Mercury General (MCY) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-12257
Entity Registrant Name	MERCURY GENERAL CORPORATION
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-2211612
Entity Address, Address Line One	4484 Wilshire Boulevard
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90010
City Area Code	323
Local Phone Number	937-1060
Title of 12(b) Security	Common Stock
Trading Symbol	MCY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,370,788
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000064996
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Fixed maturity securities (amortized cost $3,434,162; $3,388,418)	$ 3,587,496	$ 3,549,810
Equity securities (cost $667,380; $695,150)	810,602	803,851
Short-term investments (cost $548,975; $376,547)	548,104	375,609
Total investments	4,946,202	4,729,270
Cash	338,430	348,479
Receivables:
Premiums	623,011	599,070
Allowance for credit losses on premiums receivable	(7,000)	(10,000)
Premiums receivable, net of allowance for credit losses	616,011	589,070
Accrued investment income	44,182	42,985
Other	6,675	10,730
Total receivables	666,868	642,785
Reinsurance recoverables	54,312	48,579
Allowance for credit losses on reinsurance recoverables	0	91
Reinsurance recoverables, net of allowance for credit losses	54,312	48,488
Deferred policy acquisition costs	243,736	246,994
Fixed assets (net of accumulated depreciation $292,321; $286,023)	178,393	178,923
Operating lease right-of-use assets	38,889	40,554
Goodwill	42,796	42,796
Other intangible assets, net	11,055	11,322
Other assets	33,473	38,635
Total assets	6,554,154	6,328,246
Liabilities
Loss and loss adjustment expense reserves	2,041,100	1,991,304
Unearned premiums	1,440,434	1,405,873
Notes payable	372,632	372,532
Accounts payable and accrued expenses	191,121	194,421
Operating lease liabilities	42,038	43,825
Current income taxes	34,238	10,426
Deferred income taxes	42,747	41,132
Other liabilities	285,407	236,136
Total liabilities	4,449,717	4,295,649
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,371; 55,358	98,837	98,970
Retained earnings	2,005,600	1,933,627
Total shareholders’ equity	2,104,437	2,032,597
Total liabilities and shareholders’ equity	$ 6,554,154	$ 6,328,246

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$ 3,434,162	$ 3,388,418
Cost - equity security trading investments	667,380	695,150
Cost - short-term investments	548,975	376,547
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 292,321	$ 286,023
Common Stock
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	55,371,000	55,358,000
Common stock, shares outstanding (in shares)	55,371,000	55,358,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Net premiums earned	$ 915,922	$ 922,574
Net investment income	32,279	34,495
Net realized investment gains (losses)	41,691	(251,320)
Other	3,204	2,562
Total revenues	993,096	708,311
Expenses:
Losses and loss adjustment expenses	626,344	651,670
Policy acquisition costs	164,430	156,533
Other operating expenses	65,558	76,557
Interest	4,343	4,256
Total expenses	860,675	889,016
Income (loss) before income taxes	132,421	(180,705)
Income tax expense (benefit)	25,426	(41,501)
Net income (loss)	$ 106,995	$ (139,204)
Net income (loss) per share:
Basic (in dollars per share)	$ 1.93	$ (2.51)
Diluted (in dollars per share)	$ 1.93	$ (2.51)
Weighted average shares outstanding:
Basic (in shares)	55,361	55,358
Diluted (in shares)	55,372	55,358

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Cumulative Effect, Period Of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]Retained Earnings [Member]
Shareholders' equity, beginning balance at Dec. 31, 2019		$ 98,828	$ 1,700,674	$ (2,014)	$ 1,698,660
Proceeds from stock options exercised		0
Share-based compensation expense		35
Withholding tax on stock options exercised		0
Net income (loss)	$ (139,204)		(139,204)
Dividends paid to shareholders			(34,875)
Shareholders' equity, ending balance at Mar. 31, 2020	1,623,444	98,863	1,524,581
Shareholders' equity, beginning balance at Dec. 31, 2020	2,032,597	98,970	1,933,627	$ 0	$ 1,933,627
Proceeds from stock options exercised		215
Share-based compensation expense		35
Withholding tax on stock options exercised		(383)
Net income (loss)	106,995		106,995
Dividends paid to shareholders			(35,022)
Shareholders' equity, ending balance at Mar. 31, 2021	$ 2,104,437	$ 98,837	$ 2,005,600

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 106,995	$ (139,204)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,580	16,026
Net realized investment (gains) losses	(41,691)	251,320
Increase in premiums receivable	(26,941)	(20,312)
(Increase) decrease in reinsurance recoverables	(5,824)	8,397
Changes in current and deferred income taxes	25,427	(41,501)
Decrease (increase) in deferred policy acquisition costs	3,257	(1,477)
Increase (decrease) in loss and loss adjustment expense reserves	49,796	(23,310)
Increase in unearned premiums	34,561	29,256
(Decrease) increase in accounts payable and accrued expenses	(2,423)	9,640
Share-based compensation	35	35
Other, net	13,747	8,276
Net cash provided by operating activities	174,519	97,146
Fixed maturity securities available for sale in nature:
Purchases	(230,038)	(334,517)
Sales	41,041	23,503
Calls or maturities	103,010	41,643
Equity securities available for sale in nature:
Purchases	(194,929)	(361,942)
Sales	240,657	269,320
Changes in securities payable and receivable	43,436	8,864
(Increase) decrease in short-term investments	(145,159)	254,811
Purchases of fixed assets	(7,929)	(10,305)
Other, net	543	4,790
Net cash used in investing activities	(149,368)	(103,833)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(35,022)	(34,875)
Proceeds from stock options exercised	215	0
Payments on finance lease obligations	(393)	0
Net cash used in financing activities	(35,200)	(34,875)
Net decrease in cash	(10,049)	(41,562)
Cash:
Beginning of the year	348,479	294,398
End of period	338,430	252,836
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	8,275	8,269
Income taxes paid, net	$ 0	$ 0

