Mercury General (MCY) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	2023
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, 2023	Dec. 31, 2022
ASSETS
Fixed maturity securities (amortized cost $4,306,573; $4,226,790)	$ 4,114,657	$ 4,088,311
Equity securities (cost $679,105; $668,843)	670,993	699,552
Short-term investments (cost $212,715; $123,928)	211,778	122,937
Total investments	4,997,428	4,910,800
Cash	453,936	289,776
Receivables:
Premiums	624,953	571,910
Allowance for credit losses on premiums receivable	(5,200)	(5,800)
Premiums receivable, net of allowance for credit losses	619,753	566,110
Accrued investment income	58,273	52,474
Other	18,262	11,358
Total receivables	696,288	629,942
Reinsurance recoverables (net of allowance for credit losses $6; $0)	26,446	25,895
Deferred policy acquisition costs	296,572	266,475
Fixed assets (net of accumulated depreciation $314,718; $332,938)	148,668	171,442
Operating lease right-of-use assets	17,843	20,183
Current income taxes	75,279	55,136
Deferred income taxes	66,156	42,903
Goodwill	42,796	42,796
Other intangible assets, net	8,553	9,212
Other assets	92,273	49,628
Total assets	6,922,238	6,514,188
Liabilities
Loss and loss adjustment expense reserves	2,723,776	2,584,910
Unearned premiums	1,748,554	1,545,639
Notes payable	573,629	398,330
Accounts payable and accrued expenses	166,750	151,686
Operating lease liabilities	19,047	21,924
Other liabilities	316,150	289,568
Total liabilities	5,547,906	4,992,057
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	98,947
Retained earnings	1,275,385	1,423,184
Total shareholders’ equity	1,374,332	1,522,131
Total liabilities and shareholders’ equity	$ 6,922,238	$ 6,514,188

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Reinsurance recoverable, allowance for credit losses	$ 6	$ 0
Amortized cost on fixed maturities trading investments	4,306,573	4,226,790
Cost - equity security trading investments	679,105	668,843
Cost - short-term investments	212,715	123,928
Fixed assets, accumulated depreciation	$ 314,718	$ 332,938
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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Net premiums earned	$ 1,090,311	$ 996,939	$ 3,129,483	$ 2,947,000
Net investment income	60,965	44,563	171,287	118,469
Net realized investment losses	(90,001)	(144,213)	(60,772)	(581,237)
Other	3,917	2,998	15,000	7,141
Total revenues	1,065,192	900,287	3,254,998	2,491,373
Expenses:
Losses and loss adjustment expenses	823,742	787,462	2,651,081	2,436,175
Policy acquisition costs	181,569	168,870	518,813	487,444
Other operating expenses	69,192	68,585	207,223	208,305
Interest	5,918	4,273	16,398	12,822
Total expenses	1,080,421	1,029,190	3,393,515	3,144,746
Loss before income taxes	(15,229)	(128,903)	(138,517)	(653,373)
Income tax benefit	(7,002)	(30,600)	(43,459)	(147,471)
Net loss	$ (8,227)	$ (98,303)	$ (95,058)	$ (505,902)
Net loss per share:
Basic (in dollars per share)	$ (0.15)	$ (1.78)	$ (1.72)	$ (9.14)
Diluted (in dollars per share)	$ (0.15)	$ (1.78)	$ (1.72)	$ (9.14)
Weighted average shares outstanding:
Basic (in shares)	55,371	55,371	55,371	55,371
Diluted (in shares)	55,371	55,371	55,371	55,371

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common stock	Retained Earnings
Shareholders' equity, beginning balance at Dec. 31, 2021		$ 98,943	$ 2,041,338
Share-based compensation expense		15
Withholding tax on stock options exercised		(11)
Net loss	$ (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
Share-based compensation expense		0
Withholding tax on stock options exercised		0
Net loss	(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
Shareholders' equity, beginning balance at Dec. 31, 2022	1,522,131	98,947	1,423,184
Share-based compensation expense		0
Withholding tax on stock options exercised		0
Net loss	(95,058)		(95,058)
Dividends paid to shareholders			(52,741)
Shareholders' equity, ending balance at Sep. 30, 2023	1,374,332	98,947	1,275,385
Shareholders' equity, beginning balance at Jun. 30, 2023		98,947	1,301,192
Share-based compensation expense		0
Withholding tax on stock options exercised		0
Net loss	(8,227)		(8,227)
Dividends paid to shareholders			(17,580)
Shareholders' equity, ending balance at Sep. 30, 2023	$ 1,374,332	$ 98,947	$ 1,275,385

