Mercury General (MCY) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		55,371,127
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000064996
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Fixed maturity securities (amortized cost $4,105,574; $3,909,780)	$ 3,897,859	$ 4,031,523
Equity securities (cost $688,401; $754,536)	684,335	970,939
Short-term investments (cost $101,548; $141,206)	100,621	140,127
Total investments	4,682,815	5,142,589
Cash	335,886	335,557
Receivables:
Premiums	646,942	621,740
Allowance for credit losses on premiums receivable	(6,000)	(6,000)
Premiums receivable, net of allowance for credit losses	640,942	615,740
Accrued investment income	48,894	43,299
Other	7,871	7,600
Total receivables	697,707	666,639
Reinsurance recoverables	25,309	45,000
Deferred policy acquisition costs	279,726	258,259
Fixed assets (net of accumulated depreciation $325,461; $308,997)	189,753	191,332
Operating lease right-of-use assets	23,610	31,967
Current income taxes	48,429	20,108
Deferred income taxes	65,705	0
Goodwill	42,796	42,796
Other intangible assets, net	9,455	10,255
Other assets	53,470	27,970
Total assets	6,454,661	6,772,472
Liabilities
Loss and loss adjustment expense reserves	2,432,734	2,226,430
Unearned premiums	1,635,459	1,519,799
Notes payable	373,230	372,931
Accounts payable and accrued expenses	155,441	169,125
Operating lease liabilities	26,366	34,577
Deferred income taxes	0	53,569
Other liabilities	284,950	255,760
Total liabilities	4,908,180	4,632,191
Commitments and contingencies
Shareholders’ equity:
Common stock without par value or stated value: Authorized 70,000 shares; issued and outstanding 55,371; 55,371	98,947	98,943
Retained earnings	1,447,534	2,041,338
Total shareholders’ equity	1,546,481	2,140,281
Total liabilities and shareholders’ equity	$ 6,454,661	$ 6,772,472

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$ 4,105,574	$ 3,909,780
Cost - equity security trading investments	688,401	754,536
Cost - short-term investments	101,548	141,206
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 325,461	$ 308,997
Common Stock
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	55,371,000	55,371,000
Common stock, shares outstanding (in shares)	55,371,000	55,371,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Net premiums earned	$ 996,939	$ 940,941	$ 2,947,000	$ 2,783,682
Net investment income	44,563	32,334	118,469	95,566
Net realized investment (losses) gains	(144,213)	(43,543)	(581,237)	56,953
Other	2,998	2,481	7,141	7,883
Total revenues	900,287	932,213	2,491,373	2,944,084
Expenses:
Losses and loss adjustment expenses	787,462	697,947	2,436,175	1,981,519
Policy acquisition costs	168,870	153,142	487,444	468,556
Other operating expenses	68,585	80,238	208,305	216,723
Interest	4,273	4,267	12,822	12,845
Total expenses	1,029,190	935,594	3,144,746	2,679,643
(Loss) income before income taxes	(128,903)	(3,381)	(653,373)	264,441
Income tax (benefit) expense	(30,600)	(4,669)	(147,471)	46,977
Net (loss) income	$ (98,303)	$ 1,288	$ (505,902)	$ 217,464
Net (loss) income per share:
Basic (in dollars per share)	$ (1.78)	$ 0.02	$ (9.14)	$ 3.93
Diluted (in dollars per share)	$ (1.78)	$ 0.02	$ (9.14)	$ 3.93
Weighted average shares outstanding:
Basic (in shares)	55,371	55,371	55,371	55,367
Diluted (in shares)	55,371	55,375	55,371	55,375

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common stock	Retained Earnings [Member]
Shareholders' equity, beginning balance at Dec. 31, 2020		$ 98,970	$ 1,933,627
Proceeds from stock options exercised		215
Share-based compensation expense		106
Withholding tax on stock options exercised		(383)
Net (loss) income	$ 217,464		217,464
Dividends paid to shareholders			(105,066)
Shareholders' equity, ending balance at Sep. 30, 2021	2,144,933	98,908	2,046,025
Shareholders' equity, beginning balance at Jun. 30, 2021		98,872	2,079,759
Proceeds from stock options exercised		0
Share-based compensation expense		36
Withholding tax on stock options exercised		0
Net (loss) income	1,288		1,288
Dividends paid to shareholders			(35,022)
Shareholders' equity, ending balance at Sep. 30, 2021	2,144,933	98,908	2,046,025
Shareholders' equity, beginning balance at Dec. 31, 2021	2,140,281	98,943	2,041,338
Proceeds from stock options exercised		0
Share-based compensation expense		15
Withholding tax on stock options exercised		(11)
Net (loss) income	(505,902)		(505,902)
Dividends paid to shareholders			(87,902)
Shareholders' equity, ending balance at Sep. 30, 2022	1,546,481	98,947	1,447,534
Shareholders' equity, beginning balance at Jun. 30, 2022		98,947	1,563,418
Proceeds from stock options exercised		0
Share-based compensation expense		0
Withholding tax on stock options exercised		0
Net (loss) income	(98,303)		(98,303)
Dividends paid to shareholders			(17,581)
Shareholders' equity, ending balance at Sep. 30, 2022	$ 1,546,481	$ 98,947	$ 1,447,534

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (505,902)	$ 217,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,647	56,864
Net realized investment losses (gains)	581,237	(56,953)
Increase in premiums receivable	(25,202)	(58,529)
Decrease (increase) in reinsurance recoverables	19,691	(1,437)
Changes in current and deferred income taxes	(147,595)	(22,454)
Increase in deferred policy acquisition costs	(21,467)	(16,280)
Increase in loss and loss adjustment expense reserves	206,304	150,817
Increase in unearned premiums	115,660	139,424
Decrease in accounts payable and accrued expenses	(11,708)	(12,958)
Share-based compensation	15	106
Other, net	9,191	31,965
Net cash provided by operating activities	284,871	428,029
Fixed maturity securities available for sale in nature:
Purchases	(1,299,431)	(1,044,819)
Sales	621,519	117,754
Calls or maturities	388,421	397,524
Equity securities available for sale in nature:
Purchases	(755,838)	(695,393)
Sales	843,283	689,484
Changes in securities payable and receivable	(11,303)	20,267
Decrease in short-term investments	39,634	213,553
Purchases of fixed assets	(25,589)	(29,498)
Other, net	3,811	1,842
Net cash used in investing activities	(195,493)	(329,286)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(87,902)	(105,066)
Proceeds from stock options exercised	0	215
Payments on finance lease obligations	(1,147)	(765)
Net cash used in financing activities	(89,049)	(105,616)
Net increase (decrease) in cash	329	(6,873)
Cash:
Beginning of the year	335,557	348,479
End of period	335,886	341,606
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	16,612	16,584
Income taxes paid, net	$ 179	$ 69,432

