,064 68,938 68,902 68,919 463 7,391 2018 62,961 68,526 69,832 68,931 68,416 68,581 757 7,609 2019 64,306 72,772 73,816 73,070 72,856 1,061 7,010 2020 109,033 112,523 113,804 112,590 1,345 9,835 2021 82,425 83,295 84,189 3,612 6,919 2022 93,826 100,389 5,017 6,869 2023 137,029 24,058 7,051 Total 863,067 Homeowners (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 61,561 76,007 79,751 81,664 82,583 82,836 82,831 83,321 83,782 83,782 2015 52,589 70,078 72,202 72,927 74,079 74,052 74,096 74,108 74,108 2016 42,252 57,333 59,546 60,082 61,187 60,449 60,474 60,480 2017 45,466 63,290 67,193 67,767 68,078 68,282 68,454 2018 49,430 64,137 65,348 66,634 67,739 67,726 2019 49,680 67,631 69,911 70,880 71,603 2020 83,838 105,690 109,145 110,578 2021 59,054 77,018 79,399 2022 68,832 91,788 2023 101,952 Total 809,870 All outstanding liabilities before 2014, net of reinsurance 5,137 Liabilities for loss and loss expenses, net of reinsurance 58,334 E&S Casualty Lines (in thousands, except for claim counts) As of Incurred Loss and Allocated Loss Expenses, Net of Reinsurance Accident Year Unaudited IBNR Cumulative Number of Reported Claims 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 55,316 63,505 69,929 71,719 71,206 71,153 70,846 74,270 74,538 75,436 4,631 1,888 2015 75,498 76,432 82,404 90,488 90,355 90,126 87,662 90,263 91,424 5,159 2,899 2016 94,451 96,416 104,655 105,120 104,730 102,476 101,873 101,105 6,299 3,015 2017 91,438 95,783 99,866 99,395 99,960 102,045 106,663 9,143 2,866 2018 98,324 103,004 103,184 104,983 105,756 106,490 12,001 2,843 2019 117,087 118,298 117,736 117,113 114,802 23,476 2,752 2020 103,872 103,137 95,832 91,077 30,090 1,891 2021 128,099 125,436 120,191 60,356 1,991 2022 146,999 145,918 96,255 1,944 2023 157,260 137,488 1,242 Total 1,110,366 E&S Casualty Lines (in thousands) Cumulative Paid Loss and Allocated Loss Expenses, Net of Reinsurance Accident Unaudited 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 2,353 12,234 25,571 43,877 53,780 60,092 64,698 66,661 68,648 69,498 2015 3,036 13,057 29,389 50,712 64,529 71,421 75,844 81,396 83,587 2016 3,720 16,195 33,950 56,581 69,448 75,004 81,932 90,665 2017 5,057 14,672 34,179 53,238 68,266 77,090 88,294 2018 5,509 21,337 39,174 57,962 73,605 82,549 2019 4,422 17,812 35,844 57,701 73,779 2020 3,695 13,064 27,861 46,349 2021 4,326 15,835 37,213 2022 4,198 21,618 2023 4,887 Total 598,439 All outstanding liabilities before 2014, net of reinsurance 6,061 Liabilities for loss and loss expenses, net of reinsurance 517,988 |
Schedule of Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | (in thousands) December 31, 2023 Net outstanding liabilities: Standard Commercial Lines General liability $ 1,874,944 Workers compensation 767,784 Commercial automobile 939,644 Businessowners' policies 101,601 Commercial property 133,412 Other Standard Commercial Lines 18,637 Total Standard Commercial Lines net outstanding liabilities 3,836,022 Standard Personal Lines Personal automobile 125,940 Homeowners 58,334 Other Standard Personal Lines 14,178 Total Standard Personal Lines net outstanding liabilities 198,452 E&S Lines Casualty lines 517,988 Property lines 13,575 Total E&S Lines net outstanding liabilities 531,563 Total liabilities for unpaid loss and loss expenses, net of reinsurance 4,566,037 Reinsurance recoverable on unpaid claims: Standard Commercial Lines General liability 255,493 Workers compensation 203,982 Commercial automobile 15,683 Businessowners' policies 5,252 Commercial property 39,152 Other Standard Commercial Lines 10,241 Total Standard Commercial Lines reinsurance recoverable on unpaid loss 529,803 Standard Personal Lines Personal automobile 38,273 Homeowners 1,647 Other Standard Personal Lines 32,736 Total Standard Personal Lines reinsurance recoverable on unpaid loss 72,656 E&S Lines Casualty lines 15,686 Property lines 456 Total E&S Lines reinsurance recoverable on unpaid loss 16,142 Total reinsurance recoverable on unpaid loss 618,601 Unallocated loss expenses 152,273 Total gross liability for unpaid loss and loss expenses $ 5,336,911 |
Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 General liability 6.2% 11.9 14.4 16.6 14.0 10.4 8.4 4.1 2.7 3.4 Workers compensation 22.8 26.7 13.2 9.2 4.2 2.9 2.2 0.9 0.3 3.2 Commercial automobile 36.8 17.5 14.2 13.0 10.0 3.8 2.1 0.9 0.8 0.6 Businessowners’ policies 49.5 21.4 8.2 8.9 5.1 2.8 1.5 0.7 0.4 0.2 Commercial property 68.8 26.3 3.1 1.0 0.5 0.1 0.1 0.1 0.1 0.1 Personal automobile 59.4 19.0 8.9 5.9 3.7 1.5 0.7 0.5 0.2 0.1 Homeowners 70.7 22.0 3.6 1.6 1.2 0.3 0.2 0.1 0.1 0.1 E&S Lines - casualty 3.8 11.6 17.3 20.9 14.4 8.4 6.8 5.9 2.2 0.9 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Outstanding Debt 2023 Carry Value Issuance Date Maturity Date Interest Rate Original Amount Unamortized Issuance Costs Debt Discount December 31, 2023 December 31, 2022 ($ in thousands) Description Long term (1) Senior Notes 3/1/2019 3/1/2049 5.375 % 300,000 $ 2,363 5,478 292,159 291,881 (2) FHLBI 12/16/2016 12/16/2026 3.03 % 60,000 — — 60,000 60,000 (3) Senior Notes 11/3/2005 11/1/2035 6.70 % 100,000 227 434 99,339 99,286 (4) Senior Notes 11/16/2004 11/15/2034 7.25 % 50,000 114 74 49,812 49,791 Finance lease obligations 2,636 3,718 Total long-term debt $ 2,704 5,986 503,946 504,676 |
Line of Credit Covenant Requirements | Required as of Actual as of December 31, 2023 December 31, 2023 Consolidated net worth 1 Not less than $2.2 billion $3.3 billion Debt to total capitalization ratio 1 Not to exceed 35% 13.2% 1 Calculated in accordance with the Line of Credit. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from Continuing Operations By Segment | Revenue by Segment Years ended December 31, ($ in thousands) 2023 2022 2021 Standard Commercial Lines: Net premiums earned: General liability $ 1,020,362 902,428 807,158 Commercial automobile 916,140 812,306 724,398 Commercial property 586,267 495,647 436,412 Workers compensation 333,669 335,955 306,428 Businessowners’ policies 140,547 124,474 110,622 Bonds 46,215 43,354 35,762 Other 28,584 25,655 23,105 Miscellaneous income 17,168 9,519 16,056 Total Standard Commercial Lines revenue 3,088,952 2,749,338 2,459,941 Standard Personal Lines: Net premiums earned: Personal automobile 200,027 162,899 163,007 Homeowners 154,828 128,222 122,526 Other 10,358 8,284 8,026 Miscellaneous income 2,201 1,816 1,667 Total Standard Personal Lines revenue 367,414 301,221 295,226 E&S Lines: Net premiums earned: Casualty lines 261,144 233,086 197,779 Property lines 129,465 101,070 82,030 Miscellaneous income 33 — — Total E&S Lines revenue 390,642 334,156 279,809 Investments: Net investment income 388,650 288,155 326,589 Net realized and unrealized investment gains (losses) (3,552) (114,808) 17,599 Total Investments revenues 385,098 173,347 344,188 Total revenues $ 4,232,106 3,558,062 3,379,164 |
Schedule of Income from Continuing Operations before and after Federal Income Tax | Income Before and After Federal Income Tax Years ended December 31, ($ in thousands) 2023 2022 2021 Standard Commercial Lines: Underwriting income (loss), before federal income tax $ 157,306 143,696 198,596 Underwriting income (loss), after federal income tax 124,272 113,520 156,891 Combined ratio 94.9 % 94.8 % 91.9 % ROE contribution 5.0 % 4.6 5.9 Standard Personal Lines: Underwriting income (loss), before federal income tax (79,263) (7,193) 3,966 Underwriting income (loss), after federal income tax (62,618) (5,682) 3,133 Combined ratio 121.7 % 102.4 % 98.6 % ROE contribution (2.5) % (0.2) 0.1 E&S Lines: Underwriting income (loss), before federal income tax 54,756 30,299 16,030 Underwriting income (loss), after federal income tax 43,257 23,936 12,664 Combined ratio 86.0 % 90.9 % 94.3 % ROE contribution 1.7 % 1.0 % 0.5 Investments: Net investment income earned $ 388,650 288,155 326,589 Net realized and unrealized investment gains (losses) (3,552) (114,808) 17,599 Total investment segment income, before federal income tax 385,098 173,347 344,188 Tax on investment segment income 78,369 31,846 67,284 Total investment segment income, after federal income tax $ 306,729 141,501 276,904 ROE contribution of after-tax net investment income earned 12.4 % 9.4 9.9 |
Schedule of Reconciliation of Segment Results to Income From Continuing Operations, Before Federal Income Tax | Reconciliation of Segment Results to Income Before Federal Income Tax Years ended December 31, ($ in thousands) 2023 2022 2021 Underwriting income (loss) Standard Commercial Lines $ 157,306 143,696 198,596 Standard Personal Lines (79,263) (7,193) 3,966 E&S Lines 54,756 30,299 16,030 Investment income 385,098 173,347 344,188 Total all segments $ 517,897 340,149 562,780 Interest expense (28,799) (28,847) (29,165) Corporate expenses (30,686) (31,116) (28,305) Income, before federal income tax $ 458,412 280,186 505,310 Preferred stock dividends (9,200) (9,200) (9,353) Income available to common stockholders, before federal income tax $ 449,212 $ 270,986 $ 495,957 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Earnings Per Share | ($ in thousands, except per share amounts) 2023 2022 2021 Net income available to common stockholders: $ 356,038 215,686 394,484 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 60,631 60,407 60,183 Effect of dilutive securities - stock compensation plans 338 468 484 Weighted average common shares outstanding - diluted 60,969 60,875 60,667 EPS: Basic $ 5.87 3.57 6.55 Diluted 5.84 3.54 6.50 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Federal Income Tax on Income at the Corporate Rate to the Effective Tax Rate | ($ in thousands) 2023 2022 2021 Tax at statutory rate $ 96,267 58,839 106,115 Tax-advantaged interest (2,229) (4,087) (4,514) Dividends received deduction (273) (469) (558) Executive compensation 1,989 1,848 2,469 Stock-based compensation (1,804) (893) (693) Other (776) 62 (1,346) Federal income tax expense 93,174 55,300 101,473 Income before federal income tax, less preferred stock dividends 449,212 270,986 495,957 Effective tax rate 20.7 % 20.4 % 20.5 % |
Schedule of Deferred Tax Assets and Liabilities | ($ in thousands) 2023 2022 Deferred tax assets: Net loss reserve discounting $ 73,175 65,907 Net unearned premiums 89,413 76,513 Employee benefits 13,777 7,064 Long-term incentive compensation 6,736 6,384 Unrealized losses on fixed income securities 74,183 110,857 Temporary investment write-downs 7,560 12,480 Other 8,080 9,824 Total deferred tax assets 272,924 289,029 Deferred tax liabilities: Deferred policy acquisition costs 89,221 77,411 Other investment-related items, net 33,309 26,713 Accelerated depreciation and amortization 10,157 12,172 Total deferred tax liabilities 132,687 116,296 Net deferred federal income tax assets (liabilities) $ 140,237 172,733 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Funded Status Of Retirement Income Plan And Retirement Life Plan | December 31, Pension Plan ($ in thousands) 2023 2022 Change in Benefit Obligation: Benefit obligation, beginning of year $ 311,945 407,758 Interest cost 15,465 9,944 Actuarial gains 12,890 (91,653) Benefits paid (14,824) (14,104) Benefit obligation, end of year $ 325,476 311,945 Change in Fair Value of Assets: Fair value of assets, beginning of year $ 342,974 450,305 Actual return on plan assets, net of expenses 16,982 (93,227) Benefits paid (14,824) (14,104) Fair value of assets, end of year $ 345,132 342,974 Funded status $ 19,656 31,029 |
Schedule of Amounts Recognized in Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheet: Net pension assets, end of year $ 19,656 31,029 |
Schedule of Amounts recognized in Accumulated Other than Comprehensive Income | Amounts Recognized in AOCI: Net actuarial loss $ 116,558 100,561 |
Schedule of Other Information as of December 31 | Other Information as of December 31: Accumulated benefit obligation $ 325,476 311,945 |
Schedule of Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income | Pension Plan ($ in thousands) 2023 2022 2021 Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income: Net Periodic Benefit Cost (Benefit): Interest cost $ 15,465 9,944 8,593 Expected return on plan assets (23,091) (22,147) (22,976) Amortization of unrecognized actuarial loss 3,001 1,465 2,501 Total net periodic pension cost (benefit) 1 $ (4,625) (10,738) (11,882) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net actuarial loss (gain) $ 18,998 23,722 (20,609) Reversal of amortization of net actuarial loss (3,001) (1,465) (2,501) Total recognized in other comprehensive income $ 15,997 22,257 (23,110) Total recognized in net periodic benefit cost and other comprehensive income $ 11,372 11,519 (34,992) 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 and Liability Assumptions | Weighted-Average Liability Assumptions as of December 31: Discount rate 5.02 % 5.21 Pension Plan 2023 2022 2021 Weighted-Average Expense Assumptions for the years ended December 31: Discount rate 5.21 % 2.98 % 2.68 % Interest rate 5.09 % 2.48 % 2.06 % Expected return on plan assets 6.90 5.00 5.40 |
Schedule of Allocation of Plan Assets | 2023 2022 Target Percentage Actual Percentage Actual Percentage Minimum Maximum Return seeking assets 1 28 % 58 % 52 % 71 % Liability hedging assets 42 % 72 % 45 % 27 % Short-term investments - - 3 % 2 % Total 100 % 100 % |
Schedule of Quantitative Disclosures of our Pension Assets that were Measured at Fair Value | December 31, 2023 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Description Measured on a recurring basis: AFS fixed income securities: U.S. government and government agencies $ 205,035 34,056 170,979 — Foreign government 9,803 — 9,803 — Obligations of states and political subdivisions 585,965 — 578,131 7,834 Corporate securities 2,711,239 — 2,413,907 297,332 CLO and other ABS 1,834,827 — 1,589,514 245,313 RMBS 1,477,483 — 1,477,483 — CMBS 674,845 — 674,489 356 Total AFS fixed income securities 7,499,197 34,056 6,914,306 550,835 Equity securities: Common stock 1 185,339 20,582 — 854 Preferred stock 1,816 1,816 — — Total equity securities 187,155 22,398 — 854 Short-term investments 309,317 308,512 805 — Total assets measured at fair value $ 7,995,669 364,966 6,915,111 551,689 December 31, 2022 Fair Value Measurements Using ($ in thousands) Assets Measured at Fair Value Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs 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 $163.9 million at December 31, 2023 and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Schedule of Expected Benefit Payments | Payments ($ in thousands) Pension Plan Benefits Expected to be Paid in Future Fiscal Years: 2024 $ 17,750 2025 17,854 2026 18,930 2027 19,922 2028 20,846 2029-2033 113,137 |
Retirement Income Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Quantitative Disclosures of our Pension Assets that were Measured at Fair Value | December 31, 2023 Fair Value Measurements at 12/31/23 Using ($ in thousands) Assets Measured at Fair Value At 12/31/2023 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 39,038 39,038 — — Diversified credit 42,630 42,630 — — Real assets 59,603 59,603 — — Liquid diversifiers 1 40,095 40,095 — — Total equities 181,366 181,366 — — Limited partnerships (at net asset value) 2 : Real assets 27 — — — Private equity 311 — — — Total limited partnerships 338 — — — Total return seeking assets 181,704 181,366 — — Liability hedging assets: Fixed income 79,632 79,632 — — U.S. Treasury overlay 75,198 75,198 — — Total liability hedging assets 154,830 154,830 — — Cash and short-term investments: Short-term investments 9,015 9,015 — — Deposit administration contracts 2,391 — 2,391 — Total cash and short-term investments 11,406 9,015 2,391 — Total invested assets $ 347,940 345,211 2,391 — December 31, 2022 Fair Value Measurements at 12/31/22 Using ($ in thousands) Assets Measured at Fair Value At 12/31/2022 Quoted Prices in Active Markets for Identical Assets/ Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Description Return seeking assets: Equities: Global equity $ 63,852 63,852 — — Diversified credit 58,761 58,761 — — Real assets 95,396 95,396 — — Liquid diversifiers 1 23,978 23,978 — — Total equities 241,987 241,987 — — Limited partnerships (at net asset value) 2 : Real assets 27 — — — Private equity 331 — — — Total limited partnerships 358 — — — Total return seeking assets 242,345 241,987 — — Liability hedging assets: Fixed income 35,378 35,378 — — U.S. Treasury overlay 56,255 56,255 — — Total liability hedging assets 91,633 91,633 — — Cash and short-term investments: Short-term investments 5,108 5,108 — — Deposit administration contracts 2,740 — 2,740 — Total cash and short-term investments 7,848 5,108 2,740 — Total invested assets $ 341,826 338,728 2,740 — 1 Liquid diversifiers are investments that unbundle return drivers from hedge funds, providing investors access to liquid, diversifying returns. 2 These investments 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. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets. |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule Of Share-Based Compensation Plan Approval | Plan Approvals Stock Plan Approved effective as of May 1, 2014 by stockholders on April 23, 2014. Cash Plan Approved effective April 1, 2005 by stockholders on April 27, 2005. ESPP Approved effective July 1, 2009 by stockholders on April 29, 2009. Agent Plan Approved by stockholders on April 26, 2006. Most recently amended and restated plan was approved effective November 1, 2020 by the Salary and Employee Benefits Committee (now known as the Compensation and Human Capital Committee) of the Parent's Board on October 26, 2020. |
Schedule of Types of Share-Based Payments Issued | Plan Types of Share-Based Payments Issued Stock Plan Qualified and nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), stock grants, and other awards valued in whole or in part by reference to the Parent's common stock. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. Dividend equivalent units ("DEUs") are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. The requisite service period for grants to employees under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. Cash Plan Cash incentive units (“CIUs”). The initial dollar value of each CIU will be adjusted to reflect the percentage increase or decrease in the total shareholder return on the Parent's common stock over a specified performance period. In addition, for certain grants, the number of CIUs granted will be increased or decreased to reflect our performance on specified performance indicators compared to targeted peer companies. The requisite service period for grants under this plan is the lesser of: (i) the stated vested date, which is typically three years from issuance; or (ii) the date the employee becomes eligible to retire. ESPP Enables employees to purchase shares of the Parent’s common stock. The purchase price is the lower of: (i) 85% of the closing market price at the time the option is granted; or (ii) 85% of the closing price at the time the option is exercised. Shares are generally issued on June 30 and December 31 of each year. Agent Plan Quarterly offerings to purchase the Parent's common stock at a 10% discount with a one-year restricted period during which the shares purchased cannot be sold or transferred. Only our independent retail insurance agencies and wholesale general agencies, and certain eligible persons associated with the agencies, are eligible to participate in this plan. |
Schedule of Share-Based Compensation Shares Authorized and Available for Issuance | Authorized Available for Issuance Awards Outstanding Stock Plan 4,750,000 2,318,832 572,249 ESPP 5,500,000 1,049,788 — Agent Plan 3,000,000 1,508,712 — |
Schedule of Share-Based Compensation Retired Plans | Plan Types of Share-Based Payments Issued Reserve Shares Awards Outstanding 1 2005 Omnibus Stock Plan ("2005 Stock Plan") Qualified and nonqualified stock options, SARs, restricted stock, RSUs, phantom stock, stock bonuses, and other awards in such amounts and with such terms and conditions as it determined, subject to the provisions of the 2005 Stock Plan. The maximum exercise period for an option grant under this plan is 10 years from the date of the grant. DEUs are earned during the vesting period on RSU grants. The DEUs are reinvested in the Parent's common stock at fair value on each dividend payment date. 1,951,538 26,138 Parent's Stock Compensation Plan for Non-employee Directors Directors could elect to receive a portion of their annual compensation in shares of the Parent's common stock. 37,412 37,412 1 Awards outstanding under the 2005 Stock Plan represent shares deferred by our non-employee directors. |
Schedule of Summary of Restricted Stock Units Transactions under Share-Based Payment Plans | Number Weighted Average Unvested RSU awards at December 31, 2022 637,062 $ 68.84 Granted 2023 191,867 99.55 Vested 2023 (230,383) 68.54 Forfeited 2023 (47,325) 76.19 Unvested RSU awards at December 31, 2023 551,221 $ 79.23 |
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted | 2023 2022 2021 ESPP Issuances 67,075 67,986 72,239 Agent Plan Issuances 42,786 56,736 50,999 |
Schedule of Weighted Average Assumptions for Employee Stock Purchase Plan | ESPP 2023 2022 2021 Risk-free interest rate 5.14 % 1.42 0.07 Expected term 6 months 6 months 6 months Dividend yield 1.3 % 1.3 1.4 Expected volatility 26 % 21 28 |
Schedule of Weighted-Average Fair Value of Options and Stock Per Share | 2023 2022 2021 RSUs $ 99.55 76.09 64.03 ESPP: Six month option 6.67 4.43 4.69 Discount of grant date market value 13.91 12.61 10.98 Total ESPP 20.58 17.04 15.67 Agent Plan: Discount of grant date market value 9.99 8.28 7.57 |
Schedule of Compensation Cost for Share-based Payment Arrangements | ($ in millions) 2023 2022 2021 Share-based compensation expense, pre-tax $ 23.0 23.6 22.3 Income tax benefit, including the benefit related to stock grants that vested during the year (6.4) (5.6) (5.1) Share-based compensation expense, after-tax $ 16.6 18.0 17.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Expense | ($ in thousands) 2023 2022 Operating lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 7,409 8,148 Finance lease cost: Amortization of assets, included in Other insurance expenses on the Consolidated Statements of Income 2,692 2,440 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Income 66 46 Total finance lease cost 2,758 2,486 Variable lease cost, included in Other insurance expenses on the Consolidated Statements of Income 996 1,384 Short-term lease cost, included in Other insurance expenses on the Consolidated Statements of Income $ 411 166 |
Supplemental Lease Information | December 31, 2023 December 31, 2022 Weighted-average remaining lease term Operating leases 7 8 years Finance leases 2 2 Weighted-average discount rate Operating leases 2.8 2.6 % Finance leases 3.5 1.2 |