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (95,058)	$ (505,902)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,154	64,647
Net realized investment losses	60,772	581,237
Net (gains) losses on sales of fixed assets	(5,857)	85
Increase in premiums receivable	(53,643)	(25,202)
(Increase) decrease in reinsurance recoverables	(551)	19,691
Changes in current and deferred income taxes	(43,396)	(147,595)
Increase in deferred policy acquisition costs	(30,097)	(21,467)
Increase in loss and loss adjustment expense reserves	138,866	206,304
Increase in unearned premiums	202,915	115,660
Increase (decrease) in accounts payable and accrued expenses	16,088	(11,708)
Other, net	(16,540)	9,121
Net cash provided by operating activities	227,653	284,871
Fixed maturity securities available for sale in nature:
Purchases	(459,389)	(1,299,431)
Sales	160,115	621,519
Calls or maturities	184,038	388,421
Equity securities available for sale in nature:
Purchases	(970,935)	(755,838)
Sales	987,078	843,283
Changes in securities payable and receivable	(12,844)	(11,303)
(Increase) decrease in short-term investments	(81,991)	39,634
Purchases of fixed assets	(26,985)	(25,589)
Sales of fixed assets	29,873	3
Other, net	6,143	3,808
Net cash used in investing activities	(184,897)	(195,493)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(52,741)	(87,902)
Payments on finance lease obligations	(855)	(1,147)
Proceeds from bank borrowing	175,000	0
Net cash provided by (used in) financing activities	121,404	(89,049)
Net increase in cash	164,160	329
Cash:
Beginning of the year	289,776	335,557
End of period	453,936	335,886
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	19,534	16,612
Income taxes (refunded) paid, net	$ (64)	$ 179