General

General	9 Months Ended
	Sep. 30, 2022
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, 2021. 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 September 30, 2022 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, 2021 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. Earnings (Loss) per Share Potentially dilutive securities representing approximately 18,000 shares of common stock were excluded from the computation of diluted loss per share for the three months ended September 30, 2022, because their effect would have been anti-dilutive. For the nine months ended September 30, 2022, 1,294 incremental shares were excluded from the computation of diluted loss per share as the Company generated a net loss. There were no potentially dilutive securities with anti-dilutive effect for the three and nine months ended September 30, 2021. Dividends per Share The Company declared and paid a dividend per share of $0.3175 and $0.6325 during the three months ended September 30, 2022 and 2021, respectively, and dividends per share of $1.5875 and $1.8975 during the nine months ended September 30, 2022 and 2021, 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 $168.9 million and $153.1 million for the three months ended September 30, 2022 and 2021, respectively, and $487.4 million and $468.6 million for the nine months ended September 30, 2022 and 2021, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $2.3 million and $19.4 million for the three months ended September 30, 2022 and 2021, respectively, and $10.0 million and $40.7 million for the nine months ended September 30, 2022 and 2021, 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, 2022. The Company reimburses up to $25 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 73.5%. 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, 2023. The Treaty provides $936 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $60 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 certain upper layers of coverage, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Premiums Written Direct $ 1,049,088 $ 1,024,753 $ 3,086,222 $ 2,934,777 Ceded (22,805) (17,322) (57,776) (48,750) Assumed 138 161 10,582 13,048 Net $ 1,026,421 $ 1,007,592 $ 3,039,028 $ 2,899,075 Premiums Earned Direct $ 1,009,829 $ 947,458 $ 2,974,651 $ 2,800,357 Ceded (22,825) (17,175) (57,383) (48,335) Assumed 2,684 3,322 8,142 9,912 Net $ 989,688 $ 933,605 $ 2,925,410 $ 2,761,934 The Company recognized ceded premiums earned of approximately $23 million and $17 million for the three months ended September 30, 2022 and 2021, respectively, and $57 million and $48 million for the nine months ended September 30, 2022 and 2021, 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 $(2) million and $(1) million for the three months ended September 30, 2022 and 2021, respectively, and $(15) million and $(4) million for the nine months ended September 30, 2022 and 2021, respectively, which are included in losses and loss adjustment expenses in its consolidated statements of operations. The negative ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2022 and 2021 were primarily the result of favorable development on prior years' catastrophe losses that had been ceded to the Company's reinsurers. 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 $4.5 million and $4.6 million, with related expenses of $2.5 million and $3.0 million, for the three months ended September 30, 2022 and 2021, respectively, and $13.5 million and $15.9 million, with related expenses of $8.0 million and $9.9 million, for the nine months ended September 30, 2022 and 2021, 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 September 30, 2022 and December 31, 2021, the Company had no contract assets and contract liabilities, and no remaining performance obligations associated with unrecognized revenues. Allowance for Credit Losses Financial Instruments - Credit Losses (Topic 326) uses the "expected loss" methodology for recognizing credit losses for financial assets that are not accounted for at fair value through net income. The Company's investment portfolio, which does not include accrued investment income, is not subject to Topic 326 as it applies the fair value option to all of its investments (see Note 4. Fair Value Option). The estimated allowance amounts for credit losses at September 30, 2022 and December 31, 2021 related to premiums receivable. 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. 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. The estimated 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. The improving economy and declining unemployment rate contributed to the reduction in allowance for credit losses for the nine months ended September 30, 2021. However, the rising inflation and interest rates had negative impacts on the allowance for credit losses for the nine months ended September 30, 2022, mostly offsetting the positive impacts of some improvements in the economy. The following table presents a summary of changes in allowance for credit losses on premiums receivable: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Beginning balance $ 6,000 $ 6,000 $ 6,000 $ 10,000 Provision during the period for expected credit losses 1,153 694 3,330 (1,837) Write-off amounts during the period (1,311) (838) (3,798) (2,610) Recoveries during the period of amounts previously written off 158 144 468 447 Ending balance $ 6,000 $ 6,000 $ 6,000 $ 6,000 Accrued Interest Receivables

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2022
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 is discontinued. 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	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [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: September 30, 2022 December 31, 2021 (Amounts in thousands) Assets Investments $ 4,682,815 $ 5,142,589 Liabilities Options sold 169 301 Notes payable 349,643 413,378 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 September 30, 2022 and December 31, 2021. 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 September 30, 2022 and December 31, 2021, the Company had approximately $10 million and $32 million, respectively, in unfunded commitments to these VIEs. 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. Notes Payable The fair value of the Company’s publicly traded $375 million unsecured notes at September 30, 2022 and December 31, 2021 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 Measurements.

Fair Value Option

Fair Value Option	9 Months Ended
	Sep. 30, 2022
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 Company received the full principal amount due on the note receivable in November 2021. 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 was included in other revenues in the Company’s consolidated statements of operations. The following table presents gains or losses recognized due to changes in fair value of financial instruments pursuant to application of the fair value option: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Fixed maturity securities $ (83,257) $ (26,120) $ (329,458) $ (21,729) Equity securities (45,779) (19,884) (220,469) 47,057 Short-term investments 1,817 (170) 152 (161) Total investments $ (127,219) $ (46,174) $ (549,775) $ 25,167 Note receivable — 43 — 15 Total (losses) gains $ (127,219) $ (46,131) $ (549,775) $ 25,182