General

General	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Consolidation and Basis of Presentation The interim consolidated financial statements include the accounts of Mercury General Corporation and its subsidiaries (referred to herein collectively as the “Company”). For the list of the Company’s subsidiaries, see Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at March 31, 2021 and the results of operations and cash flows for the periods presented. All intercompany transactions and balances have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted from the accompanying interim consolidated financial statements and related notes. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about the effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these consolidated financial statements relate to reserves for losses and loss adjustment expenses ("LAE"). Actual results could differ from those estimates. See Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Earnings per Share There were no potentially dilutive securities with anti-dilutive effect for the three months ended March 31, 2021. Potentially dilutive securities representing approximately 68,000 shares of common stock were excluded from the computation of diluted loss per common share for the three months ended March 31, 2020, because their effect would have been anti-dilutive. Dividends per Share The Company declared and paid a dividend per share of $0.6325 and $0.6300 during the three months ended March 31, 2021 and 2020, respectively. Deferred Policy Acquisition Costs Deferred policy acquisition costs consist of commissions paid to outside agents, premium taxes, salaries, and certain other underwriting costs that are incremental or directly related to the successful acquisition of new and renewal insurance contracts and are amortized over the life of the related policy in proportion to premiums earned. Deferred policy acquisition costs are limited to the amount that will remain after deducting from unearned premiums and anticipated investment income, the estimated losses and loss adjustment expenses, and the servicing costs that will be incurred as premiums are earned. The Company’s deferred policy acquisition costs are further limited by excluding those costs not directly related to the successful acquisition of insurance contracts. Deferred policy acquisition cost amortization was $164.4 million and $156.5 million for the three months ended March 31, 2021 and 2020, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $9.7 million and $11.7 million for the three months ended March 31, 2021 and 2020, respectively. Reinsurance Unearned premiums and loss and loss adjustment expense reserves are stated in the accompanying consolidated financial statements before deductions for ceded reinsurance. Unearned premiums and loss and loss adjustment expense reserves that are ceded to reinsurers are carried in other assets and reinsurance recoverables, respectively, in the Company's consolidated balance sheets. Earned premiums and losses and loss adjustment expenses are stated net of deductions for ceded reinsurance. The Company is the assuming reinsurer under a Catastrophe Participation Reinsurance Contract (the "Contract") effective through December 31, 2021. The Company reimburses up to $31 million in losses for a proportional share of a portfolio of catastrophe losses under the Contract, to the extent the actual loss ratio exceeds the threshold loss ratio of 71%. If the actual loss ratio is less than the threshold loss ratio, the Company is eligible to receive a certain portion of the underwriting profit. The Company is party to a Catastrophe Reinsurance Treaty (the "Treaty") covering a wide range of perils that is effective through June 30, 2021. The Treaty provides $717 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $40 million Company retention limit. The Treaty specifically excludes coverage for any Florida business and for California earthquake losses on fixed property policies, such as homeowners, but does cover losses from fires following an earthquake. The Treaty provides for one full reinstatement of coverage limits with a minor exception at the top coverage layer, and includes some additional minor territorial and coverage restrictions. The effect of reinsurance on property and casualty premiums written and earned was as follows: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Premiums Written Direct $ 946,606 $ 949,745 Ceded (15,643) (11,358) Assumed 12,669 7,630 Net $ 943,632 $ 946,017 Premiums Earned Direct $ 921,067 $ 927,042 Ceded (15,543) (13,744) Assumed 3,291 2,047 Net $ 908,815 $ 915,345 The Company recognized ceded premiums earned of approximately $16 million and $14 million for the three months ended March 31, 2021 and 2020, respectively, which are included in net premiums earned in its consolidated statements of operations. The Company recognized ceded losses and loss adjustment expenses of approximately $1 million and $(1) million for the three months ended March 31, 2021 and 2020, respectively, which are included in losses and loss adjustment expenses in its consolidated statements of operations. The Company's insurance subsidiaries, as primary insurers, are required to pay losses to the extent reinsurers are unable to discharge their obligations under the reinsurance agreements. Revenue from Contracts with Customers (Topic 606) The Company's revenue from contracts with customers is commission income earned from third-party insurers by its 100% owned insurance agencies, which amounted to approximately $6.3 million and $4.7 million, with related expenses of $3.7 million and $3.0 million, for the three months ended March 31, 2021 and 2020, respectively. All of the commission income, net of related expenses, is included in other revenues in the Company's consolidated statements of operations, and in other income of the Property and Casualty business segment in the Company's segment reporting (see Note 13. Segment Information). As of March 31, 2021 and December 31, 2020, the Company had no contract assets and contract liabilities, and no remaining performance obligations associated with unrecognized revenues. Capitalized Implementation Costs for Cloud Computing Arrangements The majority of the Company's cloud computing arrangements relate to service contracts with third parties that host the Company's data and computing infrastructure that are used in providing services to and supporting transactions with its existing or potential policyholders and insurance agents. The balance of capitalized implementation costs for cloud computing arrangements, net of accumulated amortization, was $5.0 million and $4.8 million at March 31, 2021 and December 31, 2020, respectively, which is included in other assets in the Company's consolidated balance sheets. The accumulated amortization was $2.7 million and $2.1 million at March 31, 2021 and December 31, 2020, respectively. The amortization expense related to the capitalized implementation costs was $0.6 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively, which is included in other operating expenses in the Company's consolidated statements of operations. Allowance for Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) along with certain additional ASUs on Topic 326 using a modified retrospective transition method, and recognized the cumulative-effect adjustment of approximately $2 million to the beginning retained earnings of 2020. The cumulative-effect adjustment primarily resulted from re-estimating credit losses on the outstanding balances of the Company's premiums receivable and reinsurance recoverables at the adoption date. Topic 326 replaces the "incurred loss" methodology for recognizing credit losses with a methodology that reflects expected credit losses for financial assets that are not accounted for at fair value through net income. The Company's investment portfolio, not including accrued investment income, was not affected by Topic 326 as it applies the fair value option to all of its investments (see Note 4. Fair Value Option). Premiums Receivable The majority of the Company's premiums receivable are short-term in nature and are due within a year, consistent with the policy term of its insurance policies sold. Generally, premiums are collected prior to providing risk coverage, minimizing the Company's exposure to credit risk. The Company monitors the credit risk associated with premiums receivable, taking into consideration the fact that credit risk is reduced by the Company's right to offset loss payments and unearned premiums against premiums receivable. The Company has established an allowance for uncollectible premiums receivable related to credit risk, and the estimated allowance is reviewed quarterly and adjusted as appropriate based on evaluations of balances due from insureds, management’s experience, historical data, current economic conditions, and reasonable and supportable forecasts of future economic conditions that affect the collectibility of the reported amounts. In estimating an allowance for uncollectible premiums receivable, the Company assesses customer balances and write-offs by state, line of business, and the year the premiums were written, leveraging its current process for analyzing uncollectibility of premiums receivable. This allowance is based on historical write-off percentages adjusted for the effects of current trends and reasonable and supportable forecasts, as well as expected recoveries of amounts written off. Evaluating the current trends or economic conditions that impact the Company's ability to collect premiums receivable and projecting those into the remaining life of premiums receivable in order to develop a reasonable and supportable forecast of the ultimate collectibility involve significant judgment and assumptions about future economic conditions. The Company believes that the sustained high unemployment rate resulting from the outbreak of a novel strain of coronavirus (“COVID-19”) will lead to high uncollectible amounts over the life of the premiums receivable balances outstanding at March 31, 2021. In addition, the Company offered payment grace periods upon request from customers in 2020 following the outbreak of the pandemic, which added an element of uncertainty to the collectibility. The Company did not offer such payment grace periods in 2021, which contributed to the reduction in allowance for credit losses in the first quarter of 2021. Actual uncollectible amounts could be considerably more or less than the estimate. The Company monitors the overall credit risk of premiums receivable by regularly reviewing macroeconomic indicators such as unemployment and interest rates, regulatory developments such as restrictions on cancellation of policies for nonpayment of premiums, and insurance policy specific indicators such as trends in policy cancellations. The following table presents a summary of changes in allowance for credit losses on premiums receivable: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Beginning balance $ 10,000 $ 1,445 Cumulative effect of adopting ASU 2016-13 for premiums receivable — 1,855 Beginning balance, as adjusted 10,000 3,300 Provision during the period for expected credit losses (2,141) 8,169 Write-off amounts during the period (1,015) (1,658) Recoveries during the period of amounts previously written off 156 189 Ending balance $ 7,000 $ 10,000 Reinsurance Recoverables Reinsurance recoverables are balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. A credit exposure exists with respect to these balances to the extent that any reinsurer is unable to meet its obligations. The Company has established an allowance for uncollectible reinsurance recoverables related to credit risk, and changes in the allowance are presented as a component of losses and loss adjustment expenses in the Company's consolidated statements of operations. The Company reviews the allowance quarterly and adjusts it as necessary to reflect changes in estimates of uncollectible balances. The Company evaluates the financial condition of its reinsurers and monitors concentration risk to minimize its exposure to significant losses from individual reinsurers. The Company attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have high credit ratings and by obtaining collateral as necessary. The primary method of obtaining collateral is through letters of credit. Generally, the Company uses a default analysis to estimate uncollectible reinsurance recoverables. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral and any liabilities held by the Company subject to a right of offset, and future default factors used to estimate the probability that the reinsurer may be unable to meet its future obligations in full. The determination of the future default factor is based on a historical default factor published by a major rating agency applicable to the particular financial strength rating class. Application of future default factors also requires considerable judgment and assumptions, such as timing of loss payments and duration of the outstanding recoverable balances. Based on its past experiences with major catastrophes, the Company assumed that the majority of the reinsurance recoverable balances on unpaid losses outstanding at March 31, 2021 will be billed and collected or written off over the course of the next 5 years, and that the outstanding reinsurance recoverable balances on paid losses will be collected or written off within a year. AM Best's Financial Strength Ratings of the Company's reinsurers ranged between B++ and A++ at March 31, 2021. While a ratings downgrade could result in an increase in provision for uncollectible reinsurance recoverables and a charge to earnings in that period, a downgrade in and of itself does not imply that the Company will be unable to collect all of the reinsurance recoverables from the reinsurers in question. To the extent the creditworthiness of the Company's reinsurers were to deteriorate due to an adverse event affecting the reinsurance industry, such as a large number of major catastrophes, actual uncollectible amounts could be significantly greater than the allowance for uncollectible reinsurance recoverables. The Company monitors credit risk by reviewing the credit ratings of its reinsurers, adequacy of letters of credit, and broader industry risks such as catastrophes impacting its reinsurers. The following table presents a summary of changes in allowance for credit losses on reinsurance recoverables: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Beginning balance $ 91 $ — Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables — 159 Beginning balance, as adjusted 91 159 Provision during the period for expected credit losses (91) (11) Write-off amounts during the period — — Recoveries during the period of amounts previously written off — — Ending balance $ — $ 148 Accrued Interest Receivables

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. " ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or other interbank offered rates expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company expects to apply the optional expedients in this ASU to its unsecured credit facility that references LIBOR (see Note 11), when the facility is modified with a replacement rate before LIBOR expires. The Company does not expect any material impact on its consolidated financial statements and related disclosures resulting from applying this ASU.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
Financial Instruments	Financial Instruments Financial instruments recorded in the consolidated balance sheets include investments, note receivable, other receivables, options sold, accounts payable, and unsecured notes payable. Due to their short-term maturities, the carrying values of other receivables and accounts payable approximate their fair values. All investments are carried at fair value in the consolidated balance sheets. The following table presents the fair values of financial instruments: March 31, 2021 December 31, 2020 (Amounts in thousands) Assets Investments $ 4,946,202 $ 4,729,270 Note receivable 5,712 5,725 Liabilities Options sold 81 — Unsecured notes 422,936 415,253 Investments The Company applies the fair value option to all fixed maturity and equity securities and short-term investments at the time an eligible item is first recognized. The cost of investments sold is determined on a first-in and first-out method and realized gains and losses are included in net realized investment gains or losses i n the Company's consolidated statements of operations . See Note 4. Fair Value Option for additional information. In the normal course of investing activities, the Company either forms or enters into relationships with variable interest entities ("VIEs"). A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of the VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company's assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in its consolidated financial statements. From time to time, the Company forms special purpose investment vehicles to facilitate its investment activities involving derivative instruments such as total return swaps, or limited partnerships such as private equity funds. These special purpose investment vehicles are consolidated VIEs as the Company has determined it is the primary beneficiary of such VIEs. Creditors have no recourse against the Company in the event of default by these VIEs. The Company had no implied or unfunded commitments to these VIEs at March 31, 2021 and December 31, 2020. The Company's financial or other support provided to these VIEs and its loss exposure are limited to its collateral and original investment. The Company invests, directly or indirectly through its consolidated VIEs, in limited partnerships or limited liability companies such as private equity funds. These investments are non-consolidated VIEs as the Company has determined it is not the primary beneficiary of such VIEs. The Company's maximum exposure to loss with respect to these VIEs is limited to the total carrying value that is included in equity securities in the Company's consolidated balance sheets. At March 31, 2021 and December 31, 2020, the Company had no outstanding unfunded commitments to these VIEs whereby the Company may be called by the VIEs during the commitment period to fund the purchase of new investments and the expenses of the VIEs. Note Receivable In August 2017, the Company completed the sale of approximately six acres of land located in Brea, California (the "Property"), for a total sale price of approximately $12.2 million. Approximately $5.7 million of the total sale price was received in the form of a promissory note (the "Note") and the remainder in cash. The Note is secured by a first trust deed and an assignment of rents on the Property, and bears interest at an annual rate of 3.5%, payable in monthly installments. The Note was originally set to mature on August 31, 2020. Effective August 1, 2020, the maturity date was extended to August 31, 2021, with no change in the annual interest rate. Interest earned on the Note is recognized in other revenues in the Company's consolidated statements of operations. The Company elected to apply the fair value option to the Note at the time it was first recognized. The fair value of note receivable is included in other assets in the Company's consolidated balance sheets, while the changes in fair value of note receivable are included in net realized investment gains or losses in the Company's consolidated statements of operations. Options Sold The Company writes covered call options through listed and over-the-counter exchanges. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Company as realized gains from investments on the expiration date. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a gain or loss. The Company, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Liabilities for covered call options are included in other liabilities in the Company's consolidated balance sheets. Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at March 31, 2021 and December 31, 2020 was obtained from a third party pricing service. For additional disclosures regarding methods and assumptions used in estimating fair values, see Note 5. Fair Value