Lease Assets and Liabilities | ($ in thousands) December 31, 2023 December 31, 2022 Operating leases Other assets $ 41,256 42,403 Other liabilities 43,675 44,505 Finance leases Property and equipment - at cost, net of accumulated depreciation and amortization 2,605 3,713 Long-term debt $ 2,636 3,718 |
Maturities of Lease Liabilities | ($ in thousands) Finance Leases Operating Leases Total Year ended December 31, 2024 $ 3,002 7,624 10,626 2025 2,859 7,749 10,608 2026 2,482 7,413 9,895 2027 702 7,109 7,811 2028 — 6,889 6,889 Thereafter — 18,605 18,605 Total lease payments 9,045 55,389 64,434 Less: imputed interest 112 4,221 4,333 Less: leases that have not yet commenced 6,297 7,493 13,790 Total lease liabilities $ 2,636 43,675 46,311 |
Commitments and Contingencies I
Commitments and Contingencies Investments Contractual Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments | ($ in millions) Amount of Obligation Alternative investments $ 254.3 Non-publicly traded CLOs in our fixed income securities portfolio 86.7 Non-publicly traded common stock within our equity portfolio 40.0 CMLs 0.8 Privately-placed corporate securities 32.0 Total $ 413.8 |
Statutory Financial Informati_2
Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Insurance Subsidiaries Statutory Surplus Data | State of Domicile Unassigned Surplus Statutory Surplus Statutory Net Income ($ in millions) 2023 2022 2023 2022 2023 2022 2021 SICA New Jersey $ 773.6 686.6 938.8 851.8 120.4 103.1 134.7 Selective Way Insurance Company ("SWIC") New Jersey 513.5 461.9 569.3 517.8 64.1 69.6 74.5 SICSC Indiana 201.3 164.1 235.6 198.4 26.0 17.0 24.2 SICSE Indiana 155.1 135.9 182.7 163.5 21.6 14.2 19.4 SICNY New York 152.4 137.4 180.1 165.1 16.4 13.2 18.6 Selective Insurance Company of New England ("SICNE") New Jersey 45.5 38.2 76.7 69.3 8.3 5.1 7.5 Selective Auto Insurance Company of New Jersey ("SAICNJ") New Jersey 119.3 102.2 164.2 147.1 16.2 12.7 16.7 Mesa Underwriters Specialty Insurance Company ("MUSIC") New Jersey 64.3 52.8 133.7 122.3 14.4 9.7 13.9 Selective Casualty Insurance Company ("SCIC") New Jersey 107.8 91.4 184.3 167.9 24.0 14.0 20.6 Selective Fire and Casualty Insurance Company ("SFCIC") New Jersey 43.9 37.6 76.9 70.5 7.4 5.8 8.2 Total $ 2,176.7 1,908.1 2,742.3 2,473.7 318.8 264.4 338.3 |
Schedule of Insurance Subsidiaries Dividend Paid To Parent | Dividends Twelve Months ended December 31, 2023 2024 ($ in millions) State of Domicile Ordinary Dividends Paid Maximum Ordinary Dividends SICA New Jersey $ 41.5 $ 117.7 SWIC New Jersey 16.3 62.4 SICSC Indiana 3.8 26.0 SICSE Indiana 4.4 21.6 SICNY New York 2.0 18.0 SICNE New Jersey 1.0 8.1 SAICNJ New Jersey 0.8 16.4 MUSIC New Jersey 3.5 14.3 SCIC New Jersey 5.2 24.0 SFCIC New Jersey 1.5 7.7 Total $ 80.0 $ 316.2 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation expense | $ 24.7 | $ 24.6 | $ 24.3 | |||
Investment yields before tax assumed in premium deficiency assessment | 4.80% | 3.50% | 4.30% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Property and Equipment) (Details) | Dec. 31, 2023 |
Computer hardware [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Internally developed software [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and fixtures [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Computer software [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Software licenses [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum [Member] | Building and improvements [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Computer software [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Software licenses [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Maximum [Member] | Building and improvements [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Statements of Cash Flow (Cash F
Statements of Cash Flow (Cash Flow Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Interest | $ 28,359 | $ 26,639 | $ 28,930 | |
Federal income tax | 79,702 | 75,000 | 100,000 | |
Operating cash flows from operating leases | 7,409 | 8,148 | 7,935 | |
Operating cash flows from financing leases | 66 | 46 | 35 | |
Financing cash flows from financing leases | 2,666 | 2,438 | 1,768 | |
Conversion of alternative investments to equity securities | [1] | 50,253 | 0 | 0 |
Assets acquired under finance lease arrangements | 1,584 | 707 | 6,709 | |
Assets acquired under operating lease arrangements | 5,885 | 16,649 | 3,272 | |
Non-cash purchase of property and equipment | 242 | 70 | 472 | |
Available-for-sale Securities [Member] | ||||
Corporate actions related to securities | 22,741 | 38,106 | 56,365 | |
Equity Securities [Member] | ||||
Corporate actions related to securities | [2] | 0 | 0 | 30,666 |
Conversion of AFS fixed income securities to equity securities | $ 0 | $ 1,463 | $ 15,139 | |
[1]This non-cash exchange represents our investment in a private fund that was initially classified as an alternative investment accounted for using the equity method. The fund was later reclassified as an equity security when the fund transitioned to an Investment Company Act of 1940 fund[2] Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock-splits. |
Statements of Cash Flow Stateme
Statements of Cash Flow Statements of Cash Flow (Cash and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash | $ 180 | $ 26 | ||
Restricted cash | 13,092 | 25,183 | ||
Total cash and restricted cash shown in the Statements of Cash Flows | $ 13,272 | $ 25,209 | $ 45,063 | $ 15,231 |
Investments (Unrealized Gains o
Investments (Unrealized Gains on Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net unrealized (losses) gains | $ (353,253) | $ (527,891) | $ 228,963 |
Deferred income tax | 74,184 | 110,857 | (48,082) |
Net unrealized (losses) gains, net of deferred income tax | (279,069) | (417,034) | 180,881 |
Increase (decrease) in net unrealized gains (losses) in OCI, net of deferred income tax | 137,965 | (597,915) | (124,370) |
Available-for-sale Securities [Member] | |||
Net unrealized (losses) gains | (353,288) | (527,926) | 228,947 |
Total HTM Securities [Member] | |||
Net unrealized (losses) gains | 0 | 0 | (4) |
Short-term Investments [Member] | |||
Net unrealized (losses) gains | $ 35 | $ 35 | $ 20 |
Investments (Available-For-Sale
Investments (Available-For-Sale Securities Disclosure) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | |||
Fixed income securities, available-for-sale, amortized cost | $ 7,880,697 | $ 7,185,754 | |
Fixed income securities, available-for-sale, allowance for credit loss | 28,212 | 45,721 | $ 9,724 |
Unrealized gains | 50,076 | 9,262 | |
Unrealized losses | 403,364 | 537,188 | |
Debt Securities, Available-for-sale, Fair Value | 7,499,197 | 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 | 223,157 | 209,528 | |
Fixed income securities, available-for-sale, allowance for credit loss | 0 | 0 | |
Unrealized gains | 139 | 37 | |
Unrealized losses | 18,261 | 20,326 | |
Debt Securities, Available-for-sale, Fair Value | 205,035 | 189,239 | |
Foreign Government [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed income securities, available-for-sale, amortized cost | 11,140 | 11,199 | |
Fixed income securities, available-for-sale, allowance for credit loss | 35 | 284 | 46 |
Unrealized gains | 0 | 0 | |
Unrealized losses | 1,302 | 1,307 | |
Debt Securities, Available-for-sale, Fair Value | 9,803 | 9,608 | |
Obligations of States and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed income securities, available-for-sale, amortized cost | 612,938 | 965,231 | |
Fixed income securities, available-for-sale, allowance for credit loss | 669 | 1,024 | 137 |
Unrealized gains | 2,623 | 1,812 | |
Unrealized losses | 28,927 | 48,001 | |
Debt Securities, Available-for-sale, Fair Value | 585,965 | 918,018 | |
Corporate Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed income securities, available-for-sale, amortized cost | 2,834,048 | 2,558,655 | |
Fixed income securities, available-for-sale, allowance for credit loss | 12,999 | 30,330 | 6,682 |
Unrealized gains | 28,078 | 3,509 | |
Unrealized losses | 137,888 | 196,809 | |
Debt Securities, Available-for-sale, Fair Value | 2,711,239 | 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 | 1,911,831 | 1,607,660 | |
Fixed income securities, available-for-sale, allowance for credit loss | 2,854 | 2,375 | 939 |
Unrealized gains | 11,855 | 2,408 | |
Unrealized losses | 86,005 | 121,720 | |
Debt Securities, Available-for-sale, Fair Value | 1,834,827 | 1,485,973 | |
Residential Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed income securities, available-for-sale, amortized cost | 1,568,960 | 1,169,546 | |
Fixed income securities, available-for-sale, allowance for credit loss | 11,649 | 11,597 | 1,909 |
Unrealized gains | 6,023 | 1,148 | |
Unrealized losses | 85,851 | 99,265 | |
Debt Securities, Available-for-sale, Fair Value | 1,477,483 | 1,059,832 | |
Commercial Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fixed income securities, available-for-sale, amortized cost | 718,623 | 663,935 | |
Fixed income securities, available-for-sale, allowance for credit loss | 6 | 111 | $ 11 |
Unrealized gains | 1,358 | 348 | |
Unrealized losses | 45,130 | 49,760 | |
Debt Securities, Available-for-sale, Fair Value | $ 674,845 | $ 614,412 |
Investments (Available-for-sa_2
Investments (Available-for-sale allowance for credit losses roll forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | $ 45,721 | $ 9,724 |
Current provision for securities without prior allowance | 4,142 | 34,561 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 8,318 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (17,040) | 4,608 |
Reduction for securities sold | (4,340) | (7,636) |
Reduction for securities identified as intent (or requirement) to sell during the period | (271) | (3,854) |
Allowance for credit losses, ending balance | 28,212 | 45,721 |
Foreign Government [Member] | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 284 | 46 |
Current provision for securities without prior allowance | 0 | 291 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (249) | 4 |
Reduction for securities sold | 0 | (57) |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Allowance for credit losses, ending balance | 35 | 284 |
Obligations of States and Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 1,024 | 137 |
Current provision for securities without prior allowance | 48 | 1,087 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (281) | (6) |
Reduction for securities sold | (122) | (194) |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Allowance for credit losses, ending balance | 669 | 1,024 |
Corporate Securities [Member] | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 30,330 | 6,682 |
Current provision for securities without prior allowance | 3,457 | 30,670 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (16,879) | 3,714 |
Reduction for securities sold | (3,638) | (6,902) |
Reduction for securities identified as intent (or requirement) to sell during the period | (271) | (3,834) |
Allowance for credit losses, ending balance | 12,999 | 30,330 |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 2,375 | 939 |
Current provision for securities without prior allowance | 619 | 2,158 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | (116) | (652) |
Reduction for securities sold | (24) | (50) |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | (20) |
Allowance for credit losses, ending balance | 2,854 | 2,375 |
Residential Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 11,597 | 1,909 |
Current provision for securities without prior allowance | 17 | 245 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 8,318 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 447 | 1,558 |
Reduction for securities sold | (412) | (433) |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Allowance for credit losses, ending balance | 11,649 | 11,597 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 111 | 11 |
Current provision for securities without prior allowance | 1 | 110 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 0 |
Increase or (Decrease) on securities with prior allowance, excluding intent (or Requirements) to sell securities | 38 | (10) |
Reduction for securities sold | (144) | 0 |
Reduction for securities identified as intent (or requirement) to sell during the period | 0 | 0 |
Allowance for credit losses, ending balance | $ 6 | $ 111 |
Investments (Accrued Investment
Investments (Accrued Investment Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Interest on Investments [Line Items] | ||
Accrued investment income | $ 66,339 | $ 59,167 |
Available-for-sale Securities [Member] | ||
Accrued Interest on Investments [Line Items] | ||
Accrued investment income | $ 64,600 | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Government and Government Agencies [Member] | ||
AFS Fair Value, Less than 12 Months | $ 77,698 | $ 166,975 |
AFS Unrealized Losses, Less than 12 months | 188 | 13,658 |
AFS Fair Value, 12 months or longer | 108,578 | 16,011 |
AFS Unrealized Losses, 12 months or longer | 18,073 | 6,668 |
AFS Fair Value | 186,276 | 182,986 |
AFS Unrealized Losses | 18,261 | 20,326 |
Foreign Government [Member] | ||
AFS Fair Value, Less than 12 Months | 1,552 | 5,573 |
AFS Unrealized Losses, Less than 12 months | 87 | 608 |
AFS Fair Value, 12 months or longer | 8,251 | 2,456 |
AFS Unrealized Losses, 12 months or longer | 1,215 | 699 |
AFS Fair Value | 9,803 | 8,029 |
AFS Unrealized Losses | 1,302 | 1,307 |
Obligations of States and Political Subdivisions [Member] | ||
AFS Fair Value, Less than 12 Months | 137,031 | 681,795 |
AFS Unrealized Losses, Less than 12 months | 962 | 43,767 |
AFS Fair Value, 12 months or longer | 290,964 | 16,618 |
AFS Unrealized Losses, 12 months or longer | 27,965 | 4,234 |
AFS Fair Value | 427,995 | 698,413 |
AFS Unrealized Losses | 28,927 | 48,001 |
Corporate Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 263,423 | 1,889,492 |
AFS Unrealized Losses, Less than 12 months | 6,369 | 164,197 |
AFS Fair Value, 12 months or longer | 1,439,422 | 133,223 |
AFS Unrealized Losses, 12 months or longer | 131,519 | 32,612 |
AFS Fair Value | 1,702,845 | 2,022,715 |
AFS Unrealized Losses | 137,888 | 196,809 |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 278,940 | 916,423 |
AFS Unrealized Losses, Less than 12 months | 7,120 | 69,155 |
AFS Fair Value, 12 months or longer | 984,175 | 411,283 |
AFS Unrealized Losses, 12 months or longer | 78,885 | 52,565 |
AFS Fair Value | 1,263,115 | 1,327,706 |
AFS Unrealized Losses | 86,005 | 121,720 |
Residential Mortgage Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 351,976 | 887,229 |
AFS Unrealized Losses, Less than 12 months | 4,765 | 76,432 |
AFS Fair Value, 12 months or longer | 757,914 | 108,041 |
AFS Unrealized Losses, 12 months or longer | 81,086 | 22,833 |
AFS Fair Value | 1,109,890 | 995,270 |
AFS Unrealized Losses | 85,851 | 99,265 |
Commercial Mortgage Backed Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 130,189 | 512,953 |
AFS Unrealized Losses, Less than 12 months | 2,995 | 37,815 |
AFS Fair Value, 12 months or longer | 471,256 | 77,181 |
AFS Unrealized Losses, 12 months or longer | 42,135 | 11,945 |
AFS Fair Value | 601,445 | 590,134 |
AFS Unrealized Losses | 45,130 | 49,760 |
Available-for-sale Securities [Member] | ||
AFS Fair Value, Less than 12 Months | 1,240,809 | 5,060,440 |
AFS Unrealized Losses, Less than 12 months | 22,486 | 405,632 |
AFS Fair Value, 12 months or longer | 4,060,560 | 764,813 |
AFS Unrealized Losses, 12 months or longer | 380,878 | 131,556 |
AFS Fair Value | 5,301,369 | 5,825,253 |
AFS Unrealized Losses | $ 403,364 | $ 537,188 |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
AFS due in one year or less fair value | $ 511,125 | |
AFS due after one year through five years fair value | 3,450,675 | |
AFS due after five years through 10 years fair value | 2,817,046 | |
AFS due after 10 years fair value | 720,351 | |
Total AFS Fixed income securities, Fair Value | 7,499,197 | $ 6,612,107 |
HTM due in one year or less carrying value | 0 | |
HTM due after one year through five years carrying value | 13,624 | |
HTM due after five years through 10 years carrying value | 9,076 | |
HTM due after 10 years carrying value | 0 | |
Fixed income securities, held-to-maturity, net of allowance for credit losses | 22,700 | 31,157 |
HTM due in one year or less fair value | 0 | |
HTM due after one year through five years fair value | 13,307 | |
HTM due after five years through 10 years fair value | 8,616 | |
HTM due after 10 years fair value | 0 | |
Total HTM fixed income securities fair value | $ 21,923 | $ 29,837 |
Investments (Alternative Invest
Investments (Alternative Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Value | $ 91,164 | $ 71,244 |
Private Equity [Member] | ||
Carrying Value | 301,759 | 280,980 |
Remaining Commitment | 131,885 | 134,676 |
Maximum Exposure to Loss | 433,644 | 415,656 |
Private Credit Funds [Member] | ||
Carrying Value | 54,500 | 54,866 |
Remaining Commitment | 89,401 | 89,481 |
Maximum Exposure to Loss | 143,901 | 144,347 |
Real Assets [Member] | ||
Carrying Value | 39,520 | 35,470 |
Remaining Commitment | 33,040 | 21,945 |
Maximum Exposure to Loss | 72,560 | 57,415 |
Alternative Investments [Member] | ||
Carrying Value | 395,779 | 371,316 |
Remaining Commitment | 254,326 | 246,102 |
Maximum Exposure to Loss | $ 650,105 | $ 617,418 |
Investments (Aggregated Balance
Investments (Aggregated Balance Sheet Summarized Financial Information for Partnerships in our Alternative Investment Portfolio) (Details) - Equity Method Investment, Nonconsolidated Investee or Group of Investees - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Investments | $ 142,411 | $ 114,038 |
Assets | 146,844 | 128,158 |
Liabilities | 15,854 | 15,464 |
Total stockholders’ equity | $ 130,990 | $ 112,694 |
Investments (Aggregated Income
Investments (Aggregated Income Statement Summarized Financial Information for Partnerships in our Alternative Investment Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Net investment income earned | $ 388,650 | $ 288,155 | $ 326,589 | |||
Investments Accounted For Under The Equity Method [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net investment income (loss) | $ 178,000 | $ 765,000 | $ 653,000 | |||
Realized gains | 5,845,000 | 12,590,000 | 6,121,000 | |||
Net change in unrealized appreciation (depreciation) | 5,810,000 | (5,215,000) | 26,877,000 | |||
Net Income | 11,833,000 | 8,140,000 | 33,651,000 | |||
Alternative Investments [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net investment income earned | $ 26,777 | $ 26,800 | $ 23,003 | $ 23,000 | $ 117,701 | $ 117,700 |
Investments (Credit Concentrati
Investments (Credit Concentration Risk) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Maximum exposure to credit concentration risk of the Company's stockholder's equity other than certain U.S. government agencies | 10% | 10% |
Investments (Investments Pledge
Investments (Investments Pledged as Collateral) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
U.S. Government and Government Agencies [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | $ 19.9 |
Securities owned and pledged as collateral, fair value | 19.9 |
Obligations of States and Political Subdivisions [Member] | |
Debt Securities, Available-for-sale [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 |
Residential Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | 0 |
Securities owned and pledged as collateral, fair value | 94.5 |
Commercial Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | 0 |
Securities owned and pledged as collateral, fair value | 11.1 |
Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral on deposit with various state and regulatory agencies | 23.4 |
Securities owned and pledged as collateral, fair value | 129 |
Federal Home Loan Bank of New York [Member] | U.S. Government and Government Agencies [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
Federal Home Loan Bank of New York [Member] | Obligations of States and Political Subdivisions [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
Federal Home Loan Bank of New York [Member] | Residential Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 25.3 |
Federal Home Loan Bank of New York [Member] | Commercial Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 8.6 |
Federal Home Loan Bank of New York [Member] | Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 33.9 |
Federal Home Loan Bank of Indianapolis [Member] | U.S. Government and Government Agencies [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
Federal Home Loan Bank of Indianapolis [Member] | Obligations of States and Political Subdivisions [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 0 |
Federal Home Loan Bank of Indianapolis [Member] | Residential Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 69.2 |
Federal Home Loan Bank of Indianapolis [Member] | Commercial Mortgage Backed Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | 2.5 |
Federal Home Loan Bank of Indianapolis [Member] | Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Securities pledged as collateral with FHLB | $ 71.7 |
Investments (Pre-tax Net Invest
Investments (Pre-tax Net Investment Income Earned) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Statement [Line Items] | ||||||
Net investment income earned | $ 388,650 | $ 288,155 | $ 326,589 | |||
Fixed Income Securities [Member] | ||||||
Statement [Line Items] | ||||||
Net investment income earned | 345,886 | 259,918 | 209,709 | |||
Commercial Mortgage Loans [Member] | ||||||
Statement [Line Items] | ||||||
Net investment income earned | 9,336 | 5,555 | 2,743 | |||
Equity Securities [Member] | ||||||
Statement [Line Items] | ||||||
Net investment income earned | 9,395 | 13,554 | 15,920 | |||
Short-term Investments [Member] | ||||||
Statement [Line Items] | ||||||
Net investment income earned | 14,818 | 3,997 | 260 | |||
Alternative Investments [Member] | ||||||
Statement [Line Items] | ||||||
Net investment income earned | 26,777 | $ 26,800 | 23,003 | $ 23,000 | 117,701 | $ 117,700 |
Other Investment [Member] | ||||||
Statement [Line Items] | ||||||
Net investment income earned | 650 | 258 | 359 | |||
Investment Income (Expense) | ||||||
Statement [Line Items] | ||||||
Investment Expense | $ (18,212) | $ (18,130) | $ (20,103) |
Investments Realized and Unreal
Investments Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | |||
Gross gains on sales | $ 5,896 | $ 28,419 | $ 15,284 |
Gross losses on sales | (30,760) | (60,055) | (8,140) |
Net realized investment gains (losses) on disposals | (24,864) | (31,636) | 7,144 |
Net unrealized (losses) gains on equity securities | 9,510 | (32,127) | 17,881 |
Losses on securities for which we have the intent to sell | (921) | (11,823) | (519) |
Net realized and unrealized investment gains (losses) | (3,552) | (114,808) | 17,599 |
Available-for-sale Securities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Net credit loss (expense) benefit | 12,898 | (39,169) | (6,858) |