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2022
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 97.8% of its investment portfolio at fair value from an independent pricing service at September 30, 2022. 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 and agencies /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 $27.8 million and $25.2 million at fair value in commercial mortgage-backed securities at September 30, 2022 and December 31, 2021, 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. Level 3 measurements - Fair values of financial assets and financial liabilities 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. At September 30, 2022 and December 31, 2021, the Company did not have any financial assets or financial liabilities based on Level 3 measurements. Fair value measurement using NAV practical expedient - The fair value of the Company's investment in private equity funds measured at net asset value ("NAV") 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. At September 30, 2022, the Company had invested or committed capital in five such funds: the strategy of three such funds with a combined fair value of approximately $92.1 million at September 30, 2022 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 another such fund with a fair value of approximately $0.6 million at September 30, 2022 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; and the strategy of the other such fund with a fair value of approximately $0.1 million at September 30, 2022 is to achieve long-term capital appreciation through privately-negotiated venture capital investments in seed- and early-stage portfolio companies with technology-enabled business models. The Company had approximately $10 million in unfunded commitments at September 30, 2022 with respect to the private equity funds measured at NAV. The underlying assets of the funds are expected to be liquidated over the period of approximately one year to ten years from September 30, 2022. 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: September 30, 2022 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 59,327 $ 10,036 $ — $ 69,363 Municipal securities — 2,688,727 — 2,688,727 Mortgage-backed securities — 165,208 — 165,208 Corporate securities — 510,811 — 510,811 Collateralized loan obligations — 285,360 — 285,360 Other asset-backed securities — 178,390 — 178,390 Total fixed maturity securities 59,327 3,838,532 — 3,897,859 Equity securities: Common stock 537,455 — — 537,455 Non-redeemable preferred stock — 54,042 — 54,042 Private equity funds measured at net asset value (1) 92,838 Total equity securities 537,455 54,042 — 684,335 Short-term investments: Short-term bonds 15,488 — — 15,488 Money market instruments 85,094 — — 85,094 Other 39 — — 39 Total short-term investments 100,621 — — 100,621 Total assets at fair value $ 697,403 $ 3,892,574 $ — $ 4,682,815 Liabilities Other liabilities: Options sold $ 169 $ — $ — $ 169 Total liabilities at fair value $ 169 $ — $ — $ 169 December 31, 2021 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,085 $ — $ — $ 13,085 Municipal securities — 2,843,221 — 2,843,221 Mortgage-backed securities — 137,002 — 137,002 Corporate securities — 523,853 — 523,853 Collateralized loan obligations — 314,153 — 314,153 Other asset-backed securities — 200,209 — 200,209 Total fixed maturity securities 13,085 4,018,438 — 4,031,523 Equity securities: Common stock 797,024 — — 797,024 Non-redeemable preferred stock — 65,501 — 65,501 Private equity funds measured at net asset value (1) 108,414 Total equity securities 797,024 65,501 — 970,939 Short-term investments: Short-term bonds 1,453 15,748 — 17,201 Money market instruments 122,917 — — 122,917 Other 9 — — 9 Total short-term investments 124,379 15,748 — 140,127 Total assets at fair value $ 934,488 $ 4,099,687 $ — $ 5,142,589 Liabilities Other liabilities: Options sold $ 301 $ — $ — $ 301 Total liabilities at fair value $ 301 $ — $ — $ 301 __________ (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. There were no transfers between Levels 1, 2, and 3 of the fair value hierarchy during the nine months ended September 30, 2022 and 2021. At September 30, 2022, 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: September 30, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,230 $ 349,643 $ — $ 349,643 $ — December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,931 $ 413,378 $ — $ 413,378 $ — Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at September 30, 2022 and December 31, 2021 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	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 (Amount in thousands) Options sold - Other liabilities $ 169 $ 301 Total $ 169 $ 301 Gains Recognized in Net Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Options sold - Net realized investment (losses) gains $ 1,311 $ 557 $ 3,939 $ 1,340 Total $ 1,311 $ 557 $ 3,939 $ 1,340 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	9 Months Ended
	Sep. 30, 2022
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 and nine months ended September 30, 2022 and 2021. No accumulated goodwill impairment losses existed at September 30, 2022 and December 31, 2021. Goodwill is reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three and nine months ended September 30, 2022 and 2021. 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 September 30, 2022: Customer relationships $ 54,862 $ (53,385) $ 1,477 11 Trade names 15,400 (8,822) 6,578 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (66,507) $ 9,455 As of December 31, 2021: Customer relationships $ 54,862 $ (53,065) $ 1,797 11 Trade names 15,400 (8,342) 7,058 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (65,707) $ 10,255 Other intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three and nine months ended September 30, 2022 and 2021. Other intangible assets with definite useful lives are amortized on a straight-line basis over their useful lives. Amortization expense for other intangible assets was $0.3 million for each of the three months ended September 30, 2022 and 2021, and $0.8 million for each of the nine months ended September 30, 2022 and 2021. The following table presents the estimated future amortization expense related to other intangible assets as of September 30, 2022: Year Amortization Expense (Amounts in thousands) Remainder of 2022 $ 243 2023 879 2024 851 2025 807 2026 807 Thereafter 4,468 Total $ 8,055

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Recognized 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. The Company granted 80,000 stock options, 10,000 of which were forfeited, with 4,830,000 shares of common stock available for future grant under the 2015 Plan as of September 30, 2022. 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 September 30, 2022, 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 vested over the four-year requisite service period, except for 10,000 of these stock options that 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 expected term of stock options represents the period of time that stock options granted are expected to be outstanding, and is estimated based on 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 September 30, 2022, the Company had no unrecognized compensation expense related to stock options awarded under the 2015 Plan. No share-based compensation awards were granted during the nine months ended September 30, 2022.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022. 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 2019 through 2021 for federal taxes, and 2011 through 2013 and 2020 through 2021 for California state taxes. For tax years 2011 through 2013, the Company received Notices of Proposed Assessments (“NPAs”) and submitted a formal protest to the FTB in 2018. During the fourth quarter of 2021, the FTB issued the protest determination letter for tax years 2011 through 2013. During the second quarter of 2022, the FTB issued the principal schedules detailing the tax assessments for tax years 2011 through 2013. The Company is currently reviewing the results of the principal schedules. Tax years 2014 through 2019 have been resolved with no outstanding issues. If a reasonable settlement is not reached for tax years 2011 through 2013 for California state taxes, 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 net income (loss) in the period that includes the enactment date.