General

General	9 Months Ended
	Sep. 30, 2023
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, 2022. 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, 2023 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, 2022 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022. Earnings (Loss) per Share Potentially dilutive securities representing 17,500 shares of common stock were excluded from the computation of diluted loss per share for the three and nine months ended September 30, 2023, because their effect would have been anti-dilutive. Potentially dilutive securities representing 17,500 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. Dividends per Share The Company declared and paid a dividend per share of $0.3175 during each of the three months ended September 30, 2023 and 2022, and dividends per share of $0.9525 and $1.5875 during the nine months ended September 30, 2023 and 2022, 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 $181.6 million and $168.9 million for the three months ended September 30, 2023 and 2022, respectively, and $518.8 million and $487.4 million for the nine months ended September 30, 2023 and 2022, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $2.4 million and $2.3 million for the three months ended September 30, 2023 and 2022, respectively, and $6.6 million and $10.0 million for the nine months ended September 30, 2023 and 2022, respectively. Fixed Assets A fixed asset classified as held for sale is measured at the lower of its carrying amount or fair value less cost to sell, and is presented separately from other fixed assets. An office building located in Clearwater, Florida was initially classified as a property held for sale at December 31, 2022, and $20.2 million of the property held for sale, which represented the fair value of the property less the estimated costs to sell, was included in other assets in the Company's consolidated balance sheets on that date. The Company completed the sale of this property on March 31, 2023 for a total sale price of $19.6 million, and recognized a loss of $1.8 million associated with the sale, which is included in other revenues in the Company's consolidated statements of operations for the nine months ended September 30, 2023. $9.8 million of the total sale price was received in the form of a promissory note (the "Note"). $8.5 million of the sale price, after settlement of selling expenses and outstanding amounts due on the property, was received in cash. Only the cash received on the sale of the property is included in the Company's consolidated statements of cash flows for the nine months ended September 30, 2023. The Note is secured by the property sold, and bears interest at an annual rate of 7.0% for the first two years, with an adjustment to the greater of 7.0% or the rate on a one-year U.S. Treasury Bill at the two-year anniversary for the remainder of the term. The term of the Note is four years and interest is paid in monthly installments. In connection with the sale of the property, the Company entered into a lease agreement whereby the Company leased 14,883 square feet of office space, or approximately 9% of the total space of the property sold, from the new owner of the property. The lease term is five years, commencing on April 1, 2023, and the average annual base rent is approximately $0.4 million. The Company completed the sale of an office building located in Rancho Cucamonga, California in May 2023 for a total sale price of $22.3 million, and recognized a gain of $7.9 million associated with the sale, which is included in other revenues in the Company's consolidated statements of operations for the nine months ended September 30, 2023. The Company received $21.4 million in cash, after settlement of selling expenses. In connection with the sale of the property, the Company entered into a lease agreement whereby the Company leased 6,000 square feet of office space, or approximately 5% of the total space of the property sold, from the new owner of the property. The lease term is two years, commencing on May 16, 2023, and the average annual base rent is approximately $0.2 million. This office building was initially classified as a property held for sale at March 31, 2023, and $13.6 million of the property held for sale, which represented the carrying amount of the property, was included in other assets in the Company's consolidated balance sheets on that date. In addition, an office building located in Brea, California was classified as a property held for sale at September 30, 2023, and $10.7 million of the property held for sale, which represented the carrying amount of the property on that date, was included in other assets in the Company's consolidated balance sheets. The Company is actively engaged in selling this office building as most of its employees currently work from home and this property is being used on a limited basis. 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, 2025. The Company reimburses up to $30 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, 2024. The Treaty provides $1,111 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $100 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, 2023 2022 2023 2022 (Amounts in thousands) Premiums Written Direct $ 1,230,024 $ 1,049,088 $ 3,374,477 $ 3,086,222 Ceded (30,889) (22,805) (78,463) (57,776) Assumed 195 138 15,293 10,582 Net $ 1,199,330 $ 1,026,421 $ 3,311,307 $ 3,039,028 Premiums Earned Direct $ 1,110,013 $ 1,009,829 $ 3,174,296 $ 2,974,651 Ceded (30,917) (22,825) (78,114) (57,383) Assumed 3,883 2,684 11,630 8,142 Net $ 1,082,979 $ 989,688 $ 3,107,812 $ 2,925,410 The Company recognized ceded premiums earned of approximately $30.9 million and $22.8 million for the three months ended September 30, 2023 and 2022, respectively, and $78.1 million and $57.4 million for the nine months ended September 30, 2023 and 2022, 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 $(0.3) million and $(1.8) million for the three months ended September 30, 2023 and 2022, respectively, and $3.8 million and $(14.7) million for the nine months ended September 30, 2023 and 2022, 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 months ended September 30, 2023 and 2022 and nine months ended September 30, 2022 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 $5.2 million and $4.5 million, with related expenses of $2.7 million and $2.5 million, for the three months ended September 30, 2023 and 2022, respectively, and $15.0 million and $13.5 million, with related expenses of $8.2 million and $8.0 million, for the nine months ended September 30, 2023 and 2022, 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, 2023 and December 31, 2022, 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, excluding accrued investment income, was not affected by Topic 326 as it applies the fair value option to all of its investments. The estimated allowance amounts for credit losses at September 30, 2023 and December 31, 2022 primarily 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 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, 2023 2022 2023 2022 (Amounts in thousands) Beginning balance $ 5,400 $ 6,000 $ 5,800 $ 6,000 Provision during the period for expected credit losses 537 1,153 2,005 3,330 Write-off amounts during the period (863) (1,311) (3,010) (3,798) Recoveries during the period of amounts previously written off 126 158 405 468 Ending balance $ 5,200 $ 6,000 $ 5,200 $ 6,000 Accrued Interest Receivables

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2023
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 was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, " Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 ," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company does not expect any material impact on its consolidated financial statements and related disclosures resulting from applying these ASUs.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 (Amounts in thousands) Assets Investments $ 4,997,428 $ 4,910,800 Note receivable 9,888 — Liabilities Options sold 512 162 Notes payable 549,539 375,631 Investments 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. 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 . 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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022, the Company had approximately $8 million and $9 million, respectively, in unfunded commitments to these VIEs. Note Receivable Note receivable resulted from the sale of an office building. For additional information, see Note 1. General—Fixed Assets. Note receivable is included in other assets in the Company's consolidated balance sheets, and interest earned on note receivable is recognized in other revenues in the Company's consolidated statements of operations. Options Sold The Company writes covered call options through listed and over-the-counter exchanges. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Company as realized gains from investments on the expiration date. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a gain or loss. The Company, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Liabilities for covered call options are included in other liabilities in the Company's consolidated balance sheets. Notes Payable The fair values of the Company’s publicly traded $375 million unsecured notes at September 30, 2023 and December 31, 2022 and its $200 million and $25 million drawn under the unsecured credit facility at September 30, 2023 and December 31, 2022, respectively, were 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, 2023
Fair Value Option [Abstract]
Fair Value Option	Fair Value OptionThe Company applies the fair value option to all fixed maturity and equity investment securities, short-term investments, and note receivable. 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 losses in the Company’s consolidated statements of operations. The following table presents gains (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, 2023 2022 2023 2022 (Amounts in thousands) Fixed maturity securities $ (70,855) $ (83,257) $ (53,915) $ (329,458) Equity securities (29,452) (45,779) (38,820) (220,469) Short-term investments 63 1,817 54 152 Total investment losses $ (100,244) $ (127,219) $ (92,681) $ (549,775) Note receivable (37) — 88 — Total losses $ (100,281) $ (127,219) $ (92,593) $ (549,775)