Held-to-maturity Securities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Net credit loss (expense) benefit | 0 | 63 | (49) |
Commercial Mortgage Loans [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Net credit loss (expense) benefit | $ (175) | $ (116) | $ 0 |
Investments (Components of Net
Investments (Components of Net Realized and Unrealized Gains (Losses Recognized in Income on Equity Securities)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) on Securities [Line Items] | |||
Unrealized (losses) gains recognized in income on equity securities remaining in our portfolio at end of period | $ 3,593 | $ (10,454) | $ 16,473 |
Unrealized (losses) gains recognized in income on equity securities sold in period | 5,917 | (21,673) | 1,408 |
Total unrealized (losses) gains recognized in income on equity securities | $ 9,510 | $ (32,127) | $ 17,881 |
Investments, Proceeds from sale
Investments, Proceeds from sales of AFS and Equity securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from the sale of AFS Fixed Income and Equity Securities [Line Items] | |||
Sales of fixed income securities, available-for-sale | $ 1,221,918 | $ 1,211,739 | $ 502,911 |
Sales of equity securities | $ 53,344 | $ 186,144 | $ 99,235 |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income-Gross and Net of Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income, Gross | $ 458,412 | $ 280,186 | $ 505,310 |
Unrealized holding gains (losses) during the period, gross | 106,845 | (668,107) | (151,391) |
Unrealized gains (losses) on securities with credit loss recognized in earnings, gross | 60,234 | (187,968) | (9,061) |
Amounts reclassified into net income: HTM securities, gross | 4 | (11) | |
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, gross | 20,458 | 60,048 | (3,825) |
Amounts reclassified into net income: Credit loss (benefit) expense, gross | (12,898) | 39,169 | 6,858 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax, Total | 174,639 | (756,854) | (157,430) |
Defined benefit pension and post-retirement plans: Net actuarial gain (loss), gross | (19,385) | (20,941) | 21,636 |
Amounts reclassified into net income: net actuarial (gain) loss, gross | 3,026 | 1,668 | 2,772 |
Total defined benefit pension and post-retirement benefit plans, gross | (16,359) | (19,273) | 24,408 |
Other comprehensive income (loss), gross | 158,280 | (776,127) | (133,022) |
Comprehensive income (loss), gross | 616,692 | (495,941) | 372,288 |
Net income, tax | 93,174 | 55,300 | 101,473 |
Unrealized holding gains (losses) during the period, tax | 22,438 | (140,302) | (31,793) |
Unrealized gains (losses) on securities with credit loss recognized in earnings, tax | 12,649 | (39,473) | (1,902) |
Amounts reclassified into net income: HTM securities, tax | 1 | (2) | |
Amounts reclassified into net income: net realized (gains) losses on disposals and intent-to-sell AFS securities, tax | 4,296 | 12,610 | (803) |
Amounts reclassified into net income: Credit loss (benefit) expense, tax | (2,709) | 8,225 | 1,440 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax, Total | 36,674 | (158,939) | (33,060) |
Defined benefit pension and post-retirement plans: Net actuarial gain (loss), tax | (4,070) | (4,398) | 4,543 |
Amount reclassified into net income: Net actuarial (gain) loss, tax | 635 | 351 | 582 |
Total defined benefit pension and post-retirement benefit plans, tax | (3,435) | (4,047) | 5,125 |
Other comprehensive income (loss), tax | 33,239 | (162,986) | (27,935) |
Comprehensive income (loss), tax | 126,413 | (107,686) | 73,538 |
Net income | 365,238 | 224,886 | 403,837 |
Unrealized holding (losses) gains during period, net | 84,407 | (527,805) | (119,598) |
Unrealized (gains) losses on securities with credit loss recognized in earnings, net | 47,585 | (148,495) | (7,159) |
Amount reclassified into net income: HTM securities, net | 0 | 3 | (9) |
Amounts reclassified into net income: Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities | 16,162 | 47,438 | (3,022) |
Amounts reclassified into net income: Credit loss (benefit) expense, net | (10,189) | 30,944 | 5,418 |
Total unrealized gains (losses) on investment securities | 137,965 | (597,915) | (124,370) |
Defined benefit pension and post-retirement plans: Net actuarial gain (loss), net | (15,315) | (16,543) | 17,093 |
Amount reclassified into net income: Net actuarial (gain) loss, net | 2,391 | 1,317 | 2,190 |
Total defined benefit pension and post-retirement plans | (12,924) | (15,226) | 19,283 |
Other comprehensive income (loss) | 125,041 | (613,141) | (105,087) |
Comprehensive income (loss) | $ 490,279 | $ (388,255) | $ 298,750 |
Comprehensive Income (Compone_2
Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | $ (498,042) | ||
Net current period OCI | 125,041 | $ (613,141) | $ (105,087) |
Balance, end of period | (373,001) | (498,042) | |
Held-to-maturity Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | 0 | (3) | |
OCI before reclassifications | 0 | 0 | |
Amounts reclassified from AOCI | 0 | 3 | |
Net current period OCI | 0 | 3 | |
Balance, end of period | 0 | 0 | (3) |
Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (295,197) | 185,170 | |
OCI before reclassifications | 84,407 | (527,805) | |
Amounts reclassified from AOCI | 16,162 | 47,438 | |
Net current period OCI | 100,569 | (480,367) | |
Balance, end of period | (194,628) | (295,197) | 185,170 |
Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (417,035) | 180,880 | |
OCI before reclassifications | 131,992 | (676,300) | |
Amounts reclassified from AOCI | 5,973 | 78,385 | |
Net current period OCI | 137,965 | (597,915) | |
Balance, end of period | (279,070) | (417,035) | 180,880 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (121,838) | (4,287) | |
OCI before reclassifications | 47,585 | (148,495) | |
Amounts reclassified from AOCI | (10,189) | 30,944 | |
Net current period OCI | 37,396 | (117,551) | |
Balance, end of period | (84,442) | (121,838) | (4,287) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (81,007) | (65,781) | |
OCI before reclassifications | (15,315) | (16,543) | |
Amounts reclassified from AOCI | 2,391 | 1,317 | |
Net current period OCI | 12,924 | 15,226 | |
Balance, end of period | (93,931) | (81,007) | (65,781) |
Accumulated other comprehensive income (loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (498,042) | 115,099 | |
OCI before reclassifications | 116,677 | (692,843) | |
Amounts reclassified from AOCI | 8,364 | 79,702 | |
Net current period OCI | 125,041 | (613,141) | (105,087) |
Balance, end of period | $ (373,001) | $ (498,042) | $ 115,099 |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net realized and unrealized investment gains (losses) | $ (3,552) | $ (114,808) | $ 17,599 |
Net investment income earned | 388,650 | 288,155 | 326,589 |
Loss and loss expense incurred | 2,484,285 | 2,111,778 | 1,813,984 |
Other insurance expenses | 433,742 | 400,313 | 375,931 |
Income before federal income tax | 458,412 | 280,186 | 505,310 |
Total federal income tax expense | (93,174) | (55,300) | (101,473) |
Net income | 365,238 | 224,886 | $ 403,837 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net income | 8,364 | 79,702 | |
Retirement Income Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Loss and loss expense incurred | 695 | 359 | |
Other insurance expenses | 2,331 | 1,309 | |
Income before federal income tax | 3,026 | 1,668 | |
Total federal income tax expense | (635) | (351) | |
Net income | 2,391 | 1,317 | |
Held-to-maturity Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net realized and unrealized investment gains (losses) | 0 | (7) | |
Net investment income earned | 0 | 11 | |
Income before federal income tax | 0 | 4 | |
Total federal income tax expense | 0 | (1) | |
Net income | 0 | 3 | |
Available for sale securities, excluding credit losses [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net realized and unrealized investment gains (losses) | 20,458 | 60,048 | |
Income before federal income tax | 20,458 | 60,048 | |
Total federal income tax expense | (4,296) | (12,610) | |
Net income | 16,162 | 47,438 | |
Available for sale securities, including credit losses | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Net realized and unrealized investment gains (losses) | (12,898) | 39,169 | |
Income before federal income tax | (12,898) | 39,169 | |
Total federal income tax expense | 2,709 | (8,225) | |
Net income | $ (10,189) | $ 30,944 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Estimated Fair Value of Financial Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 503,946 | $ 504,676 |
Long-term debt, fair value | 503,805 | 466,603 |
Unamortized Debt Issuance Costs | (2,704) | |
Finance lease obligations | 2,636 | 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 | 49,926 | 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 | 53,047 | 51,705 |
Unamortized Debt Issuance Costs | (114) | |
Six Point Seventy Percent Senior Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 99,565 | 99,542 |
Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 104,039 | 99,264 |
Unamortized Debt Issuance Costs | (227) | |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 294,523 | 294,424 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 288,787 | 258,459 |
Unamortized Debt Issuance Costs | (2,363) | |
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 | 57,932 | 57,175 |
Unamortized Debt Issuance Costs | 0 | |
Long Term Debt Excluding Issuance Costs [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 504,014 | 503,887 |
Unamortized Debt Issuance Costs [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized Debt Issuance Costs | $ (2,704) | $ (2,929) |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Disclosures of Financial Assets Measured and Recorded at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | $ 7,499,197 | $ 6,612,107 | |
Equity securities | 187,155 | 162,000 | |
Short-term investments | 309,317 | 440,456 | |
Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 7,499,197 | 6,612,107 | |
Equity securities | 187,155 | 162,000 | |
Short-term investments | 309,317 | 440,456 | |
Total assets measured at fair value | 7,995,669 | 7,214,563 | |
U.S. Government and Government Agencies [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 205,035 | 189,239 | |
U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 205,035 | 189,239 | |
Foreign Government [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 9,803 | 9,608 | |
Foreign Government [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 9,803 | 9,608 | |
Obligations of States and Political Subdivisions [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 585,965 | 918,018 | |
Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 585,965 | 918,018 | |
Corporate Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 2,711,239 | 2,335,025 | |
Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 2,711,239 | 2,335,025 | |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 1,834,827 | 1,485,973 | |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 1,834,827 | 1,485,973 | |
Residential Mortgage Backed Securities [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 1,477,483 | 1,059,832 | |
Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 1,477,483 | 1,059,832 | |
Commercial Mortgage-backed Securities (CMBS) [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 674,845 | 614,412 | |
Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 674,845 | 614,412 | |
Common Stock [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | [1] | 185,339 | 160,355 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | 1,816 | 1,645 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 34,056 | 109,240 | |
Equity securities | 22,398 | 57,491 | |
Short-term investments | 308,512 | 418,199 | |
Total assets measured at fair value | 364,966 | 584,930 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 34,056 | 109,240 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
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] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
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] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
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] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
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] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
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] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | [1] | 20,582 | 55,846 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | 1,816 | 1,645 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 6,914,306 | 6,154,509 | |
Equity securities | 0 | 0 | |
Short-term investments | 805 | 22,257 | |
Total assets measured at fair value | 6,915,111 | 6,176,766 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 170,979 | 79,999 | |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 9,803 | 9,608 | |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 578,131 | 911,357 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 2,413,907 | 2,147,045 | |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 1,589,514 | 1,332,631 | |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 1,477,483 | 1,059,832 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 674,489 | 614,037 | |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | [1] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 550,835 | 348,358 | |
Equity securities | 854 | 897 | |
Short-term investments | 0 | 0 | |
Total assets measured at fair value | 551,689 | 349,255 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government and Government Agencies [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Foreign Government [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 7,834 | 6,661 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 297,332 | 187,980 | |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 245,313 | 153,342 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
AFS fixed income securities | 356 | 375 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | [1] | 854 | 897 |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity securities | $ 163,900 | $ 103,600 | |
[1] Investments amounting to $163.9 million at December 31, 2023 and $103.6 million at December 31, 2022, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value. |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Fair Value of Securities Using Level 3 Inputs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Beginning of Year | $ 349,255 | $ 251,282 |
Purchases | 201,681 | 200,274 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (27,016) | (22,535) |
Transfers into Level 3 | 38,485 | 20,613 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (26,062) | (60,938) |
Fair Value, End of Year | 551,689 | 349,255 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 241 | (3,374) |
Change in unrealized (gains) losses for the period included in OCI for assets held at period end | 14,652 | 36,359 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Beginning of Year | 6,661 | 7,745 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Fair Value, End of Year | 7,834 | 6,661 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 62 | (99) |
Change in unrealized (gains) losses for the period included in OCI for assets held at period end | 1,111 | (985) |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Beginning of Year | 187,980 | 114,127 |
Purchases | 97,547 | 99,868 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (10,254) | (10,148) |
Transfers into Level 3 | 21,297 | 19,214 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (10,923) | (9,111) |
Fair Value, End of Year | 297,332 | 187,980 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 419 | (2,399) |
Change in unrealized (gains) losses for the period included in OCI for assets held at period end | 10,634 | 23,630 |
Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Beginning of Year | 153,342 | 124,909 |
Purchases | 104,134 | 100,406 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (16,737) | (12,361) |
Transfers into Level 3 | 14,148 | 502 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (12,513) | (48,180) |
Fair Value, End of Year | 245,313 | 153,342 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | (5) | (876) |
Change in unrealized (gains) losses for the period included in OCI for assets held at period end | 2,858 | (11,246) |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Beginning of Year | 0 | 245 |
Purchases | 0 | |
Sales | 0 | |
Issuances | 0 | |
Settlements | (11) | |
Transfers into Level 3 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (217) | |
Fair Value, End of Year | 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 and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Beginning of Year | 375 | 4,256 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (25) | (15) |
Transfers into Level 3 | 2,848 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (2,626) | (3,430) |
Fair Value, End of Year | 356 | 375 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 0 | 0 |
Change in unrealized (gains) losses for the period included in OCI for assets held at period end | 49 | (481) |
Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Beginning of Year | 897 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 192 | 897 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 |
Fair Value, End of Year | 854 | 897 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | 235 | 0 |
Change in unrealized (gains) losses for the period included in OCI for assets held at period end | 0 | 0 |
Gain (Loss) on Investments [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | 241 | (3,389) |
Gain (Loss) on Investments [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | 62 | (99) |
Gain (Loss) on Investments [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | 419 | (2,414) |
Gain (Loss) on Investments [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | (5) | (876) |
Gain (Loss) on Investments [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | 0 | 0 |
Gain (Loss) on Investments [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | (235) | 0 |
Net Investment Income Earned [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | 326 | 342 |
Net Investment Income Earned [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | 621 | 68 |
Net Investment Income Earned [Member] | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | (30) | 229 |
Net Investment Income Earned [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | (265) | 45 |
Net Investment Income Earned [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in net income | 0 | 0 |
Other Comprehensive Income (Loss) | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in OCI | 14,779 | (36,394) |
Other Comprehensive Income (Loss) | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in OCI | 1,111 | (985) |
Other Comprehensive Income (Loss) | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in OCI | 10,645 | (23,624) |
Other Comprehensive Income (Loss) | Collateralized Loan Obligations and Other Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in OCI | 2,974 | (11,287) |
Other Comprehensive Income (Loss) | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in OCI | (17) | |
Other Comprehensive Income (Loss) | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in OCI | 49 | (481) |
Other Comprehensive Income (Loss) | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net gains (losses) for the period included in OCI | $ 0 | $ 0 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information about Significant Unobservable Inputs in the Fair Value Measurement of Level 3 Assets) (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other investment assets measured at fair value | $ 288,955 | $ 207,936 | |
Total Level 3 Securities | 551,689 | 349,255 | $ 251,282 |
Corporate Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Level 3 Securities | 297,332 | 187,980 | 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 | 245,313 | 153,342 | $ 124,909 |
Valuation Technique, Discounted Cash Flow | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value | 262,734 | 141,319 | |
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 | 135,524 | 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 | $ 127,210 | $ 59,452 | |
Valuation Technique, Discounted Cash Flow | Measurement Input, Credit Spread | Minimum [Member] | 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 [Member] | 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 [Member] | 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 [Member] | 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 | 0.019 | 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 | 0.024 | 0.025 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | $ 21,923 | $ 29,837 |
Commercial mortgage loans, fair value | 178,913 | 139,243 |
Long-term debt, fair value | 503,805 | 466,603 |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 21,923 | 26,432 |
Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 3,405 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 21,923 | 29,837 |
Commercial mortgage loans, fair value | 0 | 0 |
Long-term debt, fair value | 503,805 | 466,603 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 21,923 | 26,432 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 3,405 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Commercial mortgage loans, fair value | 178,913 | 139,243 |
Long-term debt, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities, held-to-maturity - fair value | 0 | |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 53,047 | 51,705 |
Seven Point Twenty Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 53,047 | 51,705 |
Seven Point Twenty Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Six Point Seventy Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 104,039 | 99,264 |
Six Point Seventy Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 104,039 | 99,264 |
Six Point Seventy Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 288,787 | 258,459 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 288,787 | 258,459 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 57,932 | 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 57,932 | 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Long-term Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 503,805 | $ 466,603 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Premiums Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Premiums Receivable, Allowance for Credit Loss [Line Items] | ||
Premium Receivable, Allowance for Credit Loss, Beginning Balance | $ 16,100 | $ 13,600 |
Current period provision for expected credit losses | 6,124 | 6,065 |
Write-offs charged against the allowance for credit losses | (5,080) | (4,978) |
Recoveries | 1,756 | 1,413 |