Loss And Loss Adjustment Expens

Loss And Loss Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2022
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: Nine Months Ended September 30, 2022 2021 (Amounts in thousands) Gross reserves, beginning of period $ 2,226,430 $ 1,991,304 Reinsurance recoverables on unpaid losses, beginning of period (41,377) (54,460) Net reserves, beginning of period 2,185,053 1,936,844 Incurred losses and loss adjustment expenses related to: Current year 2,386,233 2,005,233 Prior years 49,942 (23,714) Total incurred losses and loss adjustment expenses 2,436,175 1,981,519 Loss and loss adjustment expense payments related to: Current year 1,267,535 1,088,285 Prior years 945,371 739,385 Total payments 2,212,906 1,827,670 Net reserves, end of period 2,408,322 2,090,693 Reinsurance recoverables on unpaid losses, end of period 24,412 51,428 Gross reserves, end of period $ 2,432,734 $ 2,142,121 During the nine months ended September 30, 2022, inflationary trends have accelerated to their highest level in decades, which has had a significant impact on the cost of auto parts and labor as well as medical expenses for bodily injuries, and supply chain and labor shortage issues have lengthened the time to repair vehicles. Bodily injury costs are also under pressure from social inflation. These factors have increased losses and loss adjustment expenses for the insured events of the current accident year for the nine months ended September 30, 2022 compared to the corresponding period in 2021 . The increase in the provision for insured events of prior years during the nine months ended September 30, 2022 of $49.9 million was primarily attributable to higher than estimated losses and loss adjustment expenses in the private passenger automobile line of insurance business. The inflationary pressures and the supply chain and labor shortage issues discussed above were major contributors to the adverse reserve development in the private passenger automobile line of insurance business for the first nine months of 2022. The decrease in the provision for insured events of prior years during the nine months ended September 30, 2021 of $23.7 million was primarily attributable to lower than estimated losses and loss adjustment expenses in the private passenger automobile and homeowners lines of insurance business. For the nine months ended September 30, 2022 and 2021, the Company recorded catastrophe losses net of reinsurance of approximately $62 million and $85 million, respectively. Catastrophe losses due to the events that occurred during the nine months ended September 30, 2022 totaled approximately $58 million, with no reinsurance benefits used for these losses, resulting primarily from winter storms, rainstorms and hail in Texas and Oklahoma, the impact of Hurricane Ian in Florida which caused $11 million in losses, and winter storms in California. Catastrophe losses due to the events that occurred during the nine months ended September 30, 2021 totaled approximately $91 million, with no reinsurance benefits used for these losses, resulting primarily from the deep freeze and other extreme weather events in Texas and Oklahoma, wildfires and winter storms in California, and the impact of Hurricane Ida in New Jersey and New York. In addition, the Company experienced unfavorable development of approximately $4 million and favorable development of approximately $6 million on prior years' catastrophe losses for the nine months ended September 30, 2022 and 2021, respectively.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2022
Notes Payable [Abstract]
Notes Payable	Notes Payable The following table presents information about the Company's notes payable: Lender Interest Rate Maturity Date September 30, 2022 December 31, 2021 (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) 1,770 2,069 Total debt $ 373,230 $ 372,931 __________ (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 19.5% at September 30, 2022, resulting in a 12.5 basis point commitment fee on the $75 million undrawn portion of the credit facility. As of October 27, 2022, there have been no borrowings under this facility.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
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, 2021. On September 10, 2021, the California Department of Insurance ("DOI") served the Company a Notice of Non-Compliance ("NNC"), alleging violations in connection with its 2014 Rating & Underwriting Examination Report, which was adopted by the California DOI in 2019. The NNC itemizes alleged violations, many of which management believes were corrected or otherwise resolved during the course of the examination, and seeks penalties. The Company has participated in lengthy and detailed discussions with the California DOI since the adoption of the examination report, in an attempt to address the issues deemed unresolved by the California DOI, and has taken several additional corrective actions approved by the California DOI. The Company is continuing discussions with the California DOI in order to resolve the outstanding issues, or at least obtain the agreement of the California DOI to remove the resolved items from the NNC before proceeding to a formal hearing process if a settlement is not reached. On August 1, 2022, the California DOI publicly announced its intention to pursue an administrative action against the Company with respect to certain outstanding issues. The Company filed a written response to the NNC on September 29, 2022. The response, consisting of a notice of defense, a motion to strike, and a motion to dismiss, challenges the NNC on procedural and substantive grounds. The Company cannot reasonably predict the likelihood, timing or outcome of any hearing process or administrative action, nor can it reasonably estimate the amount of penalties, if any. On October 5, 2021, the Company received a letter from the California DOI requesting additional information on the amount of premium refunds or credits that the Company has provided or plans to further provide to its private passenger automobile policyholders, and the methodology used in determining such refunds or credits for the time period of March 2020 through at least March 2021, due to reduced driving during the pandemic. On October 6, 2021, the California DOI issued a press release alleging that the Company and two other insurers have not provided enough premium relief to the policyholders through premium refunds or credits for lower frequency resulting from reduced driving during the pandemic. Two private actions against the Company were also filed during the first quarter of 2022, asserting substantially the same arguments on behalf of an alleged class of similarly situated policyholders, and seeking restitution of the allegedly excessive premiums charged during the pandemic. The Company believes that the amounts returned to-date, including the mileage reductions on individual policies, have provided appropriate and material relief to its policyholders and that there is no legal basis for the California DOI or the courts to require the Company to issue additional refunds. The total amount of premiums returned to the Company's policyholders through refunds or credits is approximately $128 million, which reduced its net premiums earned for 2020. The Company has also worked with its agents and policyholders to reclassify exposures on an individual policy basis, including reducing mileage on a large number of vehicles since the pandemic began. Management believes the mileage reductions have significantly reduced premiums on those individual policies in a manner consistent with the Company’s filed and approved rates. However, the Company cannot predict whether or not the California DOI or private plaintiffs will take further actions against the Company related to the premium refunds and credits, which may include inducing the Company to provide additional premium refunds to its policyholders, nor can it reasonably estimate the amount of such additional refunds or other losses, if any, due to any potential actions by the California DOI or the courts and the Company's responses to such actions. 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, range of loss, or a statement that such an estimate cannot be made. In addition, the Company accrues for anticipated legal defense costs associated with such lawsuits and regulatory actions. While actual losses may differ from the amounts recorded and the ultimate outcome of the Company's pending actions is generally not yet determinable, the Company does not believe that the ultimate resolution of currently pending legal or regulatory proceedings, either individually or in the aggregate, will have a material adverse effect on its financial condition or cash flows.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
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 13 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 tables present the Company's operating results by reportable segment: Three Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 989.7 $ 7.2 $ 996.9 $ 933.6 $ 7.3 $ 940.9 Less: Losses and loss adjustment expenses 783.8 3.7 787.5 694.2 3.7 697.9 Underwriting expenses 233.6 3.8 237.4 229.7 3.7 233.4 Underwriting (loss) gain (27.7) (0.3) (28.0) 9.7 (0.1) 9.6 Investment income 44.6 32.3 Net realized investment losses (144.2) (43.5) Other income 3.0 2.5 Interest expense (4.3) (4.3) Pre-tax loss $ (128.9) $ (3.4) Net (loss) income $ (98.3) $ 1.3 Nine Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 2,925.4 $ 21.6 $ 2,947.0 $ 2,761.9 $ 21.8 $ 2,783.7 Less: Losses and loss adjustment expenses 2,425.1 11.1 2,436.2 1,970.8 10.7 1,981.5 Underwriting expenses 687.3 8.5 695.8 675.1 10.4 685.5 Underwriting (loss) gain (187.0) 2.0 (185.0) 116.0 0.7 116.7 Investment income 118.5 95.6 Net realized investment (losses) gains (581.2) 57.0 Other income 7.1 7.9 Interest expense (12.8) (12.8) Pre-tax (loss) income $ (653.4) $ 264.4 Net (loss) income $ (505.9) $ 217.5 The following tables present the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 665.6 $ — $ 665.6 $ 652.0 $ — $ 652.0 Homeowners 213.0 — 213.0 178.9 — 178.9 Commercial automobile 68.0 — 68.0 65.6 — 65.6 Other 43.1 7.2 50.3 37.1 7.3 44.4 Net premiums earned $ 989.7 $ 7.2 $ 996.9 $ 933.6 $ 7.3 $ 940.9 Private passenger automobile $ 680.6 $ — $ 680.6 $ 693.9 $ — $ 693.9 Homeowners 251.8 — 251.8 222.6 — 222.6 Commercial automobile 66.5 — 66.5 62.3 — 62.3 Other 50.2 8.0 58.2 46.0 7.3 53.3 Direct premiums written $ 1,049.1 $ 8.0 $ 1,057.1 $ 1,024.8 $ 7.3 $ 1,032.1 Nine Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 1,990.9 $ — $ 1,990.9 $ 1,956.6 $ — $ 1,956.6 Homeowners 610.9 — 610.9 509.1 — 509.1 Commercial automobile 198.6 — 198.6 192.8 — 192.8 Other 125.0 21.6 146.6 103.4 21.8 125.2 Net premiums earned $ 2,925.4 $ 21.6 $ 2,947.0 $ 2,761.9 $ 21.8 $ 2,783.7 Private passenger automobile $ 2,015.6 $ — $ 2,015.6 $ 2,006.4 $ — $ 2,006.4 Homeowners 713.9 — 713.9 600.7 — 600.7 Commercial automobile 207.9 — 207.9 197.4 — 197.4 Other 148.8 23.3 172.1 130.3 23.6 153.9 Direct premiums written $ 3,086.2 $ 23.3 $ 3,109.5 $ 2,934.8 $ 23.6 $ 2,958.4