Fair Value Option

Fair Value Option	3 Months Ended
	Mar. 31, 2021
Fair Value Option [Abstract]
Fair Value Option	Fair Value Option The Company applies the fair value option to all fixed maturity and equity investment securities and short-term investments at the time an eligible item is first recognized. In addition, the Company elected to apply the fair value option to the note receivable recognized as part of the sale of land in August 2017. The primary reasons for electing the fair value option were simplification and cost-benefit considerations as well as the expansion of the use of fair value measurement by the Company consistent with the long-term measurement objectives of the FASB for accounting for financial instruments. Gains or losses due to changes in fair value of financial instruments measured at fair value pursuant to application of the fair value option are included in net realized investment gains or losses in the Company’s consolidated statements of operations. Interest and dividend income on investment holdings are recognized on an accrual basis at each measurement date and are included in net investment income in the Company’s consolidated statements of operations, while interest earned on the note receivable is included in other revenues in the Company’s consolidated statements of operations. The following table presents gains (losses) due to changes in fair value of investments and the note receivable that are measured at fair value pursuant to application of the fair value option: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Fixed maturity securities $ (8,057) $ (50,013) Equity securities 34,520 (186,373) Short-term investments 68 (4,637) Total investments $ 26,531 $ (241,023) Note receivable (13) 33 Total gains (losses) $ 26,518 $ (240,990)

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value Measurement	Fair Value Measurements The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date using the exit price. Accordingly, when market observable data are not readily available, the Company’s own assumptions are used to reflect those that market participants would be presumed to use in pricing the asset or liability at the measurement date. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the level of judgment associated with inputs used to measure their fair values and the level of market price observability, as follows: Level 1 Unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs are other than quoted prices in active markets, which are based on the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets; or • Either directly or indirectly observable inputs as of the reporting date. Level 3 Pricing inputs are unobservable and significant to the overall fair value measurement, and the determination of fair value requires significant management judgment or estimation. In certain cases, inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Thus, a Level 3 fair value measurement may include inputs that are observable (Level 1 or Level 2) and unobservable (Level 3). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. Summary of Significant Valuation Techniques for Financial Assets and Financial Liabilities The Company’s fair value measurements are based on the market approach, which utilizes market transaction data for the same or similar instruments. The Company obtained unadjusted fair values on 98.4% of its investment portfolio at fair value from an independent pricing service at March 31, 2021. Level 1 measurements - Fair values of financial assets and financial liabilities are obtained from an independent pricing service, and are based on unadjusted quoted prices for identical assets or liabilities in active markets. Additional pricing services and closing exchange values are used as a comparison to ensure that reasonable fair values are used in pricing the investment portfolio. U.S. government bonds /Short-term bonds : Valued using unadjusted quoted market prices for identical assets in active markets. Common stock : Comprised of actively traded, exchange listed U.S. and international equity securities and valued based on unadjusted quoted prices for identical assets in active markets. Money market instruments : Valued based on unadjusted quoted prices for identical assets in active markets. Options sold : Comprised of free-standing exchange listed derivatives that are actively traded and valued based on unadjusted quoted prices for identical instruments in active markets. Level 2 measurements - Fair values of financial assets and financial liabilities are obtained from an independent pricing service or outside brokers, and are based on prices for similar assets or liabilities in active markets or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Additional pricing services are used as a comparison to ensure reliable fair values are used in pricing the investment portfolio. Municipal securities : Valued based on models or matrices using inputs such as quoted prices for identical or similar assets in active markets. Mortgage-backed securities : Comprised of securities that are collateralized by residential and commercial mortgage loans valued based on models or matrices using multiple observable inputs, such as benchmark yields, reported trades and broker/dealer quotes, for identical or similar assets in active markets. The Company had holdings of $17.8 million and $17.6 million at fair value in commercial mortgage-backed securities at March 31, 2021 and December 31, 2020, respectively. Corporate securities/Short-term bonds : Valued based on a multi-dimensional model using multiple observable inputs, such as benchmark yields, reported trades, broker/dealer quotes and issue spreads, for identical or similar assets in active markets. Non-redeemable preferred stock : Valued based on observable inputs, such as underlying and common stock of same issuer and appropriate spread over a comparable U.S. Treasury security, for identical or similar assets in active markets. Collateralized loan obligations ("CLOs") : Valued based on underlying debt instruments and the appropriate benchmark spread for similar assets in active markets. Other asset-backed securities : Comprised of securities that are collateralized by non-mortgage assets, such as automobile loans, valued based on models or matrices using multiple observable inputs, such as benchmark yields, reported trades and broker/dealer quotes, for identical or similar assets in active markets. Note receivable : Valued based on observable inputs, such as benchmark yields, and considering any premium or discount for the differential between the stated interest rate and market interest rates, based on quoted market prices of similar instruments. Level 3 measurements - Fair values of financial assets are based on inputs that are both unobservable and significant to the overall fair value measurement, including any items in which the evaluated prices obtained elsewhere are deemed to be of a distressed trading level. Private equity fund : The single private equity fund that was not measured at net asset value ("NAV") was valued based on underlying investments of the fund or assets similar to such investments in active markets, taking into consideration specific unadjusted broker quotes based on net fund value and unobservable inputs from at least one knowledgeable outside security broker related to liquidity assumptions. This private equity fund was reclassified from Level 3 to private equity funds measured at net asset value at March 31, 2020, due to the use of the NAV practical expedient in measuring the fair value of the fund. Fair value measurement using NAV practical expedient - The fair value of the Company's investment in private equity funds measured at net asset value is determined using NAV as advised by the external fund managers and the third party administrators. The NAV of the Company's limited partnership or limited liability company interest in such a fund is based on the manager's and the administrator's valuation of the underlying holdings in accordance with the fund's governing documents and GAAP. In accordance with applicable accounting guidance, private equity funds measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. The strategy of two of the three such funds with a fair value of approximately $76.9 million at March 31, 2021 is to provide current income to investors by investing mainly in secured loans, CLOs or CLO issuers, and equity interests in vehicles established to purchase and warehouse loans; the strategy of the other such fund with a fair value of approximately $1.2 million at March 31, 2021 is to achieve favorable long-term financial returns and measurable positive social and environmental returns by investing in privately held technology, healthcare, specialty consumer goods and service companies. The Company has made all of its capital contributions in these funds and had no outstanding unfunded commitments at March 31, 2021 with respect to the funds. The underlying assets of the funds are expected to be liquidated over the period of approximately one year to nine years from March 31, 2021. In addition, the Company does not have the ability to redeem or withdraw from the funds, or to sell, assign, pledge or transfer its investment, without the consent from the General Partner or Managers of each fund, but will receive distributions based on the liquidation of the underlying assets and the interest proceeds from the underlying assets. The Company’s financial instruments at fair value are reflected in the consolidated balance sheets on a trade-date basis. Related unrealized gains or losses are recognized in net realized investment gains or losses in the consolidated statements of operations. Fair value measurements are not adjusted for transaction costs. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2021 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,792 $ — $ — $ 13,792 Municipal securities — 2,825,589 — 2,825,589 Mortgage-backed securities — 82,878 — 82,878 Corporate securities — 226,376 — 226,376 Collateralized loan obligations — 267,569 — 267,569 Other asset-backed securities — 171,292 — 171,292 Total fixed maturity securities 13,792 3,573,704 — 3,587,496 Equity securities: Common stock 700,168 — — 700,168 Non-redeemable preferred stock — 32,326 — 32,326 Private equity funds measured at net asset value (1) 78,108 Total equity securities 700,168 32,326 — 810,602 Short-term investments: Short-term bonds — 27,335 — 27,335 Money market instruments 520,760 — — 520,760 Other 9 — — 9 Total short-term investments 520,769 27,335 — 548,104 Other assets: Note receivable — 5,712 — 5,712 Total assets at fair value $ 1,234,729 $ 3,639,077 $ — $ 4,951,914 Liabilities Other liabilities: Options sold $ 81 $ — $ — $ 81 Total liabilities at fair value $ 81 $ — $ — $ 81 December 31, 2020 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,816 $ — $ — $ 13,816 Municipal securities — 2,791,212 — 2,791,212 Mortgage-backed securities — 93,264 — 93,264 Corporate securities — 241,366 — 241,366 Collateralized loan obligations — 256,891 — 256,891 Other asset-backed securities — 153,261 — 153,261 Total fixed maturity securities 13,816 3,535,994 — 3,549,810 Equity securities: Common stock 691,782 — — 691,782 Non-redeemable preferred stock — 32,660 — 32,660 Private equity funds measured at net asset value (1) 79,409 Total equity securities 691,782 32,660 — 803,851 Short-term investments: Short-term bonds 21,999 4,929 — 26,928 Money market instruments 348,676 — — 348,676 Other 5 — — 5 Total short-term investments 370,680 4,929 — 375,609 Other assets: Note receivable — 5,725 — 5,725 Total assets at fair value $ 1,076,278 $ 3,579,308 $ — $ 4,734,995 __________ (1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets. The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities: Private Equity Fund Three Months Ended March 31, 2021 2020 (Amounts in thousands) Beginning balance $ — $ 1,203 Realized losses included in earnings — (1) Settlements — — Transfer out (1) — (1,202) Ending balance $ — $ — The amount of total gains or losses for the period included in earnings attributable to assets still held at March 31 $ — $ — __________ (1) The private equity fund was reclassified from Level 3 to private equity funds measured at net asset value at March 31, 2020, due to the use of the NAV practical expedient in measuring the fair value of the fund. There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the three months ended March 31, 2021 and 2020. A private equity fund was reclassified from Level 3 to private equity funds measured at net asset value at March 31, 2020, as described above. At March 31, 2021, the Company did not have any nonrecurring fair value measurements of nonfinancial assets or nonfinancial liabilities. Financial Instruments Disclosed, But Not Carried, at Fair Value The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized: March 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,632 $ 422,936 $ — $ 422,936 $ — December 31, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,532 $ 415,253 $ — $ 415,253 $ — Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at March 31, 2021 and December 31, 2020 was based on the spreads above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. See Note 11. Notes Payable for additional information on unsecured notes.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is equity price risk. Equity contracts (options sold) on various equity securities are intended to manage the price risk associated with forecasted purchases or sales of such securities. From time to time, the Company also enters into derivative contracts to enhance returns on its investment portfolio. The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains or losses in the consolidated statements of operations: Derivatives March 31, 2021 December 31, 2020 (Amount in thousands) Options sold - Other liabilities $ 81 $ — Total $ 81 $ — Gains Recognized in Net Income (Loss) Three Months Ended March 31, 2021 2020 (Amounts in thousands) Options sold - Net realized investment gains (losses) $ 460 $ 1,712 Total $ 460 $ 1,712 Most options sold consist of covered calls. The Company writes covered calls on underlying equity positions held as an enhanced income strategy that is permitted for the Company’s insurance subsidiaries under statutory regulations. The Company manages the risk associated with covered calls through strict capital limitations and asset diversification throughout various industries. See Note 5. Fair Value Measurements for additional disclosures regarding options sold.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill There were no changes in the carrying amount of goodwill during the three months ended March 31, 2021 and 2020. No accumulated goodwill impairment losses existed at March 31, 2021 and December 31, 2020. Goodwill is reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three months ended March 31, 2021 and 2020. All of the Company's goodwill is associated with the Property and Casualty business segment (See Note 13. Segment Information for additional information on the reportable business segment). Other Intangible Assets The following table presents the components of other intangible assets: Gross Carrying Accumulated Net Carrying Useful Lives (Amounts in thousands) (in years) As of March 31, 2021: Customer relationships $ 54,862 $ (52,747) $ 2,115 11 Trade names 15,400 (7,860) 7,540 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (64,907) $ 11,055 As of December 31, 2020: Customer relationships $ 54,862 $ (52,640) $ 2,222 11 Trade names 15,400 (7,700) 7,700 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (64,640) $ 11,322 Other intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three months ended March 31, 2021 and 2020. Other intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Other intangible assets amortization expense was $0.3 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. The following table presents the estimated future amortization expense related to other intangible assets as of March 31, 2021: Year Amortization Expense (Amounts in thousands) Remainder of 2021 $ 800 2022 1,043 2023 879 2024 851 2025 807 Thereafter 5,275 Total $ 9,655