Premium Receivable, Allowance for Credit Loss, Ending Balance | $ 18,900 | $ 16,100 |
Reinsurance Recoverable, Narrat
Reinsurance Recoverable, Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Series 2023-1, Class A - Catastrophe bonds | $ 325,000 |
Terrorism Risk Insurance Program Companys Estimated Deductible | $ 543,000 |
Terrorism Risk Insurance Program Reimbursed Percentage Maximum | 80% |
Terrorism Risk Insurance Program Annual Cap | $ 100,000,000 |
Terrorism Risk Insurance Program Insurer Retainer | 20% |
Disaggregation of Reinsurance R
Disaggregation of Reinsurance Recoverable by Financial Strength Rating and Aging Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables on Unpaid Losses, Gross | $ 658,525 | $ 784,410 | |
Reinsurance Recoverable, Allowance for Credit Loss | (1,700) | (1,600) | $ (1,600) |
Reinsurance recoverable, net of allowance for credit losses | 656,825 | 782,810 | |
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 | 654,071 | 779,399 | |
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 | 4,454 | 5,011 | |
Total federal and state pools [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 80,506 | 180,794 | |
Total federal and state pools [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 80,506 | 180,794 | |
Total federal and state pools [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 0 | 0 | |
Other Federal And State Pools [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 4,565 | 14,093 | |
Other Federal And State Pools [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 4,488 | 13,678 | |
Other Federal And State Pools [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 77 | 415 | |
Total Non Rated Reinsurer [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 85,071 | 194,887 | |
Total Non Rated Reinsurer [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 84,994 | 194,472 | |
Total Non Rated Reinsurer [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 77 | 415 | |
AM Best, A++ Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 82,487 | 46,283 | |
AM Best, A++ Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 82,466 | 46,282 | |
AM Best, A++ Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 21 | 1 | |
AM Best, A+ Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 374,019 | 428,586 | |
AM Best, A+ Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 371,132 | 425,395 | |
AM Best, A+ Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 2,887 | 3,191 | |
AM Best, A Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 113,263 | 107,417 | |
AM Best, A Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 111,883 | 106,102 | |
AM Best, A Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 1,380 | 1,315 | |
AM Best, A- Rating [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 3,685 | 7,237 | |
AM Best, A- Rating [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 3,596 | 7,148 | |
AM Best, A- Rating [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 89 | 89 | |
AM Best Rated Reinsurer [Member] | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 573,454 | 589,523 | |
AM Best Rated Reinsurer [Member] | Financial Asset, Not Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | 569,077 | 584,927 | |
AM Best Rated Reinsurer [Member] | Financial Asset, Past Due | |||
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |||
Reinsurance Recoverables, Gross | $ 4,377 | $ 4,596 |
Reinsurance Recoverable, NFIP (
Reinsurance Recoverable, NFIP (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |
Percentage of NFIP claims ceded to the federal government | 100% |
Total federal and state pools [Member] | |
Reinsurance Recoverable, Credit Quality Indicator [Line Items] | |
Change in Reinsurance Recoverable, Gross | $ (100,300) |
Reinsurance Allowance for Credi
Reinsurance Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit loss, beginning balance | $ 1,600 | $ 1,600 |
Current period change for expected credit losses | 100 | 0 |
Write-offs charged against the allowance for credit losses | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for credit loss, ending balance | $ 1,700 | $ 1,600 |
Reinsurance (Total Reinsurance
Reinsurance (Total Reinsurance Balances Segregated By Reinsurer) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reinsurance recoverable, net of allowance for credit losses | $ 656,825 | $ 782,810 | ||
Total prepaid reinsurance premiums | 203,320 | 172,371 | ||
Total reinsurance balance | 860,145 | 955,181 | ||
Less: collateral | [1] | (126,418) | (126,167) | |
Reinsurance Recoverable, Allowance for Credit Loss | (1,700) | (1,600) | $ (1,600) | |
National Flood Insurance Program [Member] | ||||
Total reinsurance balance | [2] | $ 203,273 | $ 276,541 | |
% of Net Reinsurance Balance | [2] | 24% | 29% | |
NJ Unsatisfied Claim Judgment Fund [Member] | ||||
Total reinsurance balance | [2] | $ 46,715 | $ 45,496 | |
% of Net Reinsurance Balance | [2] | 5% | 5% | |
Other Federal And State Pools [Member] | ||||
Total reinsurance balance | [2] | $ 1,779 | $ 3,488 | |
% of Net Reinsurance Balance | [2] | 0% | 0% | |
Total Federal And State Pools [Member] | ||||
Total reinsurance balance | [2] | $ 251,767 | $ 325,525 | |
% of Net Reinsurance Balance | [2] | 29% | 34% | |
Remaining Unsecured Reinsurance [Member] | ||||
Total reinsurance balance | $ 610,078 | $ 631,256 | ||
% of Net Reinsurance Balance | 71% | 66% | ||
Remaining Reinsurance, before Allowance for Credit Loss | $ 608,378 | $ 629,656 | ||
Reinsurance Recoverables, net of allowance for credit losses | 608,378 | 629,656 | ||
Munich Re Group [Member] | ||||
Total reinsurance balance | $ 135,564 | $ 124,706 | ||
% of Net Reinsurance Balance | 16% | 13% | ||
Hanover Ruckversicherungs AG [Member] | ||||
Total reinsurance balance | $ 132,831 | $ 127,106 | ||
% of Net Reinsurance Balance | 15% | 13% | ||
AXIS Reinsurance Company [Member] | ||||
Total reinsurance balance | $ 76,286 | $ 70,957 | ||
% of Net Reinsurance Balance | 9% | 8% | ||
Swiss Re Group [Member] | ||||
Total reinsurance balance | $ 30,222 | $ 36,525 | ||
% of Net Reinsurance Balance | 4% | 4% | ||
Transatlantic Reinsurance Company [Member] | ||||
Total reinsurance balance | $ 27,475 | $ 32,730 | ||
% of Net Reinsurance Balance | 3% | 3% | ||
All Other Reinsurers [Member] | ||||
Total reinsurance balance | $ 207,700 | $ 239,232 | ||
% of Net Reinsurance Balance | 24% | 25% | ||
Remaining Unsecured Reinsurance, Net of Collateral [Member] | ||||
Total reinsurance balance | $ 481,960 | $ 503,489 | ||
[1]Includes letters of credit, trust funds, and funds held against reinsurance recoverables[2] Considered to have minimal risk of default. |
Reinsurance (List of direct, as
Reinsurance (List of direct, assumed and ceded Reinsurance Amounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premiums Written: | |||
Direct premiums written | $ 4,725,459 | $ 4,068,518 | $ 3,656,537 |
Assumed | 23,999 | 32,320 | 22,664 |
Ceded premiums written | (614,926) | (527,248) | (489,488) |
Net | 4,134,532 | 3,573,590 | 3,189,713 |
Premiums Earned: | |||
Direct | 4,386,556 | 3,880,522 | 3,472,715 |
Assumed | 25,027 | 30,742 | 21,550 |
Ceded premiums earned | (583,977) | (537,884) | (477,012) |
Total net premiums earned | 3,827,606 | 3,373,380 | 3,017,253 |
Loss and loss expense incurred: | |||
Direct | 2,738,301 | 2,537,638 | 2,096,512 |
Assumed | 19,581 | 23,160 | 13,813 |
Ceded loss and loss expense | (273,597) | (449,020) | (296,341) |
Net | $ 2,484,285 | $ 2,111,778 | $ 1,813,984 |
Reinsurance (Ceded Premiums and
Reinsurance (Ceded Premiums and Losses Related to Flood Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Ceded premiums written | $ (614,926) | $ (527,248) | $ (489,488) |
Ceded premiums earned | (583,977) | (537,884) | (477,012) |
Ceded loss and loss expense | (273,597) | (449,020) | (296,341) |
National Flood Insurance Program [Member] | |||
Ceded premiums written | (305,609) | (259,246) | (284,311) |
Ceded premiums earned | (279,087) | (274,100) | (274,384) |
Ceded loss and loss expense | $ (75,549) | $ (200,467) | $ (215,224) |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross reserve for loss and loss expense, at beginning of year | $ 5,144,821 | $ 4,580,903 | $ 4,260,355 |
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year | 757,513 | 578,641 | 554,269 |
Net reserves for loss and loss expense, at beginning of year | 4,387,308 | 4,002,262 | 3,706,086 |
Incurred loss and loss expense for claims occurring in the current year | 2,474,331 | 2,190,668 | 1,896,837 |
Incurred loss and loss expense for claims occurring in the prior year | (9,954) | (78,890) | (82,853) |
Total incurred loss and loss expense | 2,484,285 | 2,111,778 | 1,813,984 |
Paid loss and loss expense for claims occurring in current year | 922,641 | 768,583 | 676,331 |
Paid loss and loss expense for claims occurring in prior years | 1,230,642 | 958,149 | 841,477 |
Total paid loss and loss expense | 2,153,283 | 1,726,732 | 1,517,808 |
Net reserves for loss and loss expense, at end of year | 4,718,310 | 4,387,308 | 4,002,262 |
Add: reinsurance recoverable on unpaid loss and loss expense, at end of year | 618,601 | 757,513 | 578,641 |
Gross reserve for loss and loss expense, at end of year | $ 5,336,911 | $ 5,144,821 | $ 4,580,903 |
Reserve for Loss and Loss Exp_4
Reserve for Loss and Loss Expense (Reserve Loss Development narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase of net loss and loss expense reserves | $ 331,000 | $ 385,000 | $ 296,200 |
Anticipated recoveries for salvage and subrogation claims | 116,000 | 91,300 | 87,000 |
Prior year development | (9,954) | (78,890) | (82,853) |
Favorable or unfavorable loss development [Member] | |||
Prior year development | $ (10,000) | $ (78,900) | $ (82,900) |
Reserve for Loss and Loss Exp_5
Reserve for Loss and Loss Expense (Reserve Loss Development Table Summary) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Prior year development | $ (9,954) | $ (78,890) | $ (82,853) |
Favorable or unfavorable loss development [Member] | |||
Prior year development | (10,000) | (78,900) | (82,900) |
Favorable or unfavorable loss development [Member] | General Liability [Member] | |||
Prior year development | (55,000) | (5,000) | (29,000) |
Favorable or unfavorable loss development [Member] | Commercial Automobile [Member] | |||
Prior year development | (8,000) | (22,500) | (13,300) |
Favorable or unfavorable loss development [Member] | Workers Compensation [Member] | |||
Prior year development | (74,500) | (70,000) | (58,000) |
Favorable or unfavorable loss development [Member] | Business Owners' Policies [Member] | |||
Prior year development | (7,600) | (7,300) | (400) |
Favorable or unfavorable loss development [Member] | Commercial Property [Member] | |||
Prior year development | (700) | (1,600) | (2,600) |
Favorable or unfavorable loss development [Member] | Bonds [Member] | |||
Prior year development | 0 | (10,000) | 0 |
Favorable or unfavorable loss development [Member] | Homeowners [Member] | |||
Prior year development | (4,600) | (600) | (1,800) |
Favorable or unfavorable loss development [Member] | Personal Automobile [Member] | |||
Prior year development | (15,300) | (500) | (200) |
Favorable or unfavorable loss development [Member] | E&S Casualty Lines [Member] | |||
Prior year development | (5,000) | (5,000) | (7,000) |
Favorable or unfavorable loss development [Member] | E&S Property Lines [Member] | |||
Prior year development | (1,600) | (2,500) | (800) |
Favorable or unfavorable loss development [Member] | Insurance, Other [Member] | |||
Prior year development | (100) | (100) | 0 |
Favorable or unfavorable loss development [Member] | Property Insurance [Member] | |||
Prior year development | (16,500) | (7,100) | (1,900) |
Favorable or unfavorable loss development [Member] | Casualty Insurance Product Line [Member] | |||
Prior year development | $ (6,500) | $ (86,000) | $ (81,000) |
Reserve for Loss and Loss Exp_6
Reserve for Loss and Loss Expense (Insurance Subsidiaries) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year development | $ (9,954) | $ (78,890) | $ (82,853) |
Favorable or unfavorable loss development [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year development | (10,000) | (78,900) | (82,900) |
Favorable or unfavorable loss development [Member] | Casualty Insurance Product Line [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year development | (6,500) | (86,000) | (81,000) |
Favorable or unfavorable loss development [Member] | Property Insurance [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year development | $ (16,500) | (7,100) | (1,900) |
Favorable or unfavorable loss development [Member] | E&S Lines [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year development | (7,000) | ||
Favorable or unfavorable loss development [Member] | Commercial Automobile [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year development | (22,500) | (13,300) | |
Favorable or unfavorable loss development [Member] | Commercial Automobile [Member] | Casualty Insurance Product Line [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year development | $ (15,000) | $ (15,000) |
Reserve for Loss and Loss Exp_7
Reserve for Loss and Loss Expense (Exposure to Environmental Claims) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | $ 26,409 | $ 27,768 | $ 27,773 | $ 28,530 |
Liability for Asbestos and Environmental Claims, Net | 19,143 | $ 20,329 | $ 21,075 | $ 21,421 |
Asbestos Claim [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | 4,900 | |||
Liability for Asbestos and Environmental Claims, Net | 3,500 | |||
Landfill Sites Related Claims [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | 11,400 | |||
Liability for Asbestos and Environmental Claims, Net | 7,500 | |||
Underground Storage Tanks Claims [Member] | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Loss and Loss expense reserves, Gross | 10,100 | |||
Liability for Asbestos and Environmental Claims, Net | $ 8,100 |
Reserve for Loss and Loss Exp_8
Reserve for Loss and Loss Expense (Roll Forward of Gross and Net Asbestos and Net Environmental Incurred Losses and Loss Expenses and Related Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reserve for loss and loss expense at beginning of year, gross | $ 27,768 | $ 27,773 | $ 28,530 |
Incurred loss and loss expense, gross | 1,064 | 704 | 562 |
Less: loss and loss expense paid, Gross | (2,423) | (709) | (195) |
Reserve for loss and loss expense at the end of year, gross | 26,409 | 27,768 | 27,773 |
Reserve for loss and loss expense at beginning of year, net | 20,329 | 21,075 | 21,421 |
Incurred loss and loss expense, Net | 748 | (205) | 37 |
Less: loss and loss expense paid, Net | (1,934) | (541) | (383) |
Reserve for loss and loss expense at the end of year, net | 19,143 | 20,329 | 21,075 |
Asbestos [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reserve for loss and loss expense at beginning of year, gross | 5,891 | 6,115 | 6,254 |
Incurred loss and loss expense, gross | 603 | 8 | 51 |
Less: loss and loss expense paid, Gross | (1,638) | (232) | (190) |
Reserve for loss and loss expense at the end of year, gross | 4,856 | 5,891 | 6,115 |
Reserve for loss and loss expense at beginning of year, net | 4,660 | 4,884 | 5,023 |
Incurred loss and loss expense, Net | 515 | 8 | 51 |
Less: loss and loss expense paid, Net | (1,638) | (232) | (190) |
Reserve for loss and loss expense at the end of year, net | 3,537 | 4,660 | 4,884 |
Enviromental [Member] | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Reserve for loss and loss expense at beginning of year, gross | 21,877 | 21,658 | 22,276 |
Incurred loss and loss expense, gross | 461 | 696 | 613 |
Less: loss and loss expense paid, Gross | (785) | (477) | (5) |
Reserve for loss and loss expense at the end of year, gross | 21,553 | 21,877 | 21,658 |
Reserve for loss and loss expense at beginning of year, net | 15,669 | 16,191 | 16,398 |
Incurred loss and loss expense, Net | 233 | 213 | 14 |
Less: loss and loss expense paid, Net | (296) | (309) | (193) |
Reserve for loss and loss expense at the end of year, net | $ 15,606 | $ 15,669 | $ 16,191 |
Reserve for Loss and Loss Exp_9
Reserve for Loss and Loss Expense (Claims Development) (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) |
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | $ 15,332,846 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 11,128,130 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 4,566,037 | |||||||||
Reserve for loss and loss expense | 5,336,911 | $ 5,144,821 | ||||||||
Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 361,321 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014[Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,087,700 | 1,090,345 | $ 1,094,367 | $ 1,089,529 | $ 1,100,208 | $ 1,104,218 | $ 1,124,014 | $ 1,146,990 | $ 1,133,798 | $ 1,107,513 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 33,872 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 95,785 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,040,893 | 1,032,400 | 1,020,961 | 1,002,157 | 981,868 | 936,425 | 855,959 | 736,154 | 614,075 | 405,898 |
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,105,039 | 1,103,543 | 1,103,592 | 1,108,860 | 1,119,441 | 1,138,313 | 1,144,830 | 1,130,513 | 1,114,081 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 38,133 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 95,468 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,032,064 | 1,018,023 | 1,000,509 | 967,857 | 929,222 | 845,868 | 725,385 | 581,203 | 376,641 | |
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,163,467 | 1,167,539 | 1,171,273 | 1,180,829 | 1,199,734 | 1,227,142 | 1,203,634 | 1,188,608 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 47,702 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 96,324 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,088,453 | 1,061,952 | 1,025,264 | 983,852 | 892,390 | 764,331 | 617,958 | 387,272 | ||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,287,882 | 1,273,039 | 1,268,941 | 1,288,526 | 1,313,585 | 1,313,372 | 1,270,110 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 63,595 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 100,292 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,180,346 | 1,116,336 | 1,050,258 | 954,792 | 829,134 | 678,453 | 433,440 | |||
Short-duration Insurance Contract, Accident Year 2018 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,424,953 | 1,425,540 | 1,441,303 | 1,457,415 | 1,461,603 | 1,413,800 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 98,900 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 107,541 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,252,623 | 1,187,744 | 1,083,556 | 942,893 | 779,466 | 511,271 | ||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,523,313 | 1,529,859 | 1,526,566 | 1,523,041 | 1,483,945 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 169,855 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 104,668 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,247,100 | 1,109,628 | 949,996 | 781,462 | 510,091 | |||||
Short-Duration Insurance Contract, Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,531,446 | 1,550,195 | 1,587,607 | 1,591,972 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 243,526 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 95,537 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,152,227 | 988,463 | 831,976 | 572,302 | ||||||
Short-Duration Insurance Contract, Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,774,984 | 1,781,054 | 1,784,661 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 438,488 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 99,553 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,134,930 | 934,965 | 609,889 | |||||||
Short-Duration Insurance Contract, Accident Year 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 2,096,742 | 2,073,343 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 690,322 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 105,549 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,155,527 | 699,789 | ||||||||
Short-Duration Insurance Contract, Accident Year 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 2,337,320 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,169,504 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 101,414 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 843,967 | |||||||||
Standard Commercial Lines [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 3,468,736 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,712,824 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 1,874,944 | |||||||||
Standard Commercial Lines [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,671,146 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,112,122 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 767,784 | |||||||||
Standard Commercial Lines [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 3,956,413 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 3,021,770 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 939,644 | |||||||||
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 640,270 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 547,925 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 101,601 | |||||||||