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fair Value Measurement	Fair Value Measurements The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date using the exit price. Accordingly, when market observable data are not readily available, the Company’s own assumptions are used to reflect those that market participants would be presumed to use in pricing the asset or liability at the measurement date. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the level of judgment associated with inputs used to measure their fair values and the level of market price observability, as follows: Level 1 Unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs are other than quoted prices in active markets, which are based on the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets; or • Either directly or indirectly observable inputs as of the reporting date. Level 3 Pricing inputs are unobservable and significant to the overall fair value measurement, and the determination of fair value requires significant management judgment or estimation. In certain cases, inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Thus, a Level 3 fair value measurement may include inputs that are observable (Level 1 or Level 2) and unobservable (Level 3). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. Summary of Significant Valuation Techniques for Financial Assets and Financial Liabilities The Company’s fair value measurements are based on the market approach, which utilizes market transaction data for the same or similar instruments. The Company obtained unadjusted fair values on 98.2% of its investment portfolio at fair value from an independent pricing service at September 30, 2023. 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 $25.5 million and $27.3 million at fair value in commercial mortgage-backed securities at September 30, 2023 and December 31, 2022, respectively. Corporate securities/Short-term bonds : Valued based on a multi-dimensional model using multiple observable inputs, such as benchmark yields, reported trades, broker/dealer quotes and issue spreads, for identical or similar assets in active markets. Non-redeemable preferred stock : Valued based on observable inputs, such as underlying and common stock of same issuer and appropriate spread over a comparable U.S. Treasury security, for identical or similar assets in active markets. Collateralized loan obligations ("CLOs") : Valued based on underlying debt instruments and the appropriate benchmark spread for similar assets in active markets. Other asset-backed securities : Comprised of securities that are collateralized by non-mortgage assets, such as automobile loans, valued based on models or matrices using multiple observable inputs, such as benchmark yields, reported trades and broker/dealer quotes, for identical or similar assets in active markets. Note receivable : Valued based on observable inputs, such as benchmark yields, and considering any premium or discount for the differential between the stated interest rate and market interest rates, based on quoted market prices of similar instruments. Level 3 measurements - Fair values of financial assets 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, 2023 and December 31, 2022, 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, 2023, the Company had capital invested in five such funds: the strategy of three such funds with a combined fair value of approximately $89.2 million at September 30, 2023 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 at September 30, 2023 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 $1.7 million at September 30, 2023 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 $8 million in unfunded commitments at September 30, 2023 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 nine years from September 30, 2023. 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, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 118,528 $ 42,657 $ — $ 161,185 Municipal securities — 2,645,979 — 2,645,979 Mortgage-backed securities — 175,965 — 175,965 Corporate securities — 590,545 — 590,545 Collateralized loan obligations — 436,217 — 436,217 Other asset-backed securities — 104,766 — 104,766 Total fixed maturity securities 118,528 3,996,129 — 4,114,657 Equity securities: Common stock 530,267 — — 530,267 Non-redeemable preferred stock — 49,865 — 49,865 Private equity funds measured at net asset value (1) 90,861 Total equity securities 530,267 49,865 — 670,993 Short-term investments: Short-term bonds 29,848 4,488 — 34,336 Money market instruments 177,397 — — 177,397 Other 45 — — 45 Total short-term investments 207,290 4,488 — 211,778 Other assets: Note receivable — 9,888 — 9,888 Total assets at fair value $ 856,085 $ 4,060,370 $ — $ 5,007,316 Liabilities Other liabilities: Options sold $ 512 $ — $ — $ 512 Total liabilities at fair value $ 512 $ — $ — $ 512 December 31, 2022 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 103,519 $ 55,088 $ — $ 158,607 Municipal securities — 2,737,183 — 2,737,183 Mortgage-backed securities — 166,260 — 166,260 Corporate securities — 569,553 — 569,553 Collateralized loan obligations — 320,252 — 320,252 Other asset-backed securities — 136,456 — 136,456 Total fixed maturity securities 103,519 3,984,792 — 4,088,311 Equity securities: Common stock 558,169 — — 558,169 Non-redeemable preferred stock — 51,236 — 51,236 Private equity funds measured at net asset value (1) 90,147 Total equity securities 558,169 51,236 — 699,552 Short-term investments: Short-term bonds 51,638 8,238 — 59,876 Money market instruments 63,021 — — 63,021 Other 40 — — 40 Total short-term investments 114,699 8,238 — 122,937 Total assets at fair value $ 776,387 $ 4,044,266 $ — $ 4,910,800 Liabilities Other liabilities: Options sold $ 162 $ — $ — $ 162 Total liabilities at fair value $ 162 $ — $ — $ 162 __________ (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, 2023 and 2022. At September 30, 2023, there were no material assets or liabilities measured at fair value on a nonrecurring basis. 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, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,629 $ 349,556 $ — $ 349,556 $ — Unsecured credit facility 200,000 199,983 — 199,983 — Total $ 573,629 $ 549,539 $ — $ 549,539 $ — December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,330 $ 350,644 $ — $ 350,644 $ — Unsecured credit facility 25,000 24,987 — 24,987 — Total $ 398,330 $ 375,631 $ — $ 375,631 $ — Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at September 30, 2023 and December 31, 2022 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. Unsecured Credit Facility