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Share-Based Compensation	Share-Based Compensation In February 2015, the Company's Board of Directors adopted the 2015 Incentive Award Plan (the "2015 Plan"), replacing the 2005 Equity Incentive Plan which expired in January 2015. The 2015 Plan was approved at the Company's Annual Meeting of Shareholders in May 2015. A maximum of 4,900,000 shares of common stock are authorized for issuance under the 2015 Plan upon exercise of stock options, stock appreciation rights and other awards, or upon vesting of restricted stock unit ("RSU") or deferred stock awards. As of March 31, 2021, the Company had 70,000 stock options granted that were exercised or outstanding, and 4,830,000 shares of common stock available for future grant under the 2015 Plan. Share-based compensation expenses for all stock options granted or modified are based on their estimated grant-date fair values. These compensation costs are recognized on a straight-line basis over the requisite service period of the award. The Company estimates forfeitures expected to occur in determining the amount of compensation cost to be recognized in each period. As of March 31, 2021, all outstanding stock options have a term of ten years from the date of grant and become exercisable in four equal installments on the first through fourth anniversaries of the grant date. The fair value of stock option awards is estimated using the Black-Scholes option pricing model with the grant-date assumptions and weighted-average fair values. In February 2018, the Compensation Committee of the Company's Board of Directors awarded a total of 80,000 stock options to four senior executives under the 2015 Plan which will vest over the four-year requisite service period. 10,000 of these stock options were forfeited in February 2019 following the departure of a senior executive. The fair values of these stock options were estimated on the date of grant using a closed-form option valuation model (Black-Scholes). The following table provides the assumptions used in the calculation of grant-date fair values of these stock options based on the Black-Scholes option pricing model: Weighted-average grant-date fair value $ 8.09 Expected volatility 33.18 % Risk-free interest rate 2.62 % Expected dividend yield 5.40 % Expected term in months 72 Expected volatilities are based on historical volatility of the Company’s stock over the term of the stock options. The Company estimated the expected term of stock options, which represents the period of time that stock options granted are expected to be outstanding, by using historical exercise patterns and post-vesting termination behavior. The risk-free interest rate is determined based on U.S. Treasury yields with equivalent remaining terms in effect at the time of the grant. As of March 31, 2021, the Company had $0.1 million of unrecognized compensation expense related to stock options awarded under the 2015 Plan, which will be recognized ratably over the remaining vesting period of approximately 0.9 years. No share-based compensation awards were granted during the three months ended March 31, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes For financial statement purposes, the Company recognizes tax benefits related to positions taken, or expected to be taken, on a tax return only if the positions are “more-likely-than-not” sustainable. Once this threshold has been met, the Company’s measurement of its expected tax benefits is recognized in its consolidated financial statements. There were no changes to the total amount of unrecognized tax benefits related to tax uncertainties during the three months ended March 31, 2021. The Company and its subsidiaries file income tax returns with the Internal Revenue Service and the taxing authorities of various states. Tax years that remain subject to examination by major taxing jurisdictions are 2017 through 2019 for federal taxes, and 2011 through 2013 and 2017 through 2019 for California state taxes. For tax years 2014 through 2016, the Company received Notices of Proposed Assessments (“NPAs”) related to the Company’s California apportionment factor and paid the total assessment with interest to the California Franchise Tax Board ("FTB") in the third quarter of 2020. For tax years 2011 through 2013, the Company received NPAs and submitted a formal protest to the FTB in 2018. For tax years 2017 through 2019, the FTB initiated its examination in the fourth quarter of 2020. If a reasonable settlement is not reached, the Company intends to pursue other options, including a formal hearing with the FTB, an appeal with the California Office of Tax Appeals, or litigation in Superior Court. The Company believes that the resolution of these examinations and assessments will not have a material impact on the financial position of the Company. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting basis and the respective tax basis of the Company’s assets and liabilities, and expected benefits of utilizing net operating loss, capital loss, and tax-credit carryforwards. The Company assesses the likelihood that its deferred tax assets will be realized and, to the extent management does not believe these assets are more likely than not to be realized, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or laws is recognized in earnings in the period that includes the enactment date. At March 31, 2021, the Company’s deferred income taxes were in a net liability position, which included a combination of ordinary and capital deferred tax expenses or benefits. In assessing the Company’s ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating sufficient taxable income of the appropriate character within the carryback and carryforward periods available under the tax law. Management considers the reversal of deferred tax liabilities, projected future taxable income of an appropriate nature, and tax planning strategies in making this assessment. The Company believes that through the use of prudent tax planning strategies and the generation of capital gains, sufficient income will be realized in order to maximize the full benefits of its deferred tax assets. Although realization is not assured, management believes that it is more likely than not that the Company’s deferred tax assets will be realized.

Loss And Loss Adjustment Expens

Loss And Loss Adjustment Expense Reserves	3 Months Ended
	Mar. 31, 2021
Insurance Loss Reserves [Abstract]
Loss And Loss Adjustment Expense Reserves	Loss and Loss Adjustment Expense Reserves The following table presents the activity in loss and loss adjustment expense reserves: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Gross reserves, beginning of period $ 1,991,304 $ 1,921,255 Reinsurance recoverables on unpaid losses, beginning of period (54,460) (76,100) Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables on unpaid losses (1) — 149 Reinsurance recoverables on unpaid losses, beginning of period, as adjusted (54,460) (75,951) Net reserves, beginning of period, as adjusted 1,936,844 1,845,304 Incurred losses and loss adjustment expenses related to: Current year 627,551 636,566 Prior years (1,207) 15,104 Total incurred losses and loss adjustment expenses 626,344 651,670 Loss and loss adjustment expense payments related to: Current year 242,103 264,658 Prior years 334,867 403,436 Total payments 576,970 668,094 Net reserves, end of period 1,986,218 1,828,880 Reinsurance recoverables on unpaid losses, end of period 54,882 69,065 Gross reserves, end of period $ 2,041,100 $ 1,897,945 __________ (1) See Note 1 for additional information on adoption of ASU 2016-13. The decrease in the provision for insured events of prior years during the three months ended March 31, 2021 of $1.2 million was primarily attributable to lower than estimated losses and loss adjustment expenses in the commercial property and private passenger automobile lines of insurance business, mostly offset by unfavorable development in the commercial automobile line of insurance business. The increase in the provision for insured events of prior years during the three months ended March 31, 2020 of $15.1 million was primarily attributable to higher than estimated losses and loss adjustment expenses in the homeowners and commercial automobile lines of insurance business. For the three months ended March 31, 2021 and 2020, the Company recorded catastrophe losses net of reinsurance of approximately $35 million and $2 million, respectively. Catastrophe losses due to the events that occurred during the three months ended March 31, 2021 totaled approximately $39 million, with no reinsurance benefits used for these losses, resulting primarily from the deep freeze in Texas and Oklahoma and winter storms in California. These losses were partially offset by favorable development of approximately $4 million on prior years' catastrophe losses. Catastrophe losses due to the events that