Standard Commercial Lines [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 2,008,483 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,875,394 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 133,412 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 119,032 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 208,760 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 5,001 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 9,256 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 323 | |||||||||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 226,407 | 228,933 | 230,247 | 229,679 | 237,125 | 234,082 | 239,333 | 257,132 | 249,946 | 244,312 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 13,296 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,725 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 208,521 | 204,212 | 198,772 | 187,352 | 179,192 | 154,957 | 121,969 | 79,972 | 46,825 | 14,901 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 156,750 | 158,479 | 161,021 | 159,604 | 160,646 | 164,420 | 172,515 | 182,579 | 187,065 | 199,346 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 15,581 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,495 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 134,338 | 132,809 | 130,726 | 127,858 | 124,077 | 119,392 | 113,626 | 100,876 | 78,944 | 35,924 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 215,073 | 214,816 | 214,992 | 216,461 | 217,334 | 218,172 | 219,925 | 216,824 | 212,725 | 200,534 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 276 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 28,447 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 214,564 | 213,847 | 213,689 | 212,481 | 209,655 | 202,821 | 180,701 | 148,884 | 117,169 | 80,810 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 57,649 | 57,355 | 57,483 | 57,302 | 58,093 | 58,517 | 59,806 | 62,548 | 60,949 | 55,962 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (21) | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 4,067 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 57,670 | 56,861 | 55,729 | 55,708 | 55,458 | 52,940 | 49,460 | 44,911 | 40,584 | 28,914 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 136,370 | 136,112 | 136,151 | 136,237 | 136,212 | 138,155 | 138,751 | 136,820 | 136,249 | 141,192 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 8 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,517 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 136,362 | 136,107 | 136,141 | 135,928 | 136,008 | 137,418 | 137,883 | 136,634 | 132,909 | 101,131 |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 213,653 | 210,137 | 211,768 | 214,176 | 219,204 | 233,249 | 246,990 | 245,710 | 254,720 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 16,595 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,596 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 186,336 | 179,117 | 173,697 | 157,071 | 144,216 | 116,804 | 78,668 | 39,978 | 14,665 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 166,042 | 169,008 | 170,577 | 172,572 | 176,242 | 179,642 | 183,604 | 194,639 | 193,729 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 15,698 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,554 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 133,272 | 132,235 | 129,019 | 124,046 | 120,097 | 112,601 | 98,195 | 77,320 | 33,857 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 263,115 | 262,766 | 262,054 | 261,386 | 260,565 | 259,495 | 253,074 | 240,958 | 220,994 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 470 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 30,332 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 260,328 | 257,668 | 255,600 | 249,905 | 238,142 | 211,515 | 175,866 | 132,260 | 91,347 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 51,457 | 52,514 | 52,200 | 52,325 | 54,454 | 55,925 | 57,245 | 53,768 | 52,871 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 24 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,971 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 51,308 | 51,120 | 50,005 | 49,839 | 49,073 | 46,571 | 42,710 | 36,014 | 24,189 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 112,974 | 112,915 | 112,937 | 112,582 | 112,496 | 111,566 | 111,750 | 109,513 | 110,270 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 8 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,407 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 112,568 | 112,391 | 112,410 | 112,117 | 110,969 | 110,994 | 109,829 | 106,182 | 79,048 | |
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 244,782 | 243,669 | 246,643 | 252,733 | 263,245 | 277,986 | 272,048 | 277,214 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 22,161 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,900 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 211,725 | 199,032 | 181,770 | 164,136 | 133,757 | 89,431 | 46,549 | 15,684 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 147,732 | 151,961 | 155,210 | 156,540 | 166,009 | 176,248 | 184,946 | 196,774 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 17,164 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,587 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 123,232 | 122,186 | 119,800 | 115,159 | 109,166 | 98,037 | 78,531 | 34,525 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 294,878 | 294,297 | 291,674 | 290,359 | 285,304 | 285,302 | 274,367 | 255,187 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,457 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 32,324 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 288,512 | 284,870 | 277,242 | 264,858 | 233,939 | 200,701 | 155,720 | 106,022 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 52,930 | 53,201 | 53,147 | 53,367 | 53,835 | 54,993 | 53,792 | 52,335 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 280 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,857 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 52,427 | 52,070 | 50,536 | 48,786 | 45,308 | 39,973 | 36,848 | 24,655 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 123,067 | 123,126 | 123,005 | 123,567 | 124,487 | 125,937 | 126,185 | 121,927 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 16 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,743 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 123,203 | 123,265 | 122,909 | 123,601 | 123,828 | 122,930 | 118,789 | 83,966 | ||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 293,448 | 283,379 | 278,607 | 289,883 | 301,384 | 293,128 | 293,747 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 33,861 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,426 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 241,879 | 201,948 | 167,002 | 131,980 | 92,355 | 49,470 | 17,366 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 148,949 | 151,221 | 154,159 | 162,672 | 175,853 | 184,306 | 195,202 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 16,019 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,814 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 123,573 | 120,468 | 116,426 | 110,645 | 100,645 | 82,216 | 40,375 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 326,832 | 325,654 | 326,461 | 322,197 | 324,291 | 329,389 | 301,274 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 2,984 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 33,627 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 318,047 | 309,810 | 296,600 | 262,349 | 220,422 | 178,823 | 117,287 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 42,408 | 42,374 | 43,606 | 48,067 | 51,524 | 48,698 | 46,624 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 416 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,897 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 41,217 | 40,845 | 39,940 | 40,359 | 36,950 | 31,337 | 21,865 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 155,408 | 154,942 | 154,119 | 153,664 | 149,044 | 149,106 | 138,773 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 22 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,907 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 155,236 | 154,689 | 153,750 | 152,018 | 148,589 | 142,338 | 99,047 | |||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 329,102 | 324,567 | 332,013 | 345,224 | 336,326 | 317,934 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 57,847 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,924 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 236,812 | 197,286 | 155,538 | 108,421 | 60,784 | 19,531 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 163,884 | 167,974 | 173,428 | 181,151 | 193,818 | 193,894 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 20,739 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,136 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 129,869 | 126,206 | 119,904 | 105,903 | 84,780 | 41,122 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 346,213 | 348,202 | 350,310 | 345,547 | 352,487 | 347,908 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 5,190 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 36,286 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 330,584 | 319,819 | 291,725 | 243,713 | 193,788 | 134,867 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 55,586 | 56,625 | 60,393 | 62,427 | 57,202 | 55,024 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,169 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 4,264 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 52,496 | 51,239 | 48,144 | 44,316 | 39,791 | 29,995 | ||||
Standard Commercial Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 196,527 | 196,413 | 194,016 | 192,558 | 190,834 | 183,177 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 40 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,294 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 196,605 | 196,376 | 193,487 | 192,698 | 184,813 | 135,416 | ||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 362,139 | 366,184 | 358,301 | 356,363 | 347,150 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 98,841 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,767 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 213,020 | 160,680 | 100,206 | 58,284 | 18,097 | |||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 159,225 | 164,940 | 174,912 | 188,596 | 188,625 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 22,629 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,330 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 119,875 | 112,649 | 100,812 | 77,878 | 37,826 | |||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 410,432 | 407,051 | 404,854 | 398,346 | 385,212 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 16,701 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 36,653 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 376,550 | 331,152 | 283,410 | 221,590 | 149,538 | |||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 64,721 | 65,762 | 64,667 | 59,466 | 53,531 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 3,129 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,650 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 60,076 | 52,887 | 46,113 | 41,587 | 27,718 | |||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 180,832 | 180,605 | 179,574 | 177,075 | 173,826 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 88 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,315 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 180,179 | 179,538 | 177,825 | 172,768 | 130,891 | |||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 361,163 | 352,834 | 360,302 | 361,554 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 142,886 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,050 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 159,209 | 100,356 | 58,699 | 21,858 | ||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 143,384 | 159,229 | 168,594 | 168,643 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 21,785 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,551 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 102,142 | 87,211 | 68,277 | 29,559 | ||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 374,293 | 375,636 | 381,163 | 381,654 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 37,371 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 30,533 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 306,355 | 254,365 | 198,034 | 139,016 | ||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 73,320 | 73,077 | 73,680 | 71,836 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 2,777 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 5,443 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 66,478 | 60,596 | 57,210 | 43,376 | ||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 226,915 | 226,107 | 225,278 | 232,060 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,345 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,155 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 223,902 | 220,953 | 215,107 | 164,613 | ||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 414,204 | 414,279 | 422,748 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 209,078 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 10,916 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 131,157 | 71,664 | 28,069 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 173,784 | 185,151 | 185,198 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 52,182 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,580 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 96,674 | 76,015 | 32,918 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 510,825 | 512,673 | 483,831 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 92,709 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 37,184 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 352,383 | 283,411 | 187,200 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 72,231 | 63,648 | 66,312 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 11,352 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,520 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 54,651 | 47,436 | 34,412 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 237,831 | 239,822 | 246,319 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 859 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,983 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 235,217 | 227,259 | 161,757 | |||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2022 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 482,279 | 482,590 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 308,245 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 11,275 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 93,422 | 31,502 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2022 | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 207,156 | 207,206 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 70,491 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,963 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 99,894 | 45,814 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2022 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 581,223 | 572,421 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 170,627 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 39,879 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 336,516 | 216,180 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2022 | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 89,025 | 86,194 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 16,496 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,750 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 66,581 | 36,421 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2022 | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 296,974 | 297,318 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 4,467 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,828 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 285,250 | 186,677 | ||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2023 | General Liability [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 541,559 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 453,175 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 9,213 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 30,743 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2023 | Workers Compensation [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 204,240 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 106,226 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,331 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 49,253 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2023 | Commercial Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 633,529 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 308,059 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 36,860 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 237,931 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2023 | Business Owners' Policies [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 80,943 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 23,721 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,129 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 45,021 | |||||||||
Standard Commercial Lines [Member] | Short-Duration Insurance Contract, Accident Year 2023 | Commercial Property [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 341,585 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 53,704 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,129 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 226,872 | |||||||||
Standard Personal Lines | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,144,541 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,025,143 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 125,940 | |||||||||
Standard Personal Lines | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 863,067 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 809,870 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 58,334 | |||||||||
Standard Personal Lines | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 6,542 | |||||||||
Standard Personal Lines | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 5,137 | |||||||||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2014[Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 107,390 | 107,543 | 107,566 | 107,106 | 107,104 | 106,821 | 107,452 | 106,757 | 109,325 | 102,250 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 8 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,510 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 107,381 | 107,325 | 107,108 | 106,478 | 105,709 | 104,055 | 99,173 | 92,589 | 83,739 | 62,519 |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2014[Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 83,796 | 83,819 | 83,830 | 83,525 | 83,824 | 83,539 | 83,844 | 83,637 | 82,461 | 80,111 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 37 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 8,776 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 83,782 | 83,782 | 83,321 | 82,831 | 82,836 | 82,583 | 81,664 | 79,751 | 76,007 | 61,561 |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 98,939 | 98,669 | 98,596 | 98,588 | 98,718 | 99,570 | 100,214 | 99,698 | 96,387 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 53 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 20,866 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 98,483 | 97,920 | 97,761 | 97,275 | 95,997 | 92,102 | 87,163 | 76,470 | 58,725 | |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 74,265 | 74,237 | 74,682 | 74,673 | 74,978 | 74,723 | 76,559 | 76,400 | 76,637 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 44 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,754 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 74,108 | 74,108 | 74,096 | 74,052 | 74,079 | 72,927 | 72,202 | 70,078 | 52,589 | |
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 100,458 | 100,395 | 99,858 | 99,544 | 101,140 | 100,202 | 98,032 | 92,727 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 113 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 19,827 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 100,315 | 99,656 | 98,977 | 98,080 | 94,372 | 86,752 | 76,823 | 57,961 | ||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 60,453 | 60,841 | 60,855 | 61,735 | 61,723 | 62,391 | 60,931 | 60,105 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 45 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,896 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 60,480 | 60,474 | 60,449 | 61,187 | 60,082 | 59,546 | 57,333 | 42,252 | ||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 105,243 | 105,079 | 103,557 | 103,260 | 103,653 | 105,139 | 101,880 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 435 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 20,751 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 104,114 | 103,556 | 100,521 | 97,628 | 91,479 | 82,730 | 62,854 | |||
Standard Personal Lines | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 68,919 | 68,902 | 68,938 | 70,064 | 70,365 | 67,978 | 59,167 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 463 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,391 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 68,454 | 68,282 | 68,078 | 67,767 | 67,193 | 63,290 | 45,466 | |||
Standard Personal Lines | Short-duration Insurance Contract, Accident Year 2018 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 113,037 | 113,647 | 112,418 | 112,030 | 113,569 | 111,594 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 781 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,685 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 110,894 | 109,644 | 107,026 | 99,982 | 89,628 | 69,721 | ||||
Standard Personal Lines | Short-duration Insurance Contract, Accident Year 2018 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 68,581 | 68,416 | 68,931 | 69,832 | 68,526 | 62,961 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 757 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,609 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 67,726 | 67,739 | 66,634 | 65,348 | 64,137 | 49,430 | ||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 119,632 | 118,669 | 115,993 | 115,688 | 114,043 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,871 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 22,872 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 115,919 | 109,844 | 102,930 | 92,162 | 69,699 | |||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 72,856 | 73,070 | 73,816 | 72,772 | 64,306 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,061 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,010 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 71,603 | 70,880 | 69,911 | 67,631 | 49,680 | |||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2020 | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 89,027 | 90,179 | 94,532 | 95,625 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 2,537 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 17,548 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 83,137 | 76,710 | 68,691 | 53,407 | ||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2020 | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 112,590 | 113,804 | 112,523 | 109,033 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 1,345 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 9,835 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 110,578 | 109,145 | 105,690 | 83,838 | ||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2021 | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 105,088 | 102,777 | 108,244 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 5,963 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 19,730 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 94,480 | 84,743 | 65,325 | |||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2021 | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 84,189 | 83,295 | 82,425 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 3,612 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,919 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 79,399 | 77,018 | 59,054 | |||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2022 | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 133,623 | 121,030 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 16,991 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 21,262 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 107,778 | 75,994 | ||||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2022 | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 100,389 | 93,826 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 5,017 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 6,869 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 91,788 | 68,832 | ||||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2023 | Personal Automobile [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 172,104 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 45,030 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 25,893 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 102,642 | |||||||||