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2022
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, 2021. 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 September 30, 2022 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, 2021 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021
Earnings per Share	Potentially dilutive securities representing approximately 18,000 shares of common stock were excluded from the computation of diluted loss per share for the three months ended September 30, 2022, because their effect would have been anti-dilutive. For the nine months ended September 30, 2022, 1,294 incremental shares were excluded from the computation of diluted loss per share as the Company generated a net loss. There were no potentially dilutive securities with anti-dilutive effect for the three and nine months ended September 30, 2021.
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 $168.9 million and $153.1 million for the three months ended September 30, 2022 and 2021, respectively, and $487.4 million and $468.6 million for the nine months ended September 30, 2022 and 2021, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $2.3 million and $19.4 million for the three months ended September 30, 2022 and 2021, respectively, and $10.0 million and $40.7 million for the nine months ended September 30, 2022 and 2021, 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, 2022. The Company reimburses up to $25 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 73.5%. 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, 2023. The Treaty provides $936 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $60 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 certain upper layers of coverage, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Premiums Written Direct $ 1,049,088 $ 1,024,753 $ 3,086,222 $ 2,934,777 Ceded (22,805) (17,322) (57,776) (48,750) Assumed 138 161 10,582 13,048 Net $ 1,026,421 $ 1,007,592 $ 3,039,028 $ 2,899,075 Premiums Earned Direct $ 1,009,829 $ 947,458 $ 2,974,651 $ 2,800,357 Ceded (22,825) (17,175) (57,383) (48,335) Assumed 2,684 3,322 8,142 9,912 Net $ 989,688 $ 933,605 $ 2,925,410 $ 2,761,934 The Company recognized ceded premiums earned of approximately $23 million and $17 million for the three months ended September 30, 2022 and 2021, respectively, and $57 million and $48 million for the nine months ended September 30, 2022 and 2021, 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 $(2) million and $(1) million for the three months ended September 30, 2022 and 2021, respectively, and $(15) million and $(4) million for the nine months ended September 30, 2022 and 2021, respectively, which are included in losses and loss adjustment expenses in its consolidated statements of operations. The negative ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2022 and 2021 were primarily the result of favorable development on prior years' catastrophe losses that had been ceded to the Company's reinsurers. 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 is discontinued. 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)	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Premiums Written Direct $ 1,049,088 $ 1,024,753 $ 3,086,222 $ 2,934,777 Ceded (22,805) (17,322) (57,776) (48,750) Assumed 138 161 10,582 13,048 Net $ 1,026,421 $ 1,007,592 $ 3,039,028 $ 2,899,075 Premiums Earned Direct $ 1,009,829 $ 947,458 $ 2,974,651 $ 2,800,357 Ceded (22,825) (17,175) (57,383) (48,335) Assumed 2,684 3,322 8,142 9,912 Net $ 989,688 $ 933,605 $ 2,925,410 $ 2,761,934
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Beginning balance $ 6,000 $ 6,000 $ 6,000 $ 10,000 Provision during the period for expected credit losses 1,153 694 3,330 (1,837) Write-off amounts during the period (1,311) (838) (3,798) (2,610) Recoveries during the period of amounts previously written off 158 144 468 447 Ending balance $ 6,000 $ 6,000 $ 6,000 $ 6,000

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instruments	The following table presents the fair values of financial instruments: September 30, 2022 December 31, 2021 (Amounts in thousands) Assets Investments $ 4,682,815 $ 5,142,589 Liabilities Options sold 169 301 Notes payable 349,643 413,378

Fair Value Option (Tables)

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Option [Abstract]
Gains And Losses Due To Changes In Fair Value Of Investments	The following table presents gains or losses recognized due to changes in fair value of financial instruments pursuant to application of the fair value option: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Fixed maturity securities $ (83,257) $ (26,120) $ (329,458) $ (21,729) Equity securities (45,779) (19,884) (220,469) 47,057 Short-term investments 1,817 (170) 152 (161) Total investments $ (127,219) $ (46,174) $ (549,775) $ 25,167 Note receivable — 43 — 15 Total (losses) gains $ (127,219) $ (46,131) $ (549,775) $ 25,182

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2022
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: September 30, 2022 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 59,327 $ 10,036 $ — $ 69,363 Municipal securities — 2,688,727 — 2,688,727 Mortgage-backed securities — 165,208 — 165,208 Corporate securities — 510,811 — 510,811 Collateralized loan obligations — 285,360 — 285,360 Other asset-backed securities — 178,390 — 178,390 Total fixed maturity securities 59,327 3,838,532 — 3,897,859 Equity securities: Common stock 537,455 — — 537,455 Non-redeemable preferred stock — 54,042 — 54,042 Private equity funds measured at net asset value (1) 92,838 Total equity securities 537,455 54,042 — 684,335 Short-term investments: Short-term bonds 15,488 — — 15,488 Money market instruments 85,094 — — 85,094 Other 39 — — 39 Total short-term investments 100,621 — — 100,621 Total assets at fair value $ 697,403 $ 3,892,574 $ — $ 4,682,815 Liabilities Other liabilities: Options sold $ 169 $ — $ — $ 169 Total liabilities at fair value $ 169 $ — $ — $ 169 December 31, 2021 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 13,085 $ — $ — $ 13,085 Municipal securities — 2,843,221 — 2,843,221 Mortgage-backed securities — 137,002 — 137,002 Corporate securities — 523,853 — 523,853 Collateralized loan obligations — 314,153 — 314,153 Other asset-backed securities — 200,209 — 200,209 Total fixed maturity securities 13,085 4,018,438 — 4,031,523 Equity securities: Common stock 797,024 — — 797,024 Non-redeemable preferred stock — 65,501 — 65,501 Private equity funds measured at net asset value (1) 108,414 Total equity securities 797,024 65,501 — 970,939 Short-term investments: Short-term bonds 1,453 15,748 — 17,201 Money market instruments 122,917 — — 122,917 Other 9 — — 9 Total short-term investments 124,379 15,748 — 140,127 Total assets at fair value $ 934,488 $ 4,099,687 $ — $ 5,142,589 Liabilities Other liabilities: Options sold $ 301 $ — $ — $ 301 Total liabilities at fair value $ 301 $ — $ — $ 301 __________ (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: September 30, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,230 $ 349,643 $ — $ 349,643 $ — December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 372,931 $ 413,378 $ — $ 413,378 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 (Amount in thousands) Options sold - Other liabilities $ 169 $ 301 Total $ 169 $ 301
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	Gains Recognized in Net Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Options sold - Net realized investment (losses) gains $ 1,311 $ 557 $ 3,939 $ 1,340 Total $ 1,311 $ 557 $ 3,939 $ 1,340

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022: Customer relationships $ 54,862 $ (53,385) $ 1,477 11 Trade names 15,400 (8,822) 6,578 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (66,507) $ 9,455 As of December 31, 2021: Customer relationships $ 54,862 $ (53,065) $ 1,797 11 Trade names 15,400 (8,342) 7,058 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (65,707) $ 10,255
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 September 30, 2022: Year Amortization Expense (Amounts in thousands) Remainder of 2022 $ 243 2023 879 2024 851 2025 807 2026 807 Thereafter 4,468 Total $ 8,055

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Recognized 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)	9 Months Ended
	Sep. 30, 2022
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: Nine Months Ended September 30, 2022 2021 (Amounts in thousands) Gross reserves, beginning of period $ 2,226,430 $ 1,991,304 Reinsurance recoverables on unpaid losses, beginning of period (41,377) (54,460) Net reserves, beginning of period 2,185,053 1,936,844 Incurred losses and loss adjustment expenses related to: Current year 2,386,233 2,005,233 Prior years 49,942 (23,714) Total incurred losses and loss adjustment expenses 2,436,175 1,981,519 Loss and loss adjustment expense payments related to: Current year 1,267,535 1,088,285 Prior years 945,371 739,385 Total payments 2,212,906 1,827,670 Net reserves, end of period 2,408,322 2,090,693 Reinsurance recoverables on unpaid losses, end of period 24,412 51,428 Gross reserves, end of period $ 2,432,734 $ 2,142,121