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 (Amount in thousands) Options sold - Other liabilities $ 512 $ 162 Total $ 512 $ 162 Gains Recognized in Net Loss Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Amounts in thousands) Options sold - Net realized investment losses $ 2,968 $ 1,311 $ 5,793 $ 3,939 Total $ 2,968 $ 1,311 $ 5,793 $ 3,939 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, 2023
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, 2023 and 2022. No accumulated goodwill impairment losses existed at September 30, 2023 and December 31, 2022. 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, 2023 and 2022. 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, 2023: Customer relationships $ 54,862 $ (53,644) $ 1,218 11 Trade names 15,400 (9,465) 5,935 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (67,409) $ 8,553 As of December 31, 2022: Customer relationships $ 54,862 $ (53,467) $ 1,395 11 Trade names 15,400 (8,983) 6,417 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (66,750) $ 9,212 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, 2023 and 2022. 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 $0.2 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $0.7 million and $0.8 million for the nine months ended September 30, 2023 and 2022, respectively. The following table presents the estimated future amortization expense related to other intangible assets as of September 30, 2023: Year Amortization Expense (Amounts in thousands) Remainder of 2023 $ 220 2024 851 2025 807 2026 807 2027 807 Thereafter 3,661 Total $ 7,153

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
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, 2023. 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, 2023, 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, 2023, 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, 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
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. The total amount of unrecognized tax benefits related to tax uncertainties decreased by approximately $2.1 million during the nine months ended September 30, 2023. The decrease was the result of a settlement related to a California Franchise Tax Board audit for tax years 2012 and 2013. 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 2020 through 2022 for federal taxes, and 2011 and 2020 through 2022 for California state taxes. The Company has certain unresolved tax assessment issues for tax year 2011 for California state taxes that are not material to its consolidated financial statements. Tax years 2012 through 2019 for California state taxes have been resolved with no outstanding issues. 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. At September 30, 2023, the Company’s deferred income taxes were in a net asset position, which included a combination of ordinary and capital deferred tax expenses or benefits. In assessing the Company’s ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be