Standard Personal Lines | Short-Duration Insurance Contract, Accident Year 2023 | Homeowners [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 137,029 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 24,058 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 7,051 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 101,952 | |||||||||
E&S Lines [Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 1,110,366 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 598,439 | |||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 517,988 | |||||||||
E&S Lines [Member] | Short-Duration Insurance Contracts, Accident Years Prior to 2014 [Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 6,061 | |||||||||
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2014[Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 75,436 | 74,538 | 74,270 | 70,846 | 71,153 | 71,206 | 71,719 | 69,929 | 63,505 | 55,316 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 4,631 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 1,888,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 69,498 | 68,648 | 66,661 | 64,698 | 60,092 | 53,780 | 43,877 | 25,571 | 12,234 | $ 2,353 |
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2015 [Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 91,424 | 90,263 | 87,662 | 90,126 | 90,355 | 90,488 | 82,404 | 76,432 | 75,498 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 5,159 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,899,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 83,587 | 81,396 | 75,844 | 71,421 | 64,529 | 50,712 | 29,389 | 13,057 | $ 3,036 | |
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 101,105 | 101,873 | 102,476 | 104,730 | 105,120 | 104,655 | 96,416 | 94,451 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 6,299 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 3,015,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 90,665 | 81,932 | 75,004 | 69,448 | 56,581 | 33,950 | 16,195 | $ 3,720 | ||
E&S Lines [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 106,663 | 102,045 | 99,960 | 99,395 | 99,866 | 95,783 | 91,438 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 9,143 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,866,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 88,294 | 77,090 | 68,266 | 53,238 | 34,179 | 14,672 | $ 5,057 | |||
E&S Lines [Member] | Short-duration Insurance Contract, Accident Year 2018 [Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 106,490 | 105,756 | 104,983 | 103,184 | 103,004 | 98,324 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 12,001 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,843,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 82,549 | 73,605 | 57,962 | 39,174 | 21,337 | $ 5,509 | ||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 114,802 | 117,113 | 117,736 | 118,298 | 117,087 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 23,476 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 2,752,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 73,779 | 57,701 | 35,844 | 17,812 | $ 4,422 | |||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 91,077 | 95,832 | 103,137 | 103,872 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 30,090 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 1,891,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 46,349 | 27,861 | 13,064 | $ 3,695 | ||||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2021 | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 120,191 | 125,436 | 128,099 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 60,356 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 1,991,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 37,213 | 15,835 | $ 4,326 | |||||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2022 | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 145,918 | 146,999 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 96,255 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 1,944,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 21,618 | $ 4,198 | ||||||||
E&S Lines [Member] | Short-Duration Insurance Contract, Accident Year 2023 | Casualty Insurance Product Line [Member] | ||||||||||
Claims Development [Line Items] | ||||||||||
Net outstanding liabilities | 157,260 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 137,488 | |||||||||
Short-duration Insurance Contract, Cumulative Number of Reported Claims | 1,242,000 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 4,887 |
Reserve for Loss and Loss Ex_10
Reserve for Loss and Loss Expense (Reconciliation of Claims Development to Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | $ 4,566,037 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 618,601 | $ 757,513 | $ 578,641 | $ 554,269 |
Unallocated loss expenses | 152,273 | |||
Gross liability for unpaid loss and loss expenses | 5,336,911 | $ 5,144,821 | $ 4,580,903 | $ 4,260,355 |
Standard Commercial Lines [Member] | General Liability [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 1,874,944 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 255,493 | |||
Standard Commercial Lines [Member] | Workers Compensation [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 767,784 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 203,982 | |||
Standard Commercial Lines [Member] | Commercial Automobile [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 939,644 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 15,683 | |||
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 101,601 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 5,252 | |||
Standard Commercial Lines [Member] | Commercial Property [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 133,412 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 39,152 | |||
Standard Commercial Lines [Member] | Other Commercial [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 18,637 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 10,241 | |||
Standard Commercial Lines [Member] | Total Standard Commercial Lines [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 3,836,022 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 529,803 | |||
Standard Personal Lines | Personal Automobile [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 125,940 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 38,273 | |||
Standard Personal Lines | Homeowners [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 58,334 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 1,647 | |||
Standard Personal Lines | Other Personal [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 14,178 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 32,736 | |||
Standard Personal Lines | Standard Personal Lines | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 198,452 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 72,656 | |||
E&S Lines [Member] | Total E&S Lines [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 531,563 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 16,142 | |||
E&S Lines [Member] | Standard Commercial Lines [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 456 | |||
E&S Lines [Member] | Property Insurance [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 13,575 | |||
E&S Lines [Member] | Casualty Insurance Product Line [Member] | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 517,988 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 15,686 |
Reserve for Loss and Loss Ex_11
Reserve for Loss and Loss Expense (Historical Claims Duration) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Net outstanding liabilities | $ 15,332,846 |
Standard Commercial Lines [Member] | General Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 6.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 11.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 16.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 14% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 10.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 8.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 4.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 3.40% |
Standard Commercial Lines [Member] | Workers Compensation [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 22.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 26.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 9.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 4.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 2.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 2.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 3.20% |
Standard Commercial Lines [Member] | Commercial Automobile [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 36.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 17.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 13% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 3.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 2.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.60% |
Standard Commercial Lines [Member] | Business Owners' Policies [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 49.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 21.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 8.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 5.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 2.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.20% |
Standard Commercial Lines [Member] | Commercial Property [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 68.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 26.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 3.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.10% |
Standard Personal Lines | Personal Automobile [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 59.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 19% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 8.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 5.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 3.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.10% |
Standard Personal Lines | Homeowners [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 70.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 22% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 3.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 1.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.10% |
E&S Lines [Member] | Casualty Insurance Product Line [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 3.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 11.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 17.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 20.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 14.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 8.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 6.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 5.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 2.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.90% |
Indebtedness Indebtedness (Sche
Indebtedness Indebtedness (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Debt Instruments [Line Items] | ||
Unamortized Debt Issuance Costs | $ 2,704 | |
Unamortized Debt Discount | 5,986 | |
Finance Lease, Liability | 2,636 | $ 3,718 |
Long-term debt | $ 503,946 | 504,676 |
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 5.375% | |
Original Amount of Debt | $ 300,000 | |
Unamortized Debt Issuance Costs | 2,363 | |
Unamortized Debt Discount | 5,478 | |
Long-term debt | $ 292,159 | 291,881 |
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 3.03% | |
Original Amount of Debt | $ 60,000 | |
Unamortized Debt Issuance Costs | 0 | |
Unamortized Debt Discount | 0 | |
Long-term debt | $ 60,000 | 60,000 |
Six Point Seventy Percent Senior Notes [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 6.70% | |
Original Amount of Debt | $ 100,000 | |
Unamortized Debt Issuance Costs | 227 | |
Unamortized Debt Discount | 434 | |
Long-term debt | $ 99,339 | 99,286 |
Seven Point Twenty Five Percent Senior Notes [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Interest Rate | 7.25% | |
Original Amount of Debt | $ 50,000 | |
Unamortized Debt Issuance Costs | 114 | |
Unamortized Debt Discount | 74 | |
Long-term debt | 49,812 | 49,791 |
Finance lease obligation [Member] | ||
Schedule of Debt Instruments [Line Items] | ||
Finance Lease, Liability | $ 2,636 | $ 3,718 |
Indebtedness (Credit Agreement
Indebtedness (Credit Agreement under the Line of Credit (Details) - Line of Credit [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2021 |
Line of credit borrowing capacity | $ 50,000 | $ 50,000 |
Line of credit, maximum borrowing capacity | $ 125,000 |
Indebtedness (Covenants in the
Indebtedness (Covenants in the Line of Credit) (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
Debt Disclosure [Abstract] | ||
Consolidated net worth, minimum requirement | $ 2,200,000 | |
Consolidated net worth, actual | $ 3,300,000 | |
Debt-to-capitalization ratio, maximum requirement | 35% | [1] |
Debt-to-capitalization ratio, actual | 13.20% | [1] |
[1] Calculated in accordance with the Line of Credit. |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2005 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2004 | |
Maximum borrowing percentage | 10% | ||||
Debt Issuance Costs, Gross | $ 3,300 | ||||
Net proceeds from the issuance | $ 20,000 | $ 60,000 | $ 0 | ||
Borrowing threshold of FHLBI | 20 | ||||
Five Point Three Hundred Seventy Five Percent Senior Notes [Member] | |||||
Original debt issuance | $ 300,000 | ||||
Interest Rate | 5.375% | ||||
Discount for notes issued | $ 5,900 | ||||
Net proceeds from the issuance | 290,800 | ||||
Five Point Eight Hundred Seventy Five Percent Senior Notes [Member] | |||||
Original debt issuance | $ 185,000 | ||||
Interest Rate | 5.875% | ||||
Proceeds From Debt Issuance After Redemption | $ 106,000 | ||||
Debt Retirement Costs Before Tax | 4,200 | ||||
Debt Retirement Costs Net of Tax | 3,300 | ||||
Three Point Zero Three Percent Borrowing From Federal Home Loan Bank Due December 16, 2026 [Member] | |||||
Federal Home Loan Bank Advances | 45,000 | ||||
Original debt issuance | $ 60,000 | ||||
Interest Rate | 3.03% | ||||
Net proceeds from the issuance | 15,000 | ||||
Six Point Seventy Percent Senior Notes due 2035 [Member] | |||||
Acceleration of principal | $ 10,000 | ||||
Original debt issuance | $ 100,000 | ||||
Interest Rate | 6.70% | ||||
Discount for notes issued | $ 700 | ||||
Net proceeds from the issuance | $ 50,000 | ||||
Effective yield | 6.754% | ||||
Seven Point Twenty Five Percent Senior Notes due 2034 [Member] | |||||
Acceleration of principal | $ 10,000 | ||||
Original debt issuance | $ 50,000 | ||||
Interest Rate | 7.25% | ||||
Discount for notes issued | $ 100 | ||||
Effective yield | 7.27% | ||||
Bond proceeds to Insurance Subsidiaries as capital | $ 25,000 | ||||
Line of Credit [Member] | |||||
Acceleration of principal | $ 30,000 | ||||
Maximum borrowing percentage | 10% | ||||
Zero Point Seventy Percent Borrowing from FHLBNY Due June 27, 2022. [Member] | Selective Insurace Company of America (SICA) [Member] | |||||
Federal Home Loan Bank Advances | $ 20,000 | ||||
Federal Home Loan Bank, Advances, Interest Rate | 5% | ||||
Federal Home Loan Bank of Indianapolis [Member] | |||||
Aggregate investment in FHLBI | $ 5,200 | $ 5,200 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of Operating Segments | 4 | ||
Goodwill | $ 7,849 | $ 7,849 | |
Geographic Concentration Risk [Member] | Net Premiums Written, New Jersey | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Concentration Risk, Additional Characteristic | 16 | ||
Geographic Concentration Risk [Member] | Net Premiums Written, Pennsylvania | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Concentration Risk, Additional Characteristic | 10 | ||
Geographic Concentration Risk [Member] | Net Premiums Written, New York | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Concentration Risk, Additional Characteristic | 9 | ||
Net Premiums Written | Geographic Concentration Risk [Member] | Revenue, Product and Service Benchmark | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Percentage of net premiums written related to insurance policies | 35% |
Segment Information (Revenue Fr
Segment Information (Revenue From Continuing Operations by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Net premiums earned | $ 3,827,606 | $ 3,373,380 | $ 3,017,253 |
Other income | 19,402 | 11,335 | 17,723 |
Net investment income earned | 388,650 | 288,155 | 326,589 |
Net realized and unrealized investment gains (losses) | (3,552) | (114,808) | 17,599 |
Total investment revenues, before federal income tax | 385,098 | 173,347 | 344,188 |
Total revenues | 4,232,106 | 3,558,062 | 3,379,164 |
Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 3,088,952 | 2,749,338 | 2,459,941 |
Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 367,414 | 301,221 | 295,226 |
E&S Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 390,642 | 334,156 | 279,809 |
Commercial Automobile [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 586,267 | 495,647 | 436,412 |
Workers Compensation [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 333,669 | 335,955 | 306,428 |
General Liability [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 1,020,362 | 902,428 | 807,158 |
Commercial Property [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 916,140 | 812,306 | 724,398 |
Business Owners' Policies [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 140,547 | 124,474 | 110,622 |
Bonds Segment [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 46,215 | 43,354 | 35,762 |
Other Commercial [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 28,584 | 25,655 | 23,105 |
Personal Automobile [Member] | Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 200,027 | 162,899 | 163,007 |
Homeowners [Member] | Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 154,828 | 128,222 | 122,526 |
Other Personal [Member] | Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 10,358 | 8,284 | 8,026 |
Casualty Insurance Product Line [Member] | E&S Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 261,144 | 233,086 | 197,779 |
Property Insurance [Member] | E&S Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Net premiums earned | 129,465 | 101,070 | 82,030 |
Miscellaneous Income [Member] | Standard Commercial Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Other income | 17,168 | 9,519 | 16,056 |
Miscellaneous Income [Member] | Standard Personal Lines | |||
Revenue from External Customer [Line Items] | |||
Other income | 2,201 | 1,816 | 1,667 |
Miscellaneous Income [Member] | E&S Lines [Member] | |||
Revenue from External Customer [Line Items] | |||
Other income | $ 33 | $ 0 | $ 0 |
Segment Information (Income Fro
Segment Information (Income From Continuing Operations, Before and After Federal Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | |||
Net investment income earned | $ 388,650 | $ 288,155 | $ 326,589 |
Net realized and unrealized investment gains (losses) | (3,552) | (114,808) | 17,599 |
Total investment revenues, before federal income tax | 385,098 | 173,347 | 344,188 |
Tax on investment income | 78,369 | 31,846 | 67,284 |
Total investment income, after federal income tax | 306,729 | 141,501 | 276,904 |
Standard Commercial Lines [Member] | |||
Statement [Line Items] | |||
Underwriting income (loss), before federal income tax | 157,306 | 143,696 | 198,596 |
Underwriting income (loss), after federal income tax | $ 124,272 | $ 113,520 | $ 156,891 |
Combined ratio | 94.90% | 94.80% | 91.90% |
Return on equity contribution | 5% | 4.60% | 5.90% |
Standard Personal Lines | |||
Statement [Line Items] | |||
Underwriting income (loss), before federal income tax | $ (79,263) | $ (7,193) | $ 3,966 |
Underwriting income (loss), after federal income tax | $ (62,618) | $ (5,682) | $ 3,133 |
Combined ratio | 121.70% | 102.40% | 98.60% |
Return on equity contribution | (2.50%) | (0.20%) | 0.10% |
E&S Lines [Member] | |||
Statement [Line Items] | |||
Underwriting income (loss), before federal income tax | $ 54,756 | $ 30,299 | $ 16,030 |
Underwriting income (loss), after federal income tax | $ 43,257 | $ 23,936 | $ 12,664 |
Combined ratio | 86% | 90.90% | 94.30% |
Return on equity contribution | 1.70% | 1% | 0.50% |
Investments SIGI | |||
Statement [Line Items] | |||
Return on equity contribution | 12.40% | 9.40% | 9.90% |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Results to Income from Continuing Operations, before Federal Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total investment revenues | $ 385,098 | $ 173,347 | $ 344,188 |
Interest expense | (28,799) | (28,847) | (29,165) |
Corporate expenses | (30,686) | (31,116) | (28,305) |
Income before federal income tax | 458,412 | 280,186 | 505,310 |
Preferred stock dividends | (9,200) | (9,200) | (9,353) |
Income available to common stockholders, before federal income tax | 449,212 | 270,986 | 495,957 |
Standard Commercial Lines [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Underwriting income (loss), before federal income tax | 157,306 | 143,696 | 198,596 |
Standard Personal Lines | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Underwriting income (loss), before federal income tax | (79,263) | (7,193) | 3,966 |
E&S Lines [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Underwriting income (loss), before federal income tax | 54,756 | 30,299 | 16,030 |
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total all segments | $ 517,897 | $ 340,149 | $ 562,780 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net Income available to common stockholders | $ 356,038 | $ 215,686 | $ 394,484 |
Weighted average common shares outstanding - basic | 60,631,000 | 60,407,000 | 60,183,000 |
Effect of dilutive securities - stock compensation plans | 338,000 | 468,000 | 484,000 |
Weighted Average Common Shares Outstanding, Diluted | 60,969,000 | 60,875,000 | 60,667,000 |
Earnings per common share - net income available to common stockholders - Basic | $ 5.87 | $ 3.57 | $ 6.55 |