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 (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) 1,770 2,069 Total debt $ 373,230 $ 372,931 __________ (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 19.5% at September 30, 2022, resulting in a 12.5 basis point commitment fee on the $75 million undrawn portion of the credit facility. As of October 27, 2022, there have been no borrowings under this facility.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Reconciliation of operating results by reportable segment	The following tables present the Company's operating results by reportable segment: Three Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 989.7 $ 7.2 $ 996.9 $ 933.6 $ 7.3 $ 940.9 Less: Losses and loss adjustment expenses 783.8 3.7 787.5 694.2 3.7 697.9 Underwriting expenses 233.6 3.8 237.4 229.7 3.7 233.4 Underwriting (loss) gain (27.7) (0.3) (28.0) 9.7 (0.1) 9.6 Investment income 44.6 32.3 Net realized investment losses (144.2) (43.5) Other income 3.0 2.5 Interest expense (4.3) (4.3) Pre-tax loss $ (128.9) $ (3.4) Net (loss) income $ (98.3) $ 1.3 Nine Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 2,925.4 $ 21.6 $ 2,947.0 $ 2,761.9 $ 21.8 $ 2,783.7 Less: Losses and loss adjustment expenses 2,425.1 11.1 2,436.2 1,970.8 10.7 1,981.5 Underwriting expenses 687.3 8.5 695.8 675.1 10.4 685.5 Underwriting (loss) gain (187.0) 2.0 (185.0) 116.0 0.7 116.7 Investment income 118.5 95.6 Net realized investment (losses) gains (581.2) 57.0 Other income 7.1 7.9 Interest expense (12.8) (12.8) Pre-tax (loss) income $ (653.4) $ 264.4 Net (loss) income $ (505.9) $ 217.5
Schedule direct premiums attributable to segment	The following tables present the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 665.6 $ — $ 665.6 $ 652.0 $ — $ 652.0 Homeowners 213.0 — 213.0 178.9 — 178.9 Commercial automobile 68.0 — 68.0 65.6 — 65.6 Other 43.1 7.2 50.3 37.1 7.3 44.4 Net premiums earned $ 989.7 $ 7.2 $ 996.9 $ 933.6 $ 7.3 $ 940.9 Private passenger automobile $ 680.6 $ — $ 680.6 $ 693.9 $ — $ 693.9 Homeowners 251.8 — 251.8 222.6 — 222.6 Commercial automobile 66.5 — 66.5 62.3 — 62.3 Other 50.2 8.0 58.2 46.0 7.3 53.3 Direct premiums written $ 1,049.1 $ 8.0 $ 1,057.1 $ 1,024.8 $ 7.3 $ 1,032.1 Nine Months Ended September 30, 2022 2021 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 1,990.9 $ — $ 1,990.9 $ 1,956.6 $ — $ 1,956.6 Homeowners 610.9 — 610.9 509.1 — 509.1 Commercial automobile 198.6 — 198.6 192.8 — 192.8 Other 125.0 21.6 146.6 103.4 21.8 125.2 Net premiums earned $ 2,925.4 $ 21.6 $ 2,947.0 $ 2,761.9 $ 21.8 $ 2,783.7 Private passenger automobile $ 2,015.6 $ — $ 2,015.6 $ 2,006.4 $ — $ 2,006.4 Homeowners 713.9 — 713.9 600.7 — 600.7 Commercial automobile 207.9 — 207.9 197.4 — 197.4 Other 148.8 23.3 172.1 130.3 23.6 153.9 Direct premiums written $ 3,086.2 $ 23.3 $ 3,109.5 $ 2,934.8 $ 23.6 $ 2,958.4

General (Details)

General (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock dividends (in dollars per share)	$ 0.3175	$ 0.6325	$ 1.5875	$ 1.8975
Deferred policy acquisition cost amortization	$ 168,870,000	$ 153,142,000	$ 487,444,000	$ 468,556,000
Advertising expenses	2,300,000	19,400,000	10,000,000	40,700,000
Reinsurance reimbursable amount	25,000,000		$ 25,000,000
Reinsurance Retention Policy, Reinsured Risk, Percentage			73.50%
Reinsurance retention policy, excess retention, amount reinsured			$ 936,000,000
Reinsurance policy, amount retained			60,000,000
Ceded	23,000,000	17,000,000	57,000,000	48,000,000
Losses and loss adjustment expenses, ceded	(2,000,000)	(1,000,000)	(15,000,000)	(4,000,000)
Revenue from contract with customer	4,500,000	4,600,000	13,500,000	15,900,000
Cost of goods and services sold	2,500,000	$ 3,000,000	8,000,000	$ 9,900,000
Contract with customer, asset	0		0		$ 0
Contract with customer, liability	0		0		0
Revenue, remaining performance obligation	$ 0		$ 0		$ 0
Potentially dilutive securities (in shares)	18,000	0		0
Incremental shares excluded from diluted earnings per share (in shares)			1,294

General - Effects of Reinsuranc

General - Effects of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Premiums Written
Direct	$ 1,057,100	$ 1,032,100	$ 3,109,500	$ 2,958,400
Premiums Earned
Ceded	23,000	17,000	57,000	48,000
Net	996,939	940,941	2,947,000	2,783,682
Property & Casualty
Premiums Written
Direct	1,049,088	1,024,753	3,086,222	2,934,777
Ceded	(22,805)	(17,322)	(57,776)	(48,750)
Assumed	138	161	10,582	13,048
Net	1,026,421	1,007,592	3,039,028	2,899,075
Premiums Earned
Direct	1,009,829	947,458	2,974,651	2,800,357
Ceded	(22,825)	(17,175)	(57,383)	(48,335)
Assumed	2,684	3,322	8,142	9,912
Net	$ 989,688	$ 933,605	$ 2,925,410	$ 2,761,934

General - Allowance for Credit

General - Allowance for Credit Losses on Premium Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Beginning balance	$ 6,000	$ 6,000	$ 6,000	$ 10,000
Provision during the period for expected credit losses	1,153	694	3,330	(1,837)
Write-off amounts during the period	(1,311)	(838)	(3,798)	(2,610)
Recoveries during the period of amounts previously written off	158	144	468	447
Ending balance	$ 6,000	$ 6,000	$ 6,000	$ 6,000

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments
Assets
Assets	$ 4,682,815	$ 5,142,589
Fair Value, Measurements, Recurring
Liabilities
Liabilities	169	301
Fair Value, Measurements, Recurring | Options sold
Liabilities
Liabilities	$ 169	$ 301

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Unsecured debt | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes	$ 375	$ 375
Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded commitments to VIEs	$ 10	$ 32