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2021
Notes Payable [Abstract]
Notes Payable	Notes Payable The following table presents information about the Company's notes payable: Lender Interest Rate Maturity Date March 31, 2021 December 31, 2020 (Amounts in thousands) Senior unsecured notes (1) Publicly traded 4.40% March 15, 2027 $ 375,000 $ 375,000 Unsecured credit facility (2) Bank of America, Wells Fargo Bank, and U.S. Bank LIBOR plus 112.5-150.0 basis points March 31, 2026 — — Total principal amount 375,000 375,000 Less unamortized discount and debt issuance costs (3) 2,368 2,468 Total debt $ 372,632 $ 372,532 __________ (1) On March 8, 2017, the Company completed a public debt offering issuing $375 million of senior notes. The notes are unsecured, senior obligations of the Company with a 4.4% annual coupon payable on March 15 and September 15 of each year commencing September 15, 2017. These notes mature on March 15, 2027. The Company used the proceeds from the notes to pay off amounts outstanding under the existing loan and credit facilities and for general corporate purposes. The Company incurred debt issuance costs of approximately $3.4 million, inclusive of underwriters' fees. The notes were issued at a slight discount of 99.847% of par, resulting in the effective annualized interest rate including debt issuance costs of approximately 4.45%. (2) On March 29, 2017, the Company entered into an unsecured credit agreement (the "2017 Credit Agreement") that provided for revolving loans of up to $50 million and was set to mature on March 29, 2022. On March 31, 2021, the Company entered into an amended and restated credit agreement (the "Amended and Restated Credit Agreement") that amended and restated the 2017 Credit Agreement. The Amended and Restated Credit Agreement, among other things, extended the maturity date of the loan that was the subject of the 2017 Credit Agreement to March 31, 2026, added U.S. Bank as an additional lender, and increased the aggregate commitments by all the lenders to $75 million from $50 million under the 2017 Credit Agreement. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from LIBOR plus 112.5 basis points when the ratio is under 20% to LIBOR plus 150.0 basis points when the ratio is greater than or equal to 30%. Commitment fees for the undrawn portions of the credit facility range from 12.5 basis points when the ratio is under 20% to 22.5 basis points when the ratio is greater than or equal to 30%. The debt to total capital ratio is expressed as a percentage of (a) consolidated debt to (b) consolidated shareholders' equity plus consolidated debt. The Company's debt to total capital ratio was 15.1% at March 31, 2021, resulting in a 12.5 basis point commitment fee on the $75 million undrawn portion of the credit facility. As of April 29, 2021, there have been no borrowings under this facility.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is, from time to time, named as a defendant in various lawsuits or regulatory actions incidental to its insurance business. The majority of lawsuits brought against the Company relate to insurance claims that arise in the normal course of business and are reserved for through the reserving process. For a discussion of the Company’s reserving methods, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company establishes reserves for non-insurance claims related lawsuits, regulatory actions, and other contingencies when the Company believes a loss is probable and is able to estimate its potential exposure. For loss contingencies believed to be reasonably possible, the Company also discloses the nature of the loss contingency and an estimate of the possible loss,

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information The Company is primarily engaged in writing personal automobile insurance and provides related property and casualty insurance products to its customers through 14 subsidiaries in 11 states, principally in California. The Company has one reportable business segment - the Property and Casualty business segment. The Company’s Chief Operating Decision Maker evaluates operating results based on pre-tax underwriting results which is calculated as net premiums earned less (a) losses and loss adjustment expenses and (b) underwriting expenses (policy acquisition costs and other operating expenses). Expenses are allocated based on certain assumptions that are primarily related to premiums and losses. The Company’s net investment income, net realized investment gains or losses, other income, and interest expense are excluded in evaluating pretax underwriting profit. The Company does not allocate its assets, including investments, or income taxes in evaluating pre-tax underwriting profit. Property and Casualty Lines The Property and Casualty business segment offers several insurance products to the Company’s individual customers and small business customers. These insurance products are: private passenger automobile which is the Company’s primary business, and related insurance products such as homeowners, commercial automobile and commercial property. These related insurance products are primarily sold to the Company’s individual customers and small business customers, which increases retention of the Company’s private passenger automobile client base. The insurance products comprising the Property and Casualty business segment are sold through the same distribution channels, mainly through independent and 100% owned insurance agents, and go through a similar underwriting process. Other Lines The Other business segment represents net premiums written and earned from an operating segment that does not meet the quantitative thresholds required to be considered a reportable segment. This operating segment offers automobile mechanical protection warranties which are primarily sold through automobile dealerships and credit unions. The following table presents the Company's operating results by reportable segment: Three Months Ended March 31, 2021 2020 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 908.8 $ 7.1 $ 915.9 $ 915.3 $ 7.3 $ 922.6 Less: Losses and loss adjustment expenses 622.9 3.4 626.3 648.2 3.5 651.7 Underwriting expenses 227.3 2.8 230.1 229.4 3.7 233.1 Underwriting gain 58.6 0.9 59.5 37.7 0.1 37.8 Investment income 32.3 34.5 Net realized investment gains (losses) 41.7 (251.3) Other income 3.2 2.6 Interest expense (4.3) (4.3) Pre-tax income (loss) $ 132.4 $ (180.7) Net income (loss) $ 107.0 $ (139.2) The following table presents the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended March 31, 2021 2020 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 653.7 $ — $ 653.7 $ 693.9 $ — $ 693.9 Homeowners 160.8 — 160.8 139.5 — 139.5 Commercial automobile 62.6 — 62.6 55.2 — 55.2 Other 31.7 7.1 38.8 26.7 7.3 34.0 Net premiums earned $ 908.8 $ 7.1 $ 915.9 $ 915.3 $ 7.3 $ 922.6 Private passenger automobile $ 666.5 $ — $ 666.5 $ 710.4 $ — $ 710.4 Homeowners 170.2 — 170.2 147.5 — 147.5 Commercial automobile 68.9 — 68.9 61.7 — 61.7 Other 41.0 6.8 47.8 30.1 8.2 38.3 Direct premiums written $ 946.6 $ 6.8 $ 953.4 $ 949.7 $ 8.2 $ 957.9

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation and Basis of Presentation	The interim consolidated financial statements include the accounts of Mercury General Corporation and its subsidiaries (referred to herein collectively as the “Company”). For the list of the Company’s subsidiaries, see Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. These interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at March 31, 2021 and the results of operations and cash flows for the periods presented. All intercompany transactions and balances have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted from the accompanying interim consolidated financial statements and related notes. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about the effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these consolidated financial statements relate to reserves for losses and loss adjustment expenses ("LAE"). Actual results could differ from those estimates. See Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020
Earnings per Share	There were no potentially dilutive securities with anti-dilutive effect for the three months ended March 31, 2021. Potentially dilutive securities representing approximately 68,000 shares of common stock were excluded from the computation of diluted loss per common share for the three months ended March 31, 2020, because their effect would have been anti-dilutive.
Deferred Policy Acquisition Costs	Deferred policy acquisition costs consist of commissions paid to outside agents, premium taxes, salaries, and certain other underwriting costs that are incremental or directly related to the successful acquisition of new and renewal insurance contracts and are amortized over the life of the related policy in proportion to premiums earned. Deferred policy acquisition costs are limited to the amount that will remain after deducting from unearned premiums and anticipated investment income, the estimated losses and loss adjustment expenses, and the servicing costs that will be incurred as premiums are earned. The Company’s deferred policy acquisition costs are further limited by excluding those costs not directly related to the successful acquisition of insurance contracts. Deferred policy acquisition cost amortization was $164.4 million and $156.5 million for the three months ended March 31, 2021 and 2020, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $9.7 million and $11.7 million for the three months ended March 31, 2021 and 2020, respectively.
Reinsurance	Unearned premiums and loss and loss adjustment expense reserves are stated in the accompanying consolidated financial statements before deductions for ceded reinsurance. Unearned premiums and loss and loss adjustment expense reserves that are ceded to reinsurers are carried in other assets and reinsurance recoverables, respectively, in the Company's consolidated balance sheets. Earned premiums and losses and loss adjustment expenses are stated net of deductions for ceded reinsurance. The Company is the assuming reinsurer under a Catastrophe Participation Reinsurance Contract (the "Contract") effective through December 31, 2021. The Company reimburses up to $31 million in losses for a proportional share of a portfolio of catastrophe losses under the Contract, to the extent the actual loss ratio exceeds the threshold loss ratio of 71%. If the actual loss ratio is less than the threshold loss ratio, the Company is eligible to receive a certain portion of the underwriting profit. The Company is party to a Catastrophe Reinsurance Treaty (the "Treaty") covering a wide range of perils that is effective through June 30, 2021. The Treaty provides $717 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $40 million Company retention limit. The Treaty specifically excludes coverage for any Florida business and for California earthquake losses on fixed property policies, such as homeowners, but does cover losses from fires following an earthquake. The Treaty provides for one full reinstatement of coverage limits with a minor exception at the top coverage layer, and includes some additional minor territorial and coverage restrictions. The effect of reinsurance on property and casualty premiums written and earned was as follows: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Premiums Written Direct $ 946,606 $ 949,745 Ceded (15,643) (11,358) Assumed 12,669 7,630 Net $ 943,632 $ 946,017 Premiums Earned Direct $ 921,067 $ 927,042 Ceded (15,543) (13,744) Assumed 3,291 2,047 Net $ 908,815 $ 915,345 The Company recognized ceded premiums earned of approximately $16 million and $14 million for the three months ended March 31, 2021 and 2020, respectively, which are included in net premiums earned in its consolidated statements of operations. The Company recognized ceded losses and loss adjustment expenses of approximately $1 million and $(1) million for the three months ended March 31, 2021 and 2020, respectively, which are included in losses and loss adjustment expenses in its consolidated statements of operations. The Company's insurance subsidiaries, as primary insurers, are required to pay losses to the extent reinsurers are unable to discharge their obligations under the reinsurance agreements.
Recently Issued Accounting Standards	In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. " ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or other interbank offered rates expected to be discontinued because of reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company expects to apply the optional expedients in this ASU to its unsecured credit facility that references LIBOR (see Note 11), when the facility is modified with a replacement rate before LIBOR expires. The Company does not expect any material impact on its consolidated financial statements and related disclosures resulting from applying this ASU.