Earnings per common share - net income available to common stockholders - Diluted | $ 5.84 | $ 3.54 | $ 6.50 |
Federal Income Taxes (Reconcili
Federal Income Taxes (Reconciliation of Federal Income Tax on Income at the Corporate Rate to the Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax at statutory rate | $ 96,267 | $ 58,839 | $ 106,115 |
Tax-advantaged interest | (2,229) | (4,087) | (4,514) |
Dividends received deduction | (273) | (469) | (558) |
Executive compensation | 1,989 | 1,848 | 2,469 |
Stock-based compensation | (1,804) | (893) | (693) |
Other | (776) | 62 | (1,346) |
Total federal income tax expense | 93,174 | 55,300 | 101,473 |
Income available to common stockholders, before federal income tax | $ 449,212 | $ 270,986 | $ 495,957 |
Effective Income Tax Rate Reconciliation, Percent | 20.70% | 20.40% | 20.50% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Federal Income Taxes (Deferred
Federal Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net loss reserve discounting | $ 73,175 | $ 65,907 |
Net unearned premiums | 89,413 | 76,513 |
Employee benefits | 13,777 | 7,064 |
Long-term incentive compensation plans | 6,736 | 6,384 |
Unrealized losses on AFS securities | 74,183 | 110,857 |
Temporary investment write-downs | 7,560 | 12,480 |
Other | 8,080 | 9,824 |
Total deferred tax assets | 272,924 | 289,029 |
Deferred policy acquisition costs | 89,221 | 77,411 |
Other investment-related items, net | 33,309 | 26,713 |
Accelerated depreciation and amortization | 10,157 | 12,172 |
Deferred Tax Liabilities, Total | 132,687 | 116,296 |
Deferred federal income tax | (140,237) | (172,733) |
Deferred tax liability | ||
Net deferred federal income tax | $ 140,237 | $ 172,733 |
Retirement Plans (Deferred Comp
Retirement Plans (Deferred Compensation Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Savings Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 21.5 | $ 19.8 | $ 19.2 |
Retirement Plans (Funded Status
Retirement Plans (Funded Status of Retirement Income Plan and Retirement Life Plan) (Details) - Retirement Income Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 311,945 | $ 407,758 | |
Interest cost | 15,465 | 9,944 | $ 8,593 |
Actuarial losses (gains) | 12,890 | (91,653) | |
Benefits paid | (14,824) | (14,104) | |
Benefit obligation, end of year | 325,476 | 311,945 | 407,758 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets, beginning of year | 342,974 | 450,305 | |
Actual return on plan assets, net of expenses | 16,982 | (93,227) | |
Benefits paid | (14,824) | (14,104) | |
Fair value of assets, end of year | 345,132 | 342,974 | $ 450,305 |
Funded status | 19,656 | 31,029 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 19,656 | 31,029 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss | 116,558 | 100,561 | |
Weighted-Average Liability Asumptions | |||
Accumulated benefit obligation | $ 325,476 | $ 311,945 |
Retirement Plans (Discount Rate
Retirement Plans (Discount Rate narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Change in Defined Benefit Plan Discount Rate | 19 | |
Retirement Income Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.02% | 5.21% |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net actuarial gain (loss) | $ 19,385 | $ 20,941 | $ (21,636) | |
Reversal of amortization of net actuarial loss | (3,026) | (1,668) | (2,772) | |
Retirement Income Plan [Member] | ||||
Interest cost | 15,465 | 9,944 | 8,593 | |
Expected return on plan assets | (23,091) | (22,147) | (22,976) | |
Amortization of unrecognized actuarial loss | 3,001 | 1,465 | 2,501 | |
Total net periodic pension cost (benefit) | [1] | (4,625) | (10,738) | (11,882) |
Net actuarial gain (loss) | 18,998 | 23,722 | (20,609) | |
Reversal of amortization of net actuarial loss | (3,001) | (1,465) | (2,501) | |
Total recognized in other comprehensive income | 15,997 | 22,257 | (23,110) | |
Total recognized in net periodic benefit cost and OCI | $ 11,372 | $ 11,519 | $ (34,992) | |
[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) - Retirement Income Plan [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Discount rate | 5.21% | 2.98% | 2.68% |
Effective Interest Rate for Calculation of Interest Cost | 5.09% | 2.48% | 2.06% |
Expected return on plan assets | 6.90% | 5% | 5.40% |
Retirement Plans (Plan's Alloca
Retirement Plans (Plan's Allocated Target Ranges and Actual Weighted Average Asset Allocation by Investment Categories) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Actual percentage | 100% | 100% | |
Percent Hedge Against Projected Benefit Obligation | 90% | ||
Return Seeking Assets [Member] | |||
Actual percentage | [1] | 52% | 71% |
Liability Hedging Assets [Member] | |||
Actual percentage | 45% | 27% | |
Short-term Investments [Member] | |||
Actual percentage | 3% | 2% | |
Minimum [Member] | Return Seeking Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 28 | ||
Minimum [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 42 | ||
Minimum [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | - | ||
Maximum [Member] | Return Seeking Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 58 | ||
Maximum [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 72 | ||
Maximum [Member] | Short-term Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | - | ||
[1] Includes limited partnerships. |
Retirement Plans (Quantitative
Retirement Plans (Quantitative Disclosures of Retirement Income Plan's Invested Assets that are Measured at Fair Value on a Recurring Basis) (Details) - Retirement Income Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | $ 345,132 | $ 342,974 | $ 450,305 | ||
Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 347,940 | 341,826 | |||
Total Equities [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 181,366 | 241,987 | |||
Alternative Investments [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 338 | 358 | ||
Return Seeking Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 181,704 | 242,345 | |||
Liability Hedging Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 154,830 | 91,633 | |||
Cash And Short Term Investments [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 11,406 | 7,848 | |||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 345,211 | 338,728 | |||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Total Equities [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 181,366 | 241,987 | |||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Return Seeking Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 181,366 | 241,987 | |||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Liability Hedging Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 154,830 | 91,633 | |||
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash And Short Term Investments [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 9,015 | 5,108 | |||
Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 2,391 | 2,740 | |||
Significant Other Observable Inputs (Level 2) [Member] | Total Equities [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Return Seeking Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Liability Hedging Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | Cash And Short Term Investments [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 2,391 | 2,740 | |||
Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Total Equities [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Return Seeking Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Liability Hedging Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Cash And Short Term Investments [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Global Equity [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 39,038 | 63,852 | |||
Global Equity [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 39,038 | 63,852 | |||
Global Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Global Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Diversified Credit [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 42,630 | 58,761 | |||
Diversified Credit [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 42,630 | 58,761 | |||
Diversified Credit [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Diversified Credit [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Real Assets Equity [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 59,603 | 95,396 | |||
Real Assets Equity [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 59,603 | 95,396 | |||
Real Assets Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Real Assets Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Liquid diversifiers | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 40,095 | [2] | 23,978 | ||
Liquid diversifiers | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 40,095 | [2] | 23,978 | ||
Liquid diversifiers | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | [2] | 0 | ||
Liquid diversifiers | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | [2] | 0 | ||
Real Assets [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 27 | 27 | ||
Real Assets [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Real Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Real Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Private Equity Funds [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 311 | 331 | ||
Private Equity Funds [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Private Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Alternative Investments [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Alternative Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Alternative Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | [1] | 0 | 0 | ||
Fixed Income Securities [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 79,632 | 35,378 | |||
Fixed Income Securities [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 79,632 | 35,378 | |||
Fixed Income Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Fixed Income Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
US Treasury Securities [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 75,198 | 56,255 | |||
US Treasury Securities [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 75,198 | 56,255 | |||
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Short-term Investments [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 9,015 | 5,108 | |||
Short-term Investments [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 9,015 | 5,108 | |||
Short-term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Short-term Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Deposit Administration Contracts [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 2,391 | 2,740 | |||
Deposit Administration Contracts [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 0 | 0 | |||
Deposit Administration Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 2,391 | 2,740 | |||
Deposit Administration Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value, recurring [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | $ 0 | $ 0 | |||
[1] These investments 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. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total Pension Plan invested assets. |
Retirement Plans (Benefit Payme
Retirement Plans (Benefit Payments) (Details) - Retirement Income Plan [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 17,750 |
2025 | 17,854 |
2026 | 18,930 |
2027 | 19,922 |
2028 | 20,846 |
2029 - 2033 | $ 113,137 |
Share-Based Payments (Summary o
Share-Based Payments (Summary of Shares Available for Issuance) (Details) | Dec. 31, 2023 shares |
Omnibus Stock Plan 2014 [Member] | |
Schedule of Share-Based Compensation Shares Available for Issuance [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,750,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,318,832 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 572,249 |
Employee Stock [Member] | |
Schedule of Share-Based Compensation Shares Available for Issuance [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,049,788 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 |
Agent Stock Purchase Plan [Member] | |
Schedule of Share-Based Compensation Shares Available for Issuance [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,508,712 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 |
Shared-Based Payments (Summary
Shared-Based Payments (Summary of Retired Plans) (Details) | Dec. 31, 2023 shares | |
Omnibus Stock Plan [Member] | ||
Schedule of Share-Based Compensation Retired Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,951,538 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 26,138 | [1] |
Stock Compensation Plan For Non Employee Directors [Member] | ||
Schedule of Share-Based Compensation Retired Plans [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 37,412 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 37,412 | [1] |
[1] Awards outstanding under the 2005 Stock Plan represent shares deferred by our non-employee directors. |
Share-Based Payments (Summary_2
Share-Based Payments (Summary of the Restricted Stock Unit Transactions under Share-Based Payment Plans) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested RSU awards at December 31, 2022, number of shares | 637,062 | ||
Granted in 2023, number of shares | 191,867 | ||
Vested in 2023, number of shares | (230,383) | ||
Forfeited in 2023, number of shares | (47,325) | ||
Unvested RSU awards at December 31, 2023, number of shares | 551,221 | 637,062 | |
Unvested RSU awards at December 31, 2022, weighted average grant date fair value | $ 68.84 | ||
Granted in 2023, weighted average grant date fair value | 99.55 | $ 76.09 | $ 64.03 |
Vested in 2023, weighted average grant date value | 68.54 | ||
Forfeited in 2023, weighted average grant date fair value | 76.19 | ||
Unvested RSU awards at December 31, 2023, weighted average grant date fair value | $ 79.23 | $ 68.84 |
Share-Based Payments (Narrative
Share-Based Payments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | |||
Total unrecognized compensation cost related to unvested RSU awards | $ 10.6 | ||
Weighted average remaining expense life | 1 year 7 months 6 days | ||
Total intrinsic value of shares vested | $ 23.3 | $ 18.1 | $ 17.2 |
Dividend Equivalent Units [Member] | |||
Total intrinsic value of shares vested | $ 0.9 | 0.7 | 0.6 |
Cash Incentive Plan [Member] | |||
Weighted average remaining expense life | 9 months 18 days | ||
Share Based Compensation Liability Awards Amount Of Liability | $ 10.5 | 11.1 | |
Cash incentive unit payments made | $ 3 | $ 2.9 | $ 2.2 |
Shared-Based Payments (Summar_2
Shared-Based Payments (Summary of ESPP and ASPP Shares Issued) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted [Line Items] | |||
Stock Issued During Period Shares | 357,588 | 374,102 | 395,018 |
Employee Stock [Member] | |||
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted [Line Items] | |||
Stock Issued During Period Shares | 67,075 | 67,986 | 72,239 |
Agent Stock Purchase Plan [Member] | |||
Schedule of Share-Based Compensation ESPP and ASPP Shares Granted [Line Items] | |||
Stock Issued During Period Shares | 42,786 | 56,736 | 50,999 |
Share-Based Payments (Weighted
Share-Based Payments (Weighted Average Assumptions for Employee Stock Purchase Plan and Other Options) (Details) - Employee Stock Purchase Plan [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risk-free interest rate | 5.14% | 1.42% | 0.07% |
Expected term | 6 months | 6 months | 6 months |
Dividend yield | 1.30% | 1.30% | 1.40% |
Expected volatility | 26% | 21% | 28% |
Share-Based Payments (Weighted-
Share-Based Payments (Weighted-Average Fair Value of Options and Stock Per Share) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | |||
Stock, weighted average grant date fair value | $ 99.55 | $ 76.09 | $ 64.03 |
Employee Stock Purchase Plan [Member] | |||
Options, weighted average grant date fair value | 6.67 | 4.43 | 4.69 |
Discount of grant date market value | 13.91 | 12.61 | 10.98 |
Total ESPP | 20.58 | 17.04 | 15.67 |
Agent Stock Purchase Plan [Member] | |||
Stock, weighted average grant date fair value | $ 9.99 | $ 8.28 | $ 7.57 |
Shared-Based Payments (Summar_3
Shared-Based Payments (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Share-Based Compensation Expenses [Abstract] | |||
Share-based compensation expense, pre-tax | $ 23 | $ 23.6 | $ 22.3 |
Income tax benefit, including the benefit related to stock grants that vested during the year | (6.4) | (5.6) | (5.1) |
Share-based Compensation Expense, Net of Tax | $ 16.6 | $ 18 | $ 17.2 |
Preferred Stock Text Block List
Preferred Stock Text Block List (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
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 | 8,000 | 8,000 |
Preferred Stock Depository Shares Issued | 8,000,000 | |||
Preferred Stock, Liquidation Preference, Value | $ 25 | |||
Preferred stock issued, net of issuance costs | $ 0 | $ 0 | $ 479 | |
Preferred Stock, Redemption Price Per Share | $ 25,000 | |||
Rating Agency Event [Member] | ||||
Class of Stock [Line Items] | ||||
Depositary Share Price | 25.50 | |||
Preferred Stock, Redemption Price Per Share | 25,500 | |||
Regulatory Capital Event [Member] | ||||
Class of Stock [Line Items] | ||||
Depositary Share Price | 25 | |||
Preferred Stock, Redemption Price Per Share | $ 25,000 | |||
Proceeds from preferred stock offering; less issuance costs [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock issued, net of issuance costs | $ 194,600 | |||
Series A [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Shares Authorized | 300,000 | 300,000 | ||
Series B [Member] | ||||
Class of Stock [Line Items] | ||||
Depositary Share Price | $ 25 | |||
Preferred Stock, Dividend Rate, Percentage | 4.60% |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Treasury Stock, Shares, Acquired | 0 | 165,159 | 52,781 |
Treasury stock, share repurchase authorization, cost | $ 12,400 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 84,200 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2023 | |
Equity Ownership Percentage Of Director Of Parent Of Rue Insurance | 100% | |||
Direct premiums written | $ 4,725,459 | $ 4,068,518 | $ 3,656,537 | |
Contributions to the Selective Insurance Group Foundation | 300 | 1,300 | ||
Other liabilities | 548,398 | 517,234 | ||
Investments | $ 8,693,729 | 7,837,469 | ||
BlackRock Inc [Member] | ||||
Percentage Common Stock Owned by Related Party | 12.80% | |||
Other liabilities | $ 600 | $ 800 | 500 | |
Percentage of investments in related party funds to total invested assets | 1% | 1% | ||
Related Party Transaction, Purchases from Related Party | $ 7,900 | $ 18,500 | 16,500 | |
Sale of Related Party Investments | 2,800 | 32,300 | 32,500 | |
Related Party Transactions, Realized and unrealized gains (losses) | 1,700 | 6,900 | 600 | |
Investment Income (Loss), Net | $ (2,500) | (1,800) | (900) | |
Related Party Insurance Agency [Member] | ||||
Equity ownership percentage of director of parent of general independent retail insurance agency | 10% | |||
Equity Ownership Percentage Of Son Of Director Of Parent | 10% | |||
Equity Ownership Percentage Of Daughter Of Director Of Parent | 10% | |||
Direct premiums written | $ 15,700 | 14,300 | 12,800 | |
Commissions paid to Rue Insurance | 2,900 | 2,700 | 2,000 | |
Costs and Expenses, Related Party - BlackRock | 2,100 | 1,800 | 1,800 | |
Other liabilities | 700 | $ 700 | ||
Vanguard Group [Member] | ||||
Percentage Common Stock Owned by Related Party | 10.03% | |||
Percentage of investments in related party funds to total invested assets | 1% | |||
Related Party Transactions, Realized and unrealized gains (losses) | 100 | $ 10,400 | 17,700 | |
Investment Income (Loss), Net | (700) | (4,700) | (7,500) | |
Retirement Income Plan [Member] | BlackRock Inc [Member] | ||||
Related Party Transaction, Purchases from Related Party | 19,900 | 56,400 | 18,000 | |
Sale of Related Party Investments | 35,100 | 65,700 | 18,100 | |
Investments | 114,200 | 120,100 | ||
Investment Income (Loss), Net | 9,300 | (80,500) | 18,200 | |
Retirement Income Plan [Member] | Vanguard Group [Member] | ||||
Related Party Transaction, Purchases from Related Party | 500 | 3,500 | 19,300 | |
Sale of Related Party Investments | $ 32,900 | $ 125,200 | $ 23,600 |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease Expense [Line Items] | ||
Operating lease cost | $ 7,409 | $ 8,148 |
Finance lease cost: Amortization of assets | 2,692 | 2,440 |
Finance lease cost: Interest on lease liabilities | 66 | 46 |
Total finance lease cost | 2,758 | 2,486 |
Variable lease cost | 996 | 1,384 |
Short-term lease cost | $ 411 | $ 166 |
Leases (Supplemental Informatio
Leases (Supplemental Information on Operating and Finance Leases) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Supplemental Lease Information [Line Items] | ||
Weighted average remaining lease term, operating leases | 7 years | 8 years |
Weighted average remaining lease term, finance leases | 2 years | 2 years |
Weighted average discount rate, operating leases | 2.80% | 2.60% |
Weighted average discount rate, finance leases | 3.50% | 1.20% |
Leases (Lease Assets and Liabil
Leases (Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lease Assets and Liabilities [Abstract] | ||
Operating leases, Other assets | $ 41,256 | $ 42,403 |
Operating leases, Other liabilities | 43,675 | 44,505 |
Finance leases, Property and equipment - at cost, net of accumulated depreciation and amortization | 2,605 | 3,713 |
Finance lease obligations | 2,636 | 3,718 |
Operating Lease, Liability | $ 43,675 | $ 44,505 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | Property and equipment - at cost, net of accumulated depreciation and amortization | Property and equipment - at cost, net of accumulated depreciation and amortization |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt (Note 11) | Long-term debt (Note 11) |
Leases (Maturities of Lease Lia
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finance Lease Liability, Due Year One | $ 3,002 | |
Finance Lease Liability, Due Year Two | 2,859 | |
Finance Lease Liability, Due Year Three | 2,482 | |
Finance Lease Liability, Due Year Four | 702 | |
Finance Lease Liability, Due Year Five | 0 | |
Total finance leases due thereafter | 0 | |
Finance Lease, Liability, total payments | 9,045 | |
Finance Lease imputed interest | 112 | |
Leases that have not yet commenced | 6,297 | |
Finance Lease, Liability | 2,636 | $ 3,718 |
Operating Lease Liability, Due Year One | 7,624 | |
Operating Lease Liability, Due Year Two | 7,749 | |
Operating Lease Liability, Due Year Three | 7,413 | |
Operating Lease Liability, Due Year Four | 7,109 | |
Operating Lease Liability, Due Year Five | 6,889 | |
Total operating lease due thereafter | 18,605 | |
Operating Lease Liability, total payments | 55,389 | |
Operating Lease imputed interest | 4,221 | |
Operating Lease Liability Not Yet Commenced | 7,493 | |