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ (127,219)	$ (46,131)	$ (549,775)	$ 25,182
Investments
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	(127,219)	(46,174)	(549,775)	25,167
Fixed maturity securities
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	(83,257)	(26,120)	(329,458)	(21,729)
Equity Securities
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	(45,779)	(19,884)	(220,469)	47,057
Short-term investments
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	1,817	(170)	152	(161)
Financing Receivable
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
(Losses) gains due to changes in fair value of investments	$ 0	$ 43	$ 0	$ 15

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of portfolio of unadjusted fair values obtained	97.80%
Three private equity funds using NAV	$ 92,100,000
Fair Value, Assets, Level 1 to Level 2 to Level 3 Transfers, Amount	$ 0	$ 0
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, liquidating investment, remaining period	1 year
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, liquidating investment, remaining period	10 years
Unsecured debt | Level 2
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, trading, and equity securities, FV-NI	27,800,000		25,200,000
Private Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments to VIEs	10,000,000		32,000,000
Venture Capital Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
One private equity fund using NAV	100,000
Technology, Healthcare, Specialty Customer Goods and Service
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
One private equity fund using NAV	600,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	4,682,815,000		5,142,589,000
Liabilities	169,000		301,000
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	3,892,574,000		4,099,687,000
Liabilities	$ 0		$ 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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	$ 3,897,859	$ 4,031,523
Equity securities:	684,335	970,939
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	3,897,859	4,031,523
Equity securities:	684,335	970,939
Short-term investments:	100,621	140,127
Assets, fair value disclosure	4,682,815	5,142,589
Liabilities	169	301
Fair Value, Measurements, Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	59,327	13,085
Equity securities:	537,455	797,024
Short-term investments:	100,621	124,379
Assets, fair value disclosure	697,403	934,488
Liabilities	169	301
Fair Value, Measurements, Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	3,838,532	4,018,438
Equity securities:	54,042	65,501
Short-term investments:	0	15,748
Assets, fair value disclosure	3,892,574	4,099,687
Liabilities	0	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Equity securities:	0	0
Short-term investments:	0	0
Assets, fair value disclosure	0	0
Liabilities	0	0
Fair Value, Measurements, Recurring | U.S. government bonds and agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	69,363	13,085
Fair Value, Measurements, Recurring | U.S. government bonds and agencies | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	59,327	13,085
Fair Value, Measurements, Recurring | U.S. government bonds and agencies | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	10,036	0
Fair Value, Measurements, Recurring | U.S. government bonds and agencies | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Municipal securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	2,688,727	2,843,221
Fair Value, Measurements, Recurring | Municipal securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Municipal securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	2,688,727	2,843,221
Fair Value, Measurements, Recurring | Municipal securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	165,208	137,002
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	165,208	137,002
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Corporate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	510,811	523,853
Fair Value, Measurements, Recurring | Corporate securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Corporate securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	510,811	523,853
Fair Value, Measurements, Recurring | Corporate securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Collateralized loan obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	285,360	314,153
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	285,360	314,153
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Other asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	178,390	200,209
Fair Value, Measurements, Recurring | Other asset-backed securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Other asset-backed securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	178,390	200,209
Fair Value, Measurements, Recurring | Other asset-backed securities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	0	0
Fair Value, Measurements, Recurring | Common stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	537,455	797,024
Fair Value, Measurements, Recurring | Common stock | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	537,455	797,024
Fair Value, Measurements, Recurring | Common stock | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring | Common stock | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring | Non-redeemable preferred stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	54,042	65,501
Fair Value, Measurements, Recurring | Non-redeemable preferred stock | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring | Non-redeemable preferred stock | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	54,042	65,501
Fair Value, Measurements, Recurring | Non-redeemable preferred stock | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	0	0
Fair Value, Measurements, Recurring | Private equity funds measured at net asset value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	92,838	108,414
Fair Value, Measurements, Recurring | Short-term bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	15,488	17,201
Fair Value, Measurements, Recurring | Short-term bonds | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	15,488	1,453
Fair Value, Measurements, Recurring | Short-term bonds | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	15,748
Fair Value, Measurements, Recurring | Short-term bonds | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	85,094	122,917
Fair Value, Measurements, Recurring | Money market instruments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	85,094	122,917
Fair Value, Measurements, Recurring | Money market instruments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring | Money market instruments | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring | Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	39	9
Fair Value, Measurements, Recurring | Other | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	39	9
Fair Value, Measurements, Recurring | Other | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring | Other | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	0	0
Fair Value, Measurements, Recurring | Options sold
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	169	301
Fair Value, Measurements, Recurring | Options sold | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	169	301
Fair Value, Measurements, Recurring | Options sold | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0	0
Fair Value, Measurements, Recurring | Options sold | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	$ 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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 373,230	$ 372,931
Notes payable | Unsecured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	373,230	372,931
Notes payable | Unsecured debt | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	349,643	413,378
Notes payable | Unsecured debt | Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Notes payable | Unsecured debt | Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	349,643	413,378
Notes payable | Unsecured debt | Fair Value, Measurements, Recurring | Level 3
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 - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivatives	$ 169	$ 301
Option contracts | Other liabilities
Derivative [Line Items]
Derivatives	$ 169	$ 301

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized investment (losses) gains	Net realized investment (losses) gains	Net realized investment (losses) gains	Net realized investment (losses) gains
Derivatives Not Designated as Hedging Instrument
Derivative [Line Items]
Gains Recognized in Net Income	$ 1,311	$ 557	$ 3,939	$ 1,340
Derivatives Not Designated as Hedging Instrument | Options sold
Derivative [Line Items]
Gains Recognized in Net Income	$ 1,311	$ 557	$ 3,939	$ 1,340

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Change in goodwill	$ 0	$ 0	$ 0	$ 0
Goodwill, impaired, accumulated impairment loss	0		0		$ 0
Goodwill, impairment	0	0	0	0
Intangible assets amortization expense	$ 300,000	$ 300,000	$ 800,000	$ 800,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 75,962	$ 75,962
Accumulated Amortization	(66,507)	(65,707)
Net Carrying Amount	9,455	10,255
Insurance license
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,400	1,400
Accumulated Amortization	0	0
Net Carrying Amount	1,400	1,400
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	54,862	54,862
Accumulated Amortization	(53,385)	(53,065)
Net Carrying Amount	$ 1,477	$ 1,797
Useful Lives (in years)	11 years	11 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 15,400	$ 15,400
Accumulated Amortization	(8,822)	(8,342)
Net Carrying Amount	$ 6,578	$ 7,058
Useful Lives (in years)	24 years	24 years
Technology
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

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule Of Estimated Future Amortization Expense Related To Intangible Assets) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 243
2023	879
2024	851
2025	807
2026	807
Thereafter	4,468
Total	$ 8,055