General General (Tables)

General General (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effects of Reinsurance	The effect of reinsurance on property and casualty premiums written and earned was as follows: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Premiums Written Direct $ 946,606 $ 949,745 Ceded (15,643) (11,358) Assumed 12,669 7,630 Net $ 943,632 $ 946,017 Premiums Earned Direct $ 921,067 $ 927,042 Ceded (15,543) (13,744) Assumed 3,291 2,047 Net $ 908,815 $ 915,345
Allowance for Credit Losses on Premium Receivable	The following table presents a summary of changes in allowance for credit losses on premiums receivable: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Beginning balance $ 10,000 $ 1,445 Cumulative effect of adopting ASU 2016-13 for premiums receivable — 1,855 Beginning balance, as adjusted 10,000 3,300 Provision during the period for expected credit losses (2,141) 8,169 Write-off amounts during the period (1,015) (1,658) Recoveries during the period of amounts previously written off 156 189 Ending balance $ 7,000 $ 10,000
Allowance for Credit Losses on Reinsurance Recoverables	The following table presents a summary of changes in allowance for credit losses on reinsurance recoverables: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Beginning balance $ 91 $ — Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables — 159 Beginning balance, as adjusted 91 159 Provision during the period for expected credit losses (91) (11) Write-off amounts during the period — — Recoveries during the period of amounts previously written off — — Ending balance $ — $ 148

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
Estimated Fair Values of Financial Instruments	The following table presents the fair values of financial instruments: March 31, 2021 December 31, 2020 (Amounts in thousands) Assets Investments $ 4,946,202 $ 4,729,270 Note receivable 5,712 5,725 Liabilities Options sold 81 — Unsecured notes 422,936 415,253

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Option [Abstract]
Gains And Losses Due To Changes In Fair Value Of Investments	The following table presents gains (losses) due to changes in fair value of investments and the note receivable that are measured at fair value pursuant to application of the fair value option: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Fixed maturity securities $ (8,057) $ (50,013) Equity securities 34,520 (186,373) Short-term investments 68 (4,637) Total investments $ 26,531 $ (241,023) Note receivable (13) 33 Total gains (losses) $ 26,518 $ (240,990)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques	The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2021 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,792 $ — $ — $ 13,792 Municipal securities — 2,825,589 — 2,825,589 Mortgage-backed securities — 82,878 — 82,878 Corporate securities — 226,376 — 226,376 Collateralized loan obligations — 267,569 — 267,569 Other asset-backed securities — 171,292 — 171,292 Total fixed maturity securities 13,792 3,573,704 — 3,587,496 Equity securities: Common stock 700,168 — — 700,168 Non-redeemable preferred stock — 32,326 — 32,326 Private equity funds measured at net asset value (1) 78,108 Total equity securities 700,168 32,326 — 810,602 Short-term investments: Short-term bonds — 27,335 — 27,335 Money market instruments 520,760 — — 520,760 Other 9 — — 9 Total short-term investments 520,769 27,335 — 548,104 Other assets: Note receivable — 5,712 — 5,712 Total assets at fair value $ 1,234,729 $ 3,639,077 $ — $ 4,951,914 Liabilities Other liabilities: Options sold $ 81 $ — $ — $ 81 Total liabilities at fair value $ 81 $ — $ — $ 81 December 31, 2020 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,816 $ — $ — $ 13,816 Municipal securities — 2,791,212 — 2,791,212 Mortgage-backed securities — 93,264 — 93,264 Corporate securities — 241,366 — 241,366 Collateralized loan obligations — 256,891 — 256,891 Other asset-backed securities — 153,261 — 153,261 Total fixed maturity securities 13,816 3,535,994 — 3,549,810 Equity securities: Common stock 691,782 — — 691,782 Non-redeemable preferred stock — 32,660 — 32,660 Private equity funds measured at net asset value (1) 79,409 Total equity securities 691,782 32,660 — 803,851 Short-term investments: Short-term bonds 21,999 4,929 — 26,928 Money market instruments 348,676 — — 348,676 Other 5 — — 5 Total short-term investments 370,680 4,929 — 375,609 Other assets: Note receivable — 5,725 — 5,725 Total assets at fair value $ 1,076,278 $ 3,579,308 $ — $ 4,734,995 __________ (1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets. The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized: March 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,632 $ 422,936 $ — $ 422,936 $ — December 31, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,532 $ 415,253 $ — $ 415,253 $ —
Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value	The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities: Private Equity Fund Three Months Ended March 31, 2021 2020 (Amounts in thousands) Beginning balance $ — $ 1,203 Realized losses included in earnings — (1) Settlements — — Transfer out (1) — (1,202) Ending balance $ — $ — The amount of total gains or losses for the period included in earnings attributable to assets still held at March 31 $ — $ — __________ (1) The private equity fund was reclassified from Level 3 to private equity funds measured at net asset value at March 31, 2020, due to the use of the NAV practical expedient in measuring the fair value of the fund.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets	The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains or losses in the consolidated statements of operations: Derivatives March 31, 2021 December 31, 2020 (Amount in thousands) Options sold - Other liabilities $ 81 $ — Total $ 81 $ —
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	Gains Recognized in Net Income (Loss) Three Months Ended March 31, 2021 2020 (Amounts in thousands) Options sold - Net realized investment gains (losses) $ 460 $ 1,712 Total $ 460 $ 1,712

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Components Of Other Intangible Assets	The following table presents the components of other intangible assets: Gross Carrying Accumulated Net Carrying Useful Lives (Amounts in thousands) (in years) As of March 31, 2021: Customer relationships $ 54,862 $ (52,747) $ 2,115 11 Trade names 15,400 (7,860) 7,540 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (64,907) $ 11,055 As of December 31, 2020: Customer relationships $ 54,862 $ (52,640) $ 2,222 11 Trade names 15,400 (7,700) 7,700 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (64,640) $ 11,322
Schedule Of Estimated Future Amortization Expense Related To Intangible Assets	The following table presents the estimated future amortization expense related to other intangible assets as of March 31, 2021: Year Amortization Expense (Amounts in thousands) Remainder of 2021 $ 800 2022 1,043 2023 879 2024 851 2025 807 Thereafter 5,275 Total $ 9,655

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table provides the assumptions used in the calculation of grant-date fair values of these stock options based on the Black-Scholes option pricing model: Weighted-average grant-date fair value $ 8.09 Expected volatility 33.18 % Risk-free interest rate 2.62 % Expected dividend yield 5.40 % Expected term in months 72

Loss And Loss Adjustment Expe_2

Loss And Loss Adjustment Expense Reserves (Tables)	3 Months Ended
	Mar. 31, 2021
Insurance Loss Reserves [Abstract]
Activity In The Reserves For Losses And Loss Adjustment Expenses	The following table presents the activity in loss and loss adjustment expense reserves: Three Months Ended March 31, 2021 2020 (Amounts in thousands) Gross reserves, beginning of period $ 1,991,304 $ 1,921,255 Reinsurance recoverables on unpaid losses, beginning of period (54,460) (76,100) Cumulative effect of adopting ASU 2016-13 for reinsurance recoverables on unpaid losses (1) — 149 Reinsurance recoverables on unpaid losses, beginning of period, as adjusted (54,460) (75,951) Net reserves, beginning of period, as adjusted 1,936,844 1,845,304 Incurred losses and loss adjustment expenses related to: Current year 627,551 636,566 Prior years (1,207) 15,104 Total incurred losses and loss adjustment expenses 626,344 651,670 Loss and loss adjustment expense payments related to: Current year 242,103 264,658 Prior years 334,867 403,436 Total payments 576,970 668,094 Net reserves, end of period 1,986,218 1,828,880 Reinsurance recoverables on unpaid losses, end of period 54,882 69,065 Gross reserves, end of period $ 2,041,100 $ 1,897,945 __________