Operating Lease, Liability | 43,675 | $ 44,505 |
Total Lease Liability, Due Year One | 10,626 | |
Total Lease Liability, Due Year Two | 10,608 | |
Total Lease Liability, Due Year Three | 9,895 | |
Total Lease Liability, Due Year Four | 7,811 | |
Total Lease Liability, Due Year Five | 6,889 | |
Total Lease Due Thereafter | 18,605 | |
Total Lease Liability, total payments | 64,434 | |
Total imputed interest | 4,333 | |
Total leases that have not yet commenced | 13,790 | |
Total lease liabilities | $ 46,311 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Total contractually obligated investments | |
Contractual Obligation | $ 413,800 |
Alternative and Other Investments | |
Contractual Obligation | 254,300 |
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio | |
Contractual Obligation | 86,700 |
Non-publicly traded common stock within our equity portfolio | |
Contractual Obligation | 40,000 |
Commercial Mortgage Loans SIGI | |
Contractual Obligation | 800 |
Privately placed corporate securities | |
Contractual Obligation | $ 32,000 |
Commitments and Contingencies S
Commitments and Contingencies Stuctured Settlement Annuity (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Amount Of Annuities | $ 30.8 |
Statutory Financial Informati_3
Statutory Financial Information, Capital Requirements and Restrictions on Dividends and Transfers of Funds (Statutory Financial Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory unassigned surplus | $ 2,176.7 | $ 1,908.1 | |
Statutory surplus | 2,742.3 | 2,473.7 | |
Statutory net income | 318.8 | 264.4 | $ 338.3 |
Selective Insurace Company of America (SICA) [Member] | |||
Statutory unassigned surplus | 773.6 | 686.6 | |
Statutory surplus | 938.8 | 851.8 | |
Statutory net income | 120.4 | 103.1 | 134.7 |
Selective Way Insurance Company (SWIC) [Member] | |||
Statutory unassigned surplus | 513.5 | 461.9 | |
Statutory surplus | 569.3 | 517.8 | |
Statutory net income | 64.1 | 69.6 | 74.5 |
Selective Insurance Company of South Carolina (SICSC) [Member] | |||
Statutory unassigned surplus | 201.3 | 164.1 | |
Statutory surplus | 235.6 | 198.4 | |
Statutory net income | 26 | 17 | 24.2 |
Selective Insurance Company of the Southeast (SICSE) [Member] | |||
Statutory unassigned surplus | 155.1 | 135.9 | |
Statutory surplus | 182.7 | 163.5 | |
Statutory net income | 21.6 | 14.2 | 19.4 |
Selective Insurance Company of New York (SICNY) [Member] | |||
Statutory unassigned surplus | 152.4 | 137.4 | |
Statutory surplus | 180.1 | 165.1 | |
Statutory net income | 16.4 | 13.2 | 18.6 |
Selective Insurance Company of New England (SICNE) [Member] | |||
Statutory unassigned surplus | 45.5 | 38.2 | |
Statutory surplus | 76.7 | 69.3 | |
Statutory net income | 8.3 | 5.1 | 7.5 |
Selective Auto Insurance Company of New Jersey (SAICNJ) [Member] | |||
Statutory unassigned surplus | 119.3 | 102.2 | |
Statutory surplus | 164.2 | 147.1 | |
Statutory net income | 16.2 | 12.7 | 16.7 |
Mesa Underwriting Specialty Insurance Company (MUSIC) [Member] | |||
Statutory unassigned surplus | 64.3 | 52.8 | |
Statutory surplus | 133.7 | 122.3 | |
Statutory net income | 14.4 | 9.7 | 13.9 |
Selective Casualty Insurance Company (SCIC) [Member] | |||
Statutory unassigned surplus | 107.8 | 91.4 | |
Statutory surplus | 184.3 | 167.9 | |
Statutory net income | 24 | 14 | 20.6 |
Selective Fire and Casualty Insurance Company (SFCIC) [Member] | |||
Statutory unassigned surplus | 43.9 | 37.6 | |
Statutory surplus | 76.9 | 70.5 | |
Statutory net income | $ 7.4 | $ 5.8 | $ 8.2 |
Statutory Financial Informati_4
Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds (Dividends) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retained Earnings | $ 3,029,396 | $ 2,749,703 |
Ordinary dividends paid | 80,000 | |
Maximum Ordinary Dividends | $ 316,200 | |
Maximum borrowing percentage | 10% | |
New Jersey Dividend Restriction on Insurer's Statutory Surplus | 10% | |
New York Dividend Restriction on Insurer's Statutory Surplus | 10% | |
New York Dividend Restriction on Adjusted Net Investment Income | 100% | |
Parent Company [Member] | ||
Investments and Cash | $ 508,000 | |
Retained Earnings | 3,029,396 | $ 2,749,703 |
Selective Insurace Company of America (SICA) [Member] | ||
Ordinary dividends paid | 41,500 | |
Maximum Ordinary Dividends | 117,700 | |
Selective Way Insurance Company (SWIC) [Member] | ||
Ordinary dividends paid | 16,300 | |
Maximum Ordinary Dividends | 62,400 | |
Selective Insurance Company of South Carolina (SICSC) [Member] | ||
Ordinary dividends paid | 3,800 | |
Maximum Ordinary Dividends | 26,000 | |
Selective Insurance Company of the Southeast (SICSE) [Member] | ||
Ordinary dividends paid | 4,400 | |
Maximum Ordinary Dividends | 21,600 | |
Selective Insurance Company of New York (SICNY) [Member] | ||
Ordinary dividends paid | 2,000 | |
Maximum Ordinary Dividends | 18,000 | |
Selective Insurance Company of New England (SICNE) [Member] | ||
Ordinary dividends paid | 1,000 | |
Maximum Ordinary Dividends | 8,100 | |
Selective Auto Insurance Company of New Jersey (SAICNJ) [Member] | ||
Ordinary dividends paid | 800 | |
Maximum Ordinary Dividends | 16,400 | |
Mesa Underwriting Specialty Insurance Company (MUSIC) [Member] | ||
Ordinary dividends paid | 3,500 | |
Maximum Ordinary Dividends | 14,300 | |
Selective Casualty Insurance Company (SCIC) [Member] | ||
Ordinary dividends paid | 5,200 | |
Maximum Ordinary Dividends | 24,000 | |
Selective Fire and Casualty Insurance Company (SFCIC) [Member] | ||
Ordinary dividends paid | 1,500 | |
Maximum Ordinary Dividends | 7,700 | |
Parent Company [Member] | ||
Retained Earnings | 3,000,000 | |
Additional Borrowing Capacity for Parent | $ 114,500 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Amortized Cost or Cost | $ 9,071,424 |
Carrying Amount | 8,693,729 |
Short-term Investments [Member] | |
Amortized Cost or Cost | 309,300 |
Carrying Amount | 309,317 |
Other Investments [Member] | |
Amortized Cost or Cost | 91,164 |
Carrying Amount | 91,164 |
Alternative Investments [Member] | |
Amortized Cost or Cost | 395,779 |
Carrying Amount | 395,779 |
Held-to-maturity Securities [Member] | All other corporate securities | |
Amortized Cost or Cost | 22,700 |
Fair Value | 21,923 |
Carrying Amount | 22,700 |
Held-to-maturity Securities [Member] | Fixed Income Securities [Member] | |
Amortized Cost or Cost | 22,700 |
Fair Value | 21,923 |
Carrying Amount | 22,700 |
AFS Fixed Income Securities [Member] | US Government Agencies Debt Securities [Member] | |
Amortized Cost or Cost | 223,157 |
Fair Value | 205,035 |
Carrying Amount | 205,035 |
AFS Fixed Income Securities [Member] | Foreign Government | |
Amortized Cost or Cost | 11,140 |
Fair Value | 9,803 |
Carrying Amount | 9,803 |
AFS Fixed Income Securities [Member] | Obligations of States and Political Subdivisions [Member] | |
Amortized Cost or Cost | 612,938 |
Fair Value | 585,965 |
Carrying Amount | 585,965 |
AFS Fixed Income Securities [Member] | Public Utilities | |
Amortized Cost or Cost | 150,064 |
Fair Value | 142,425 |
Carrying Amount | 142,425 |
AFS Fixed Income Securities [Member] | All other corporate securities | |
Amortized Cost or Cost | 2,683,984 |
Fair Value | 2,568,814 |
Carrying Amount | 2,568,814 |
AFS Fixed Income Securities [Member] | CLO and Other ABS | |
Amortized Cost or Cost | 1,911,831 |
Fair Value | 1,834,827 |
Carrying Amount | 1,834,827 |
AFS Fixed Income Securities [Member] | Commercial Mortgage-backed Securities (CMBS) [Member] | |
Amortized Cost or Cost | 1,568,960 |
Fair Value | 1,477,483 |
Carrying Amount | 1,477,483 |
AFS Fixed Income Securities [Member] | Residential Mortgage Backed Securities [Member] | |
Amortized Cost or Cost | 718,623 |
Fair Value | 674,845 |
Carrying Amount | 674,845 |
AFS Fixed Income Securities [Member] | Fixed Income Securities [Member] | |
Amortized Cost or Cost | 7,880,697 |
Fair Value | 7,499,197 |
Carrying Amount | 7,499,197 |
Equity Securities [Member] | Banks, trusts, and insurance companies | |
Amortized Cost or Cost | 33,224 |
Fair Value | 32,725 |
Carrying Amount | 32,725 |
Equity Securities [Member] | Industrial, miscellaneous and all other | |
Amortized Cost or Cost | 147,892 |
Fair Value | 152,614 |
Carrying Amount | 152,614 |
Equity Securities [Member] | Preferred Stock [Member] | |
Amortized Cost or Cost | 1,960 |
Fair Value | 1,816 |
Carrying Amount | 1,816 |
Equity Securities [Member] | Equity Securities [Member] | |
Amortized Cost or Cost | 183,076 |
Fair Value | 187,155 |
Carrying Amount | 187,155 |
Commercial Mortgage Loans [Member] | |
Amortized Cost or Cost | 188,708 |
Carrying Amount | $ 188,417 |
Parent Corporation Balance Shee
Parent Corporation Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Debt Securities, Available-for-sale, Fair Value | $ 7,499,197 | $ 6,612,107 | ||
Equity securities | 187,155 | 162,000 | ||
Short-term investments | 309,317 | 440,456 | ||
Other investments | 91,164 | 71,244 | ||
Cash | 180 | 26 | ||
Current federal income tax | 0 | 3,545 | ||
Deferred federal income tax | 140,237 | 172,733 | ||
Other assets | 199,760 | 202,491 | ||
Total assets | 11,802,546 | 10,802,261 | ||
Liabilities: | ||||
Long-term debt | 503,946 | 504,676 | ||
Other liabilities | 548,398 | 517,234 | ||
Total liabilities | 8,848,165 | 8,274,697 | ||
Stockholders’ Equity: | ||||
Preferred stock of $0 par value per share (Note 17): 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: 105,223,307 - 2023; 104,847,111 - 2022 | 210,447 | 209,694 | ||
Additional paid-in capital | 522,748 | 493,488 | ||
Retained earnings | 3,029,396 | 2,749,703 | ||
Accumulated other comprehensive income (loss) | (373,001) | (498,042) | ||
Treasury stock, at cost (shares: 44,586,870 - 2023; 44,508,211 - 2022) | (635,209) | (627,279) | ||
Total stockholders’ equity | 2,954,381 | 2,527,564 | $ 2,982,885 | |
Total liabilities and stockholders’ equity | 11,802,546 | 10,802,261 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Debt Securities, Available-for-sale, Fair Value | 421,089 | 387,535 | ||
Equity securities | 50,920 | 48,095 | ||
Short-term investments | 17,671 | 33,008 | ||
Other investments | 18,134 | 15,631 | ||
Cash | 180 | 26 | $ 455 | $ 394 |
Investment in subsidiaries | 2,958,746 | 2,524,448 | ||
Current federal income tax | 9,006 | 8,894 | ||
Deferred federal income tax | 11,128 | 14,733 | ||
Other assets | 10,101 | 11,104 | ||
Total assets | 3,496,975 | 3,043,474 | ||
Liabilities: | ||||
Long-term debt | 441,310 | 440,958 | ||
Intercompany notes payable | 81,465 | 56,266 | ||
Accrued long-term stock compensation | 10,522 | 11,101 | ||
Other liabilities | 9,297 | 7,585 | ||
Total liabilities | 542,594 | 515,910 | ||
Stockholders’ Equity: | ||||
Preferred stock of $0 par value per share (Note 17): 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: 105,223,307 - 2023; 104,847,111 - 2022 | 210,447 | 209,694 | ||
Additional paid-in capital | 522,748 | 493,488 | ||
Retained earnings | 3,029,396 | 2,749,703 | ||
Accumulated other comprehensive income (loss) | (373,001) | (498,042) | ||
Treasury stock, at cost (shares: 44,586,870 - 2023; 44,508,211 - 2022) | (635,209) | (627,279) | ||
Total stockholders’ equity | 2,954,381 | 2,527,564 | ||
Total liabilities and stockholders’ equity | $ 3,496,975 | $ 3,043,474 |
Parent Corporation Balance Sh_2
Parent Corporation Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed income securities, available-for-sale, allowance for credit loss | $ 28,212 | $ 45,721 | $ 9,724 |
Fixed income securities, available-for-sale, amortized cost | $ 7,880,697 | $ 7,185,754 | |
Preferred Stock, Par or Stated Value (in dollars per share) | $ 0 | $ 0 | |
Preferred Stock, Liquidation Preference (in dollars per share) | $ 25,000 | $ 25,000 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Shares Issued | 8,000 | 8,000 | |
Common Stock, Par or Stated Value (in dollars per share) | $ 2 | $ 2 | |
Common Stock, Shares Authorized | 360,000,000 | 360,000,000 | |
Common Stock, Shares, Issued | 105,223,307 | 104,847,111 | |
Treasury Stock, Shares | 44,586,870 | 44,508,211 | |
Parent Company [Member] | |||
Fixed income securities, available-for-sale, allowance for credit loss | $ 426 | $ 1,194 | |
Fixed income securities, available-for-sale, amortized cost | $ 443,261 | $ 418,588 |
Parent Corporation Statements o
Parent Corporation Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Net investment income earned | $ 388,650 | $ 288,155 | $ 326,589 |
Total revenues | 4,232,106 | 3,558,062 | 3,379,164 |
Expenses: | |||
Interest expense | 28,799 | 28,847 | 29,165 |
Total expenses | 3,773,694 | 3,277,876 | 2,873,854 |
Income before federal income tax | 458,412 | 280,186 | 505,310 |
Federal income tax (benefit) expense: | |||
Current | 94,022 | 78,308 | 87,335 |
Deferred | (848) | (23,008) | 14,138 |
Total federal income tax benefit | 93,174 | 55,300 | 101,473 |
Net income | 365,238 | 224,886 | 403,837 |
Preferred stock dividends | 9,200 | 9,200 | 9,353 |
Net Income available to common stockholders | 356,038 | 215,686 | 394,484 |
Parent Company [Member] | |||
Revenues: | |||
Dividends from subsidaries | 80,005 | 120,007 | 140,018 |
Net investment income earned | 20,167 | 18,622 | 15,454 |
Net realized and unrealized investment gains (losses) | 996 | (17,855) | 1,898 |
Total revenues | 101,168 | 120,774 | 157,370 |
Expenses: | |||
Interest expense | 29,824 | 28,897 | 28,988 |
Other expenses | 30,686 | 31,116 | 28,305 |
Total expenses | 60,510 | 60,013 | 57,293 |
Income before federal income tax | 40,658 | 60,761 | 100,077 |
Federal income tax (benefit) expense: | |||
Current | (9,618) | (9,381) | (6,552) |
Deferred | 1,650 | (2,189) | 12 |
Total federal income tax benefit | (7,968) | (11,570) | (6,540) |
Net income before equity in undistributed income of subsidiaries | 48,626 | 72,331 | 106,617 |
Equity In Undistributed Income Of Continuing Subsidiaries, Net Of Tax | 316,612 | 152,555 | 297,220 |
Net income | 365,238 | 224,886 | 403,837 |
Preferred stock dividends | 9,200 | 9,200 | 9,353 |
Net Income available to common stockholders | $ 356,038 | $ 215,686 | $ 394,484 |
Parent Corporation Statements_2
Parent Corporation Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 365,238 | $ 224,886 | $ 403,837 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Stock-based compensation expense | 18,346 | 18,428 | 15,893 |
Undistributed losses of equity method investments | (17,083) | (12,946) | (69,873) |
Distributions in excess of current year income of equity method investments | 16,052 | 43,184 | 2,910 |
Amortization - other | 30,040 | 42,336 | 55,109 |
Changes in assets and liabilities: | |||
(Increase) decrease in net federal income taxes | 9,082 | (25,932) | (542) |
(Increase) decrease in other assets | (23,195) | (37,561) | (33,379) |
Increase (decrease) in other liabilities | 16,255 | 49,869 | 78,121 |
Investing Activities | |||
Purchases of fixed income securities, available-for-sale | (2,438,851) | (2,648,974) | (2,165,555) |
Purchases of equity securities | (24,166) | (26,675) | (88,640) |
Purchases of short-term investments | (4,479,918) | (4,506,500) | (4,345,140) |
Purchase of other investments | (97,597) | (73,408) | (85,044) |
Redemption and maturities of fixed income securities, available-for-sale | 509,220 | 669,211 | 1,217,555 |
Sales of fixed income securities, available-for-sale | 1,221,918 | 1,211,739 | 502,911 |
Sales of equity securities | 53,344 | 186,144 | 99,235 |
Sales of short-term investments | 4,611,342 | 4,513,940 | 4,306,684 |
Financing Activities | |||
Dividends to preferred stockholders | (9,200) | (9,200) | (9,353) |
Dividends to common stockholders | (73,827) | (66,920) | (60,136) |
Acquisition of treasury stock | (7,930) | (18,344) | (9,050) |
Net proceeds from stock purchase and compensation plans | 9,133 | 9,086 | 7,976 |
Preferred stock issued, net of issuance costs | 0 | 0 | (479) |
Cash, beginning of year | 26 | ||
Cash, end of year | 180 | 26 | |
Parent Company [Member] | |||
Operating Activities | |||
Net income | 365,238 | 224,886 | 403,837 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity in undistributed income of subsidiaries, net of tax | (316,612) | (152,555) | (297,220) |
Stock-based compensation expense | 18,346 | 18,428 | 15,893 |
Net realized and unrealized investment (gains) losses | (996) | 17,855 | (1,898) |
Undistributed losses of equity method investments | (279) | (2,240) | (1,859) |
Distributions in excess of current year income of equity method investments | 766 | 0 | 0 |
Amortization - other | 1,020 | 154 | 1,076 |
Changes in assets and liabilities: | |||
Increase (decrease) in accrued long-term stock compensation | (579) | 136 | 2,727 |
(Increase) decrease in net federal income taxes | 1,538 | (3,875) | 3,843 |
(Increase) decrease in other assets | 963 | (1,961) | (7,251) |
Increase (decrease) in other liabilities | 1,375 | (2,813) | (1,742) |
Net cash provided by (used in) operating activities | 68,740 | 97,707 | 117,406 |
Investing Activities | |||
Purchases of fixed income securities, available-for-sale | (72,328) | (208,512) | (113,829) |
Purchases of equity securities | (743) | (1,647) | (5,676) |
Purchases of short-term investments | (233,129) | (362,213) | (330,843) |
Purchase of other investments | (53,262) | (4,149) | (4,949) |
Redemption and maturities of fixed income securities, available-for-sale | 29,619 | 35,527 | 51,524 |
Sales of fixed income securities, available-for-sale | 20,314 | 66,725 | 15,713 |
Sales of equity securities | 48,960 | 77,971 | 31,204 |
Sales of short-term investments | 248,588 | 385,254 | 311,225 |
Proceeds from Limited Partnership Investments | 20 | 0 | 959 |
Net cash provided by (used in) investing activities | (11,961) | (11,044) | (44,672) |
Financing Activities | |||
Dividends to preferred stockholders | (9,200) | (9,200) | (9,353) |
Dividends to common stockholders | (73,827) | (66,920) | (60,136) |
Acquisition of treasury stock | (7,930) | (18,344) | (9,050) |
Net proceeds from stock purchase and compensation plans | 9,133 | 9,086 | 7,976 |
Preferred stock issued, net of issuance costs | 0 | 0 | (479) |
Proceeds from Related Party Debt | 27,000 | 0 | 0 |
Principal payments of borrowings from subsidiaries | (1,801) | (1,714) | (1,631) |
Net cash provided by (used in) financing activities | (56,625) | (87,092) | (72,673) |
Net increase (decrease) in cash | 154 | (429) | 61 |
Cash, beginning of year | 26 | 455 | 394 |
Cash, end of year | $ 180 | $ 26 | $ 455 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Deferred policy acquisition costs | $ 424,864 | $ 368,624 | $ 326,915 | ||||
Reserve for loss and loss expenses | 5,336,911 | 5,144,821 | 4,580,903 | ||||
Unearned premiums | 2,330,656 | 1,992,781 | 1,803,207 | ||||
Net premiums earned | 3,827,606 | 3,373,380 | 3,017,253 | ||||
Net investment income | [1] | 385,098 | 173,347 | 344,188 | |||
Loss and loss expense incurred | 2,484,285 | 2,111,778 | 1,813,984 | ||||
Amortization of deferred policy acquisition costs | 796,182 | 705,822 | 626,469 | ||||
Other operating expenses | 414,340 | [2] | 388,978 | [3] | 358,208 | [4] | |
Net premiums written | 4,134,532 | 3,573,590 | 3,189,713 | ||||
Other insurance expenses | 433,742 | 400,313 | 375,931 | ||||
Other income | 19,402 | 11,335 | 17,723 | ||||
Standard Commercial Lines [Member] | |||||||
Deferred policy acquisition costs | 350,198 | 311,535 | 279,850 | ||||
Reserve for loss and loss expenses | 4,494,965 | 4,275,002 | 3,832,151 | ||||
Unearned premiums | 1,722,706 | 1,511,447 | 1,346,809 | ||||
Net premiums earned | 3,071,784 | 2,739,819 | 2,443,885 | ||||
Net investment income | 0 | 0 | 0 | ||||
Loss and loss expense incurred | 1,919,204 | 1,683,988 | 1,426,768 | ||||
Amortization of deferred policy acquisition costs | 674,374 | 605,845 | 539,606 | ||||
Other operating expenses | 320,900 | 306,290 | 278,915 | ||||
Net premiums written | 3,281,319 | 2,901,984 | 2,593,018 | ||||
E&S Lines [Member] | |||||||
Deferred policy acquisition costs | 49,907 | 39,272 | 34,154 | ||||
Reserve for loss and loss expenses | 563,794 | 529,517 | 478,686 | ||||
Unearned premiums | 208,793 | 158,666 | 139,122 | ||||
Net premiums earned | 390,609 | 334,156 | 279,809 | ||||
Net investment income | 0 | 0 | 0 | ||||
Loss and loss expense incurred | 211,896 | 196,677 | 175,100 | ||||
Amortization of deferred policy acquisition costs | 85,807 | 72,848 | 60,945 | ||||
Other operating expenses | 38,150 | 34,332 | 27,734 | ||||
Net premiums written | 438,628 | 352,547 | 304,430 | ||||
Miscellaneous Income [Member] | |||||||
Other income | 19,402 | 11,335 | 17,723 | ||||
Standard Personal Lines | |||||||
Deferred policy acquisition costs | 24,759 | 17,817 | 12,911 | ||||
Reserve for loss and loss expenses | 278,152 | 340,302 | 270,066 | ||||
Unearned premiums | 399,157 | 322,668 | 317,276 | ||||
Net premiums earned | 365,213 | 299,405 | 293,559 | ||||
Net investment income | 0 | 0 | 0 | ||||
Loss and loss expense incurred | 353,185 | 231,113 | 212,116 | ||||
Amortization of deferred policy acquisition costs | 36,001 | 27,129 | 25,918 | ||||
Other operating expenses | 55,290 | 48,356 | 51,559 | ||||
Net premiums written | 414,585 | 319,059 | 292,265 | ||||
Investments SIGI | |||||||
Deferred policy acquisition costs | 0 | 0 | 0 | ||||
Reserve for loss and loss expenses | 0 | 0 | 0 | ||||
Unearned premiums | 0 | 0 | 0 | ||||
Net premiums earned | 0 | 0 | 0 | ||||
Net investment income | [1] | 385,098 | 173,347 | 344,188 | |||
Loss and loss expense incurred | 0 | 0 | 0 | ||||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | ||||
Other operating expenses | 0 | 0 | 0 | ||||
Net premiums written | $ 0 | $ 0 | $ 0 | ||||
[1] Includes “Net investment income earned” and “Net realized and unrealized investment gains (losses)” on the Consolidated Statements of Income. |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Direct Amount | $ 4,386,556 | $ 3,880,522 | $ 3,472,715 |
Assumed From Other Companies | 25,027 | 30,742 | 21,550 |
Ceded to Other Companies | 583,977 | 537,884 | 477,012 |
Net premiums earned | $ 3,827,606 | $ 3,373,380 | $ 3,017,253 |
Percentage of Amount Assumed to Net | 1% | 1% | 1% |
Accident and Health Insurance Segment [Member] | |||
Direct Amount | $ 0 | $ 0 | $ 2 |
Assumed From Other Companies | 0 | 0 | 0 |
Ceded to Other Companies | 0 | 0 | 2 |
Net premiums earned | $ 0 | $ 0 | $ 0 |
Percentage of Amount Assumed to Net | 0% | 0% | 0% |
Property and liability insurance [Member] | |||
Direct Amount | $ 4,386,556 | $ 3,880,522 | $ 3,472,713 |
Assumed From Other Companies | 25,027 | 30,742 | 21,550 |
Ceded to Other Companies | 583,977 | 537,884 | 477,010 |
Net premiums earned | $ 3,827,606 | $ 3,373,380 | $ 3,017,253 |
Percentage of Amount Assumed to Net | 1% | 1% | 1% |
Schedule V - Allowance for Cr_2
Schedule V - Allowance for Credit Losses on Premiums and Other Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, January 1 | $ 17,700 | $ 15,200 | $ 22,777 |
Additions | 7,980 | 7,478 | 1,766 |
Deductions | (5,080) | (4,978) | (9,343) |
Balance, December 31 | $ 20,600 | $ 17,700 | $ 15,200 |