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details)	1 Months Ended		9 Months Ended
	Feb. 28, 2019 shares	Feb. 28, 2018 executive shares	Sep. 30, 2022 USD ($) shares	Feb. 28, 2015 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives awarded stock options | executive		4
Incentive Award Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,900,000
Unrecognized compensation expense | $			$ 0
Share-based compensation awarded (in shares)			0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term (in years)			10 years
Employee Stock Option | Incentive Award Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		80,000
Requisite service period		4 years
Nonvested options forfeited (in shares)	(10,000)
Common stock | Incentive Award Plan 2015
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)	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-Based Payment Arrangement, Recognized 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	9 Months Ended
	Sep. 30, 2022 USD ($)
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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves, beginning of period	$ 2,226,430	$ 1,991,304
Reinsurance recoverables on unpaid losses	41,377	54,460
Net reserves, beginning of period	2,185,053	1,936,844
Incurred losses and loss adjustment expenses related to:
Current year	2,386,233	2,005,233
Prior years	49,942	(23,714)
Total incurred losses and loss adjustment expenses	2,436,175	1,981,519
Loss and loss adjustment expense payments related to:
Current year	1,267,535	1,088,285
Prior years	945,371	739,385
Total payments	2,212,906	1,827,670
Net reserves, end of period	2,408,322	2,090,693
Reinsurance recoverables on unpaid losses, end of period	24,412	51,428
Gross reserves, end of period	$ 2,432,734	$ 2,142,121

Loss And Loss Adjustment Expe_4

Loss And Loss Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Unusual or Infrequent Item, or Both [Line Items]
Prior year claims and claims adjustment expense	$ 49,942	$ (23,714)
Catastrophe
Unusual or Infrequent Item, or Both [Line Items]
Pre-tax catastrophe losses, net of reinsurance benefits	62,000	85,000
Liability for catastrophe claims, carrying amount	58,000	91,000
Adjustments for prior year claims	$ (4,000)	$ 6,000

Notes Payable (Schedule of Long

Notes Payable (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Mar. 08, 2017
Debt Instrument [Line Items]
Interest rate			4.40%
Total principal amount	$ 375,000	$ 375,000
Less unamortized discount and debt issuance costs	1,770	2,069
Notes payable	373,230	372,931
Unsecured debt | Notes payable
Debt Instrument [Line Items]
Notes payable	$ 373,230	372,931
Unsecured debt | Notes payable | Level 2 | Unsecured Notes One
Debt Instrument [Line Items]
Interest rate	4.40%
Unsecured debt	$ 375,000	375,000	$ 375,000
Unsecured debt | Notes payable | Level 2 | Unsecured Notes Two
Debt Instrument [Line Items]
Unsecured debt	$ 0	$ 0
LIBOR | Minimum | Unsecured debt | Notes payable | Level 2 | Unsecured Notes Two
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
LIBOR | Maximum | Unsecured debt | Notes payable | Level 2 | Unsecured Notes Two
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 29, 2017 USD ($)	Mar. 08, 2017 USD ($)
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	0.195
Unamortized debt issuance cost	$ 200
Unsecured Notes Two | Revolving Credit Facility
Debt Instrument [Line Items]
Loan maximum borrowing capacity			$ 75,000	$ 50,000
Unsecured Notes Two | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee on undrawn portion of facility	0.125%
Unsecured Notes Two | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee on undrawn portion of facility	0.225%
Unsecured Notes Two | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Debt to total capital ratio			0.30
Unsecured Notes Two | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt to total capital ratio			0.20
Level 2 | Notes payable | Unsecured Notes One | Unsecured debt
Debt Instrument [Line Items]
Unsecured debt	$ 375,000	$ 375,000			$ 375,000
Interest rate	4.40%
Level 2 | Notes payable | Unsecured Notes Two | Unsecured debt
Debt Instrument [Line Items]
Unsecured debt	$ 0	$ 0
Level 2 | Notes payable | Unsecured Notes Two | Unsecured debt | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Level 2 | Notes payable | Unsecured Notes Two | Unsecured debt | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Reductions in premiums written, net	$ 128

Segment Information - Summary o

Segment Information - Summary of Operating Results by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) State	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Subsidiary segment State	Sep. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of insurance companies | Subsidiary			13
Number of states in which company operates | State	11		11
Number of reportable segments | segment			1
Segment Reporting Information [Line Items]
Net premiums earned	$ 996,939	$ 940,941	$ 2,947,000	$ 2,783,682
Losses and loss adjustment expenses	787,462	697,947	2,436,175	1,981,519
Underwriting expenses	237,400	233,400	695,800	685,500
Underwriting gain (loss)	(28,000)	9,600	(185,000)	116,700
Net investment income	44,563	32,334	118,469	95,566
Net realized investment losses	(144,213)	(43,543)	(581,237)	56,953
Other income	2,998	2,481	7,141	7,883
Interest expense	(4,273)	(4,267)	(12,822)	(12,845)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(128,903)	(3,381)	(653,373)	264,441
Net (loss) income	(98,303)	1,288	(505,902)	217,464
Property & Casualty
Segment Reporting Information [Line Items]
Net premiums earned	989,688	933,605	2,925,410	2,761,934
Losses and loss adjustment expenses	783,800	694,200	2,425,100	1,970,800
Underwriting expenses	233,600	229,700	687,300	675,100
Underwriting gain (loss)	(27,700)	9,700	(187,000)	116,000
Other
Segment Reporting Information [Line Items]
Net premiums earned	7,200	7,300	21,600	21,800
Losses and loss adjustment expenses	3,700	3,700	11,100	10,700
Underwriting expenses	3,800	3,700	8,500	10,400
Underwriting gain (loss)	$ (300)	$ (100)	$ 2,000	$ 700

Segment Information - Summary_2

Segment Information - Summary of Premiums Written and Earned by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net premiums earned	$ 996,939	$ 940,941	$ 2,947,000	$ 2,783,682
Direct premiums written	1,057,100	1,032,100	3,109,500	2,958,400
Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	665,600	652,000	1,990,900	1,956,600
Direct premiums written	680,600	693,900	2,015,600	2,006,400
Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	213,000	178,900	610,900	509,100
Direct premiums written	251,800	222,600	713,900	600,700
Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	68,000	65,600	198,600	192,800
Direct premiums written	66,500	62,300	207,900	197,400
Other
Segment Reporting Information [Line Items]
Net premiums earned	50,300	44,400	146,600	125,200
Direct premiums written	58,200	53,300	172,100	153,900
Property & Casualty
Segment Reporting Information [Line Items]
Net premiums earned	989,688	933,605	2,925,410	2,761,934
Direct premiums written	1,049,088	1,024,753	3,086,222	2,934,777
Property & Casualty | Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	665,600	652,000	1,990,900	1,956,600
Direct premiums written	680,600	693,900	2,015,600	2,006,400
Property & Casualty | Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	213,000	178,900	610,900	509,100
Direct premiums written	251,800	222,600	713,900	600,700
Property & Casualty | Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	68,000	65,600	198,600	192,800
Direct premiums written	66,500	62,300	207,900	197,400
Property & Casualty | Other
Segment Reporting Information [Line Items]
Net premiums earned	43,100	37,100	125,000	103,400
Direct premiums written	50,200	46,000	148,800	130,300
Other
Segment Reporting Information [Line Items]
Net premiums earned	7,200	7,300	21,600	21,800
Direct premiums written	8,000	7,300	23,300	23,600
Other | Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	0	0	0	0
Direct premiums written	0	0	0	0
Other | Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	0	0	0	0
Direct premiums written	0	0	0	0
Other | Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	0	0	0	0
Direct premiums written	0	0	0	0
Other | Other
Segment Reporting Information [Line Items]
Net premiums earned	7,200	7,300	21,600	21,800
Direct premiums written	$ 8,000	$ 7,300	$ 23,300	$ 23,600