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Payable [Abstract]
Schedule of Long-term Debt Instruments	The following table presents information about the Company's notes payable: Lender Interest Rate Maturity Date March 31, 2021 December 31, 2020 (Amounts in thousands) Senior unsecured notes (1) Publicly traded 4.40% March 15, 2027 $ 375,000 $ 375,000 Unsecured credit facility (2) Bank of America, Wells Fargo Bank, and U.S. Bank LIBOR plus 112.5-150.0 basis points March 31, 2026 — — Total principal amount 375,000 375,000 Less unamortized discount and debt issuance costs (3) 2,368 2,468 Total debt $ 372,632 $ 372,532 __________ (1) On March 8, 2017, the Company completed a public debt offering issuing $375 million of senior notes. The notes are unsecured, senior obligations of the Company with a 4.4% annual coupon payable on March 15 and September 15 of each year commencing September 15, 2017. These notes mature on March 15, 2027. The Company used the proceeds from the notes to pay off amounts outstanding under the existing loan and credit facilities and for general corporate purposes. The Company incurred debt issuance costs of approximately $3.4 million, inclusive of underwriters' fees. The notes were issued at a slight discount of 99.847% of par, resulting in the effective annualized interest rate including debt issuance costs of approximately 4.45%. (2) On March 29, 2017, the Company entered into an unsecured credit agreement (the "2017 Credit Agreement") that provided for revolving loans of up to $50 million and was set to mature on March 29, 2022. On March 31, 2021, the Company entered into an amended and restated credit agreement (the "Amended and Restated Credit Agreement") that amended and restated the 2017 Credit Agreement. The Amended and Restated Credit Agreement, among other things, extended the maturity date of the loan that was the subject of the 2017 Credit Agreement to March 31, 2026, added U.S. Bank as an additional lender, and increased the aggregate commitments by all the lenders to $75 million from $50 million under the 2017 Credit Agreement. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from LIBOR plus 112.5 basis points when the ratio is under 20% to LIBOR plus 150.0 basis points when the ratio is greater than or equal to 30%. Commitment fees for the undrawn portions of the credit facility range from 12.5 basis points when the ratio is under 20% to 22.5 basis points when the ratio is greater than or equal to 30%. The debt to total capital ratio is expressed as a percentage of (a) consolidated debt to (b) consolidated shareholders' equity plus consolidated debt. The Company's debt to total capital ratio was 15.1% at March 31, 2021, resulting in a 12.5 basis point commitment fee on the $75 million undrawn portion of the credit facility. As of April 29, 2021, there have been no borrowings under this facility.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of operating results by reportable segment	The following table presents the Company's operating results by reportable segment: Three Months Ended March 31, 2021 2020 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 908.8 $ 7.1 $ 915.9 $ 915.3 $ 7.3 $ 922.6 Less: Losses and loss adjustment expenses 622.9 3.4 626.3 648.2 3.5 651.7 Underwriting expenses 227.3 2.8 230.1 229.4 3.7 233.1 Underwriting gain 58.6 0.9 59.5 37.7 0.1 37.8 Investment income 32.3 34.5 Net realized investment gains (losses) 41.7 (251.3) Other income 3.2 2.6 Interest expense (4.3) (4.3) Pre-tax income (loss) $ 132.4 $ (180.7) Net income (loss) $ 107.0 $ (139.2)
Schedule direct premiums attributable to segment	The following table presents the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended March 31, 2021 2020 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 653.7 $ — $ 653.7 $ 693.9 $ — $ 693.9 Homeowners 160.8 — 160.8 139.5 — 139.5 Commercial automobile 62.6 — 62.6 55.2 — 55.2 Other 31.7 7.1 38.8 26.7 7.3 34.0 Net premiums earned $ 908.8 $ 7.1 $ 915.9 $ 915.3 $ 7.3 $ 922.6 Private passenger automobile $ 666.5 $ — $ 666.5 $ 710.4 $ — $ 710.4 Homeowners 170.2 — 170.2 147.5 — 147.5 Commercial automobile 68.9 — 68.9 61.7 — 61.7 Other 41.0 6.8 47.8 30.1 8.2 38.3 Direct premiums written $ 946.6 $ 6.8 $ 953.4 $ 949.7 $ 8.2 $ 957.9

General (Details)

General (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Potentially dilutive securities (in shares)		68
Common stock dividends (in dollars per share)	$ 0.6325	$ 0.6300
Deferred policy acquisition cost amortization	$ 164,430,000	$ 156,533,000
Advertising expenses	9,700,000	11,700,000
Reinsurance reimbursable amount	$ 31,000,000
Reinsurance Retention Policy, Reinsured Risk, Percentage	71.00%
Reinsurance retention policy, excess retention, amount reinsured		717,000,000
Reinsurance policy, amount retained	$ 40,000,000
Ceded	16,000,000	14,000,000
Policyholder benefits and claims incurred, ceded	1,000,000	(1,000,000)
Revenue from contract with customer	6,300,000	4,700,000
Cost of goods and services sold	3,700,000	3,000,000
Contract with customer, asset	0		$ 0
Contract with customer, liability	0		0
Revenue, remaining performance obligation	0		0
Capitalized implementation costs for cloud computing	5,000,000		4,800,000
Capitalized contract cost, accumulated amortization	(2,700,000)		(2,100,000)
Capitalized contract cost, amortization expense	600,000	200,000
Shareholders' equity	2,104,437,000	1,623,444,000	2,032,597,000
Accounting Standards Update 2016-13 [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Increase (decrease) in accrued interest receivable, net	0
Retained Earnings [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Shareholders' equity	$ 2,005,600,000	$ 1,524,581,000	1,933,627,000	$ 1,700,674,000
Retained Earnings [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Shareholders' equity			$ 0	(2,014,000)
Retained Earnings [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Shareholders' equity				$ 2,000,000

General - Effects of Reinsuranc

General - Effects of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Premiums Written
Direct	$ 953,400	$ 957,900
Premiums Earned
Ceded	16,000	14,000
Net	915,922	922,574
Property and Casualty Lines [Member]
Premiums Written
Direct	946,606	949,745
Ceded	(15,643)	(11,358)
Assumed	12,669	7,630
Net	943,632	946,017
Premiums Earned
Direct	921,067	927,042
Ceded	(15,543)	(13,744)
Assumed	3,291	2,047
Net	$ 908,815	$ 915,345

General - Allowance for Credit

General - Allowance for Credit Losses on Premium Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Premiums Receivable, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance	$ 10,000	$ 1,445
Provision during the period for expected credit losses	(2,141)	8,169
Write-off amounts during the period	(1,015)	(1,658)
Recoveries during the period of amounts previously written off	156	189
Ending balance	7,000	10,000
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Premiums Receivable, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance	0	1,855
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]
Premiums Receivable, Allowance for Doubtful Accounts [Roll Forward]
Beginning balance	$ 10,000	$ 3,300

General - Allowance for Credi_2

General - Allowance for Credit Losses on Reinsurance Recoverables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 91	$ 0
Provision during the period for expected credit losses	(91)	(11)
Write-off amounts during the period	0	0
Recoveries during the period of amounts previously written off	0	0
Ending balance	0	148
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	159
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 91	$ 159

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments [Member]
Assets
Assets	$ 4,946,202	$ 4,729,270
Financing Receivable [Member]
Assets
Assets	5,712	5,725
Fair Value, Measurements, Recurring [Member]
Liabilities
Liabilities	81
Fair Value, Measurements, Recurring [Member] | Call Option [Member]
Liabilities
Liabilities	$ 81	$ 0

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) $ in Millions	1 Months Ended
	Aug. 31, 2017USD ($)a	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of acres | a	6
Proceeds from sale of property, plant, and equipment	$ 12.2
Promissory note received in sale of property, plant, and equipment	$ 5.7
Stated interest rate on promissory note	3.50%
Unsecured debt [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes		$ 375	$ 375

Fair Value Option (Gains And Lo

Fair Value Option (Gains And Losses Due To Changes In Fair Value Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ 26,518	$ (240,990)
Investments [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	26,531	(241,023)
Fixed maturity securities [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	(8,057)	(50,013)
Equity Securities [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	34,520	(186,373)
Short-term investments [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	68	(4,637)
Financing Receivable [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ (13)	$ 33

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021USD ($)broker	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of portfolio of unadjusted fair values obtained	98.40%
Two private equity funds using NAV	$ 76,900,000
One private equity fund using NAV	1,200,000
Fair Value, Assets, Level 1 to Level 2 to Level 3 Transfers, Amount	$ 0	$ 0
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of knowledgeable outside security brokers consulted to determine fair value | broker	1
Fair Value, liquidating investment, remaining period	1 year
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, liquidating investment, remaining period	9 years
Unsecured debt [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured notes	$ 375,000,000		$ 375,000,000
Commercial Mortgage Back Securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, trading, and equity securities, FV-NI	17,800,000		17,600,000
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	4,951,914,000		4,734,995,000
Liabilities	81,000
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	3,639,077,000		$ 3,579,308,000
Liabilities	$ 0

Fair Value Measurement (Schedul

Fair Value Measurement (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	$ 3,587,496	$ 3,549,810
Equity securities:	810,602	803,851
Fair Value, Measurements, Recurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	3,587,496	3,549,810
Equity securities:	810,602	803,851
Short-term investments:	548,104	375,609
Note receivable	5,712	5,725
Assets, fair value disclosure	4,951,914	4,734,995
Liabilities	81
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	13,792	13,816
Equity securities:	700,168	691,782
Short-term investments:	520,769	370,680
Note receivable	0	0
Assets, fair value disclosure	1,234,729	1,076,278
Liabilities	81
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	3,573,704	3,535,994
Equity securities:	32,326	32,660
Short-term investments:	27,335	4,929
Note receivable	5,712	5,725
Assets, fair value disclosure	3,639,077	3,579,308
Liabilities	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Equity securities:	0	0
Short-term investments:	0	0
Note receivable	0	0
Assets, fair value disclosure	0	0
Liabilities	0
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	13,792	13,816
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	13,792	13,816
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	2,825,589	2,791,212
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	2,825,589	2,791,212
Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	82,878	93,264
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	82,878	93,264
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	226,376	241,366
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	226,376	241,366
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	267,569	256,891
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	267,569	256,891
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	171,292	153,261
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	171,292	153,261
Fair Value, Measurements, Recurring [Member] | Other Asset-Backed Securities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Common Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	700,168	691,782
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	700,168	691,782
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	32,326	32,660
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	32,326	32,660
Fair Value, Measurements, Recurring [Member] | Nonredeemable Preferred Stock [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring [Member] | Private Equity Funds Net Asset Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	78,108	79,409
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	27,335	26,928
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	21,999
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	27,335	4,929
Fair Value, Measurements, Recurring [Member] | Short-term Debt [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	520,760	348,676
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	520,760	348,676
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring [Member] | Other Short-term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	9	5
Fair Value, Measurements, Recurring [Member] | Other Short-term Investments | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	9	5
Fair Value, Measurements, Recurring [Member] | Other Short-term Investments | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring [Member] | Other Short-term Investments | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	$ 0
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	81
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	81
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0
Fair Value, Measurements, Recurring [Member] | Equity contracts [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	$ 0

Fair Value Measurement (Summary

Fair Value Measurement (Summary Of Changes In Fair Value Of Level 3 Financial Assets And Financial Liabilities Held At Fair Value) (Details) - Private Equity Funds [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 1,203
Realized losses included in earnings	0	(1)
Settlements	0	0
Transfer out	0	(1,202)
Ending balance	0	0
The amount of total gains or losses for the period included in earnings attributable to assets still held at March 31	$ 0	$ 0

Fair Value Measurement Fair Val

Fair Value Measurement Fair Value Measurement (Financial Instruments Disclosed, But Not Carried, At Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 372,632	$ 372,532
Borrowings [Member] | Unsecured debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	372,632	372,532
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	422,936	415,253
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	422,936	415,253
Borrowings [Member] | Unsecured debt [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	$ 0	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments (Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets) (Details) - Non-hedging derivatives [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivatives	$ 81	$ 0
Option contracts [Member] | Other liabilities [Member]
Derivative [Line Items]
Derivatives	$ 81	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations) (Details) - Derivatives Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Gains Recognized in Net Income (Loss)	$ 460	$ 1,712
Equity contracts [Member] | Net realized investment (losses) gains [Member]
Derivative [Line Items]
Gains Recognized in Net Income (Loss)	$ 460	$ 1,712

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Change in goodwill	$ 0	$ 0
Goodwill, impaired, accumulated impairment loss	0		$ 0
Goodwill, impairment	0	0
Intangible assets amortization expense	$ 300,000	$ 200,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 75,962	$ 75,962
Accumulated Amortization	(64,907)	(64,640)
Net Carrying Amount	11,055	11,322
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	54,862	54,862
Accumulated Amortization	(52,747)	(52,640)
Net Carrying Amount	$ 2,115	$ 2,222
Useful Lives (in years)	11 years	11 years
Trade names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 15,400	$ 15,400
Accumulated Amortization	(7,860)	(7,700)
Net Carrying Amount	$ 7,540	$ 7,700
Useful Lives (in years)	24 years	24 years
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,300	$ 4,300
Accumulated Amortization	(4,300)	(4,300)
Net Carrying Amount	$ 0	$ 0
Useful Lives (in years)	10 years	10 years
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,400	$ 1,400
Net Carrying Amount	$ 1,400	$ 1,400

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule Of Estimated Future Amortization Expense Related To Intangible Assets) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 800
2022	1,043
2023	879
2024	851
2025	807
Thereafter	5,275
Total	$ 9,655

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ in Millions	1 Months Ended		3 Months Ended
	Feb. 28, 2019shares	Feb. 28, 2018executiveshares	Mar. 31, 2021USD ($)shares	Feb. 28, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives awarded stock options | executive		4
Unrecognized compensation expense | $			$ 0.1
Period for recognition for unrecognized compensation expense			10 months 24 days
Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,900,000
Share-based compensation awarded (in shares)			0
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term (in years)			10 years
Employee Stock Option [Member] | Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of nonvested options (in shares)			70,000
Grants in period (in shares)		80,000
Requisite service period		4 years
Nonvested options forfeited (in shares)	(10,000)
Common Stock [Member] | Incentive Award Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			4,830,000

Share-Based Compensation (Stock

Share-Based Compensation (Stock Option Valuation Assumptions) (Details)	3 Months Ended
	Mar. 31, 2021$ / shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Weighted-average grant-date fair value (in dollars per share)	$ 8.09
Expected volatility	33.18%
Risk-free interest rate	2.62%
Expected dividend yield	5.40%
Expected term in months	72 months

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Change in unrecognized tax benefit	$ 0

Loss And Loss Adjustment Expe_3

Loss And Loss Adjustment Expense Reserves (Activity In The Reserves For Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves, beginning of period	$ 1,991,304	$ 1,921,255
Reinsurance recoverables on unpaid losses	54,460	76,100
Net reserves, beginning of period, as adjusted	1,936,844	1,845,304
Incurred losses and loss adjustment expenses related to:
Current year	627,551	636,566
Prior years	(1,207)	15,104
Total incurred losses and loss adjustment expenses	626,344	651,670
Loss and loss adjustment expense payments related to:
Current year	242,103	264,658
Prior years	334,867	403,436
Total payments	576,970	668,094
Net reserves, end of period	1,986,218	1,828,880
Reinsurance recoverables on unpaid losses, end of period	54,882	69,065
Gross reserves, end of period	2,041,100	1,897,945
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reinsurance recoverables on unpaid losses	0	(149)
Cumulative Effect, Period Of Adoption, Adjusted Balance [Member]
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reinsurance recoverables on unpaid losses	$ 54,460	$ 75,951

Loss And Loss Adjustment Expe_4

Loss And Loss Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Unusual or Infrequent Item, or Both [Line Items]
Prior year claims and claims adjustment expense	$ (1,207)	$ 15,104
Adjustments for prior year claims	334,867	403,436
Catastrophe [Member]
Unusual or Infrequent Item, or Both [Line Items]
Pre-tax catastrophe losses, net of reinsurance benefits	35,000	2,000
Liability for catastrophe claims, carrying amount	39,000	4,000
Adjustments for prior year claims	$ 4,000	$ 2,000

Notes Payable (Schedule of Long

Notes Payable (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 08, 2017
Debt Instrument [Line Items]
Interest rate				4.40%
Total principal amount	$ 375,000	$ 375,000	$ 375,000
Less unamortized discount and debt issuance costs(3)	2,368	2,368	2,468
Notes payable	372,632	372,632	372,532
Unsecured debt [Member] | Borrowings [Member]
Debt Instrument [Line Items]
Notes payable	$ 372,632	$ 372,632	372,532
Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes One [Member]
Debt Instrument [Line Items]
Interest rate	4.40%	4.40%
Unsecured debt	$ 375,000	$ 375,000	375,000
Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes Two [Member]
Debt Instrument [Line Items]
Unsecured debt	$ 0	$ 0	$ 0
LIBOR [Member] | Minimum [Member] | Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes Two [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
LIBOR [Member] | Maximum [Member] | Unsecured debt [Member] | Borrowings [Member] | Level 2 [Member] | Unsecured Notes Two [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 29, 2017	Mar. 08, 2017
Debt Instrument [Line Items]
Interest rate					4.40%
Debt issuance cost					$ 3,400
Debt instrument, discount percent					99.847%
Effective interest rate					4.45%
Debt to total capital ratio	0.151	0.151
Unamortized debt issuance cost	$ 200	$ 200
Unsecured Notes Two [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Loan maximum borrowing capacity	$ 75,000	$ 75,000		$ 50,000
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee on undrawn portion of facility	0.125%	0.125%
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee on undrawn portion of facility	0.225%
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Debt to total capital ratio	0.30	0.30
Unsecured Notes Two [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt to total capital ratio	0.20	0.20
Level 2 [Member] | Borrowings [Member] | Unsecured Notes One [Member] | Unsecured debt [Member]
Debt Instrument [Line Items]
Unsecured debt	$ 375,000	$ 375,000	$ 375,000
Interest rate	4.40%	4.40%
Level 2 [Member] | Borrowings [Member] | Unsecured Notes Two [Member] | Unsecured debt [Member]
Debt Instrument [Line Items]
Unsecured debt	$ 0	$ 0	$ 0
Level 2 [Member] | Borrowings [Member] | Unsecured Notes Two [Member] | Unsecured debt [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Level 2 [Member] | Borrowings [Member] | Unsecured Notes Two [Member] | Unsecured debt [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

Segment Information - Summary o

Segment Information - Summary of Operating Results by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)SubsidiarysegmentState	Mar. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of insurance companies | Subsidiary	14
Number of states in which company operates | State	11
Number of reportable segments | segment	1
Segment Reporting Information [Line Items]
Net	$ 915,922	$ 922,574
Losses and loss adjustment expenses	626,344	651,670
Underwriting expenses	230,100	233,100
Underwriting gain (loss)	59,500	37,800
Net investment income	32,279	34,495
Net realized investment gains (losses)	41,691	(251,320)
Other income	3,204	2,562
Interest expense	(4,343)	(4,256)
Pre-tax income (loss)	132,421	(180,705)
Net income (loss)	106,995	(139,204)
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Net	908,815	915,345
Losses and loss adjustment expenses	622,900	648,200
Underwriting expenses	227,300	229,400
Underwriting gain (loss)	58,600	37,700
Other Segments [Member]
Segment Reporting Information [Line Items]
Net	7,100	7,300
Losses and loss adjustment expenses	3,400	3,500
Underwriting expenses	2,800	3,700
Underwriting gain (loss)	$ 900	$ 100

Segment Information - Summary_2

Segment Information - Summary of Premiums Written and Earned by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net	$ 915,922	$ 922,574
Direct	953,400	957,900
Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net	653,700	693,900
Direct	666,500	710,400
Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net	160,800	139,500
Direct	170,200	147,500
Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net	62,600	55,200
Direct	68,900	61,700
Other [Member]
Segment Reporting Information [Line Items]
Net	38,800	34,000
Direct	47,800	38,300
Property and Casualty Lines [Member]
Segment Reporting Information [Line Items]
Net	908,815	915,345
Direct	946,606	949,745
Property and Casualty Lines [Member] | Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net	653,700	693,900
Direct	666,500	710,400
Property and Casualty Lines [Member] | Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net	160,800	139,500
Direct	170,200	147,500
Property and Casualty Lines [Member] | Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net	62,600	55,200
Direct	68,900	61,700
Property and Casualty Lines [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net	31,700	26,700
Direct	41,000	30,100
Other Segments [Member]
Segment Reporting Information [Line Items]
Net	7,100	7,300
Direct	6,800	8,200
Other Segments [Member] | Private Passenger Automobile Line [Member]
Segment Reporting Information [Line Items]
Net	0	0
Direct	0	0
Other Segments [Member] | Homeowners Line [Member]
Segment Reporting Information [Line Items]
Net	0	0
Direct	0	0
Other Segments [Member] | Commercial Automobile Line [Member]
Segment Reporting Information [Line Items]
Net	0	0
Direct	0	0
Other Segments [Member] | Other [Member]
Segment Reporting Information [Line Items]
Net	7,100	7,300
Direct	$ 6,800	$ 8,200