Loss And Loss Adjustment Expens

Loss And Loss Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 (Amounts in thousands) Gross reserves, beginning of period $ 2,584,910 $ 2,226,430 Reinsurance recoverables on unpaid losses, beginning of period (25,322) (41,377) Net reserves, beginning of period 2,559,588 2,185,053 Incurred losses and loss adjustment expenses related to: Current year 2,683,219 2,386,233 Prior years (32,138) 49,942 Total incurred losses and loss adjustment expenses 2,651,081 2,436,175 Loss and loss adjustment expense payments related to: Current year 1,461,077 1,267,535 Prior years 1,052,386 945,371 Total payments 2,513,463 2,212,906 Net reserves, end of period 2,697,206 2,408,322 Reinsurance recoverables on unpaid losses, end of period 26,570 24,412 Gross reserves, end of period $ 2,723,776 $ 2,432,734 The decrease in the provision for insured events of prior years during the nine months ended September 30, 2023 of $32.1 million was primarily attributable to lower than estimated losses and loss adjustment expenses in the private passenger automobile and homeowners lines of insurance business, partially offset by unfavorable development in the commercial property line of insurance business. 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. Extreme rates of inflation in 2022 have begun to moderate in 2023 but remain elevated. The impact of the inflationary pressures on loss severity in the automobile line of insurance business increased losses and loss adjustment expenses for the insured events of the current accident year for the nine months ended September 30, 2023 compared to the corresponding period in 2022.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 (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 Term SOFR plus 112.5-150.0 basis points November 16, 2026 200,000 25,000 Total principal amount 575,000 400,000 Less unamortized discount and debt issuance costs (3) 1,371 1,670 Total debt $ 573,629 $ 398,330 __________ (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. The 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 31, 2021, the Company entered into an unsecured $75 million five-year revolving credit facility. On November 18, 2022, the Company entered into the First Amendment to this credit facility. The First Amendment extended the maturity date of the loan to November 16, 2026 from March 31, 2026 with possible further extension if certain conditions are met, increased the aggregate commitments by all the lenders to $200 million from $75 million, and replaced the LIBOR with the Term SOFR. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from Term SOFR plus 112.5 basis points when the ratio is under 20% to Term SOFR 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 29.5% at September 30, 2023, resulting in a 17.5 basis point commitment fee on any undrawn portion of the credit facility. As of October 26, 2023, a total of $200 million was drawn under this facility on a three-month revolving basis at an annual interest rate of approximately 6.75%, with no remaining amount available to be drawn. The Company contributed $150 million of the total amount drawn to the surplus of its consolidated insurance subsidiaries, and used the remainder for general corporate purposes.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2023
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, 2022. 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 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. On November 9, 2022, the California DOI served objections and non-substantive responses to the Company's discovery requests. The Company is continuing settlement discussions with the California DOI. The parties are also conferring regarding the possible filing of an Amended NNC that would eliminate the resolved items and identify the remaining issues in dispute should the matter proceed to a hearing. 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. On November 21, 2022, after its review of loss and expense data requested from and provided by the Company, the California DOI notified the Company that an additional total refund of approximately $52 million should be provided to its private passenger automobile policyholders, purportedly based upon its analysis of the Company’s data. 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 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 significantly reduced premiums on those individual policies in a manner consistent with the Company’s filed and approved rates. The Company engaged in discussions with the California DOI, and on April 24, 2023, the Company entered into a stipulated settlement agreement with the California DOI (the “Settlement Stipulation”), which fully resolved all issues related to the California DOI’s alleged COVID refund obligations, with the exception of a similar issue involving Orion Indemnity Company, a small consolidated subsidiary of the Company, that was settled separately with the California DOI on May 15, 2023 for approximately $0.25 million to be paid to its existing California private passenger automobile policyholders. Under the Settlement Stipulation, the Company agreed to provide an aggregate credit amount of $25 million to the existing California private passenger automobile policyholders of Mercury Insurance Company ("MIC") and California Automobile Insurance Company ("CAIC"), significant consolidated subsidiaries of the Company, by means of a credit against the future private passenger automobile renewal premium obligations over a period not to exceed 18 months commencing on July 7, 2023. The renewal premium credits will be recorded as reductions to the Company’s net premiums earned and written in the periods when the applicable policies are renewed. Although the Company believes the voluntary amounts returned to date have provided appropriate relief to its policyholders and there is no legal basis for the California DOI to require the Company to issue additional refunds, the Company agreed to the Settlement Stipulation to resolve the matter and facilitate timely review and approval of its pending rate applications. The Company filed a motion to dismiss the two private actions seeking COVID-related restitution, based on the California case law barring such retroactive relief and the resolution with the California DOI. In August 2023, the court granted the Company's motion to dismiss, and the judgment in the Company's favor is now final. 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, 2023
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 12 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, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 1,083.0 $ 7.3 $ 1,090.3 $ 989.7 $ 7.2 $ 996.9 Less: Losses and loss adjustment expenses 819.7 4.0 823.7 783.8 3.7 787.5 Underwriting expenses 247.1 3.7 250.8 233.6 3.8 237.4 Underwriting gain (loss) 16.2 (0.4) 15.8 (27.7) (0.3) (28.0) Investment income 61.0 44.6 Net realized investment losses (90.0) (144.2) Other income 3.9 3.0 Interest expense (5.9) (4.3) Pre-tax loss $ (15.2) $ (128.9) Net loss $ (8.2) $ (98.3) Nine Months Ended September 30, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 3,107.8 $ 21.7 $ 3,129.5 $ 2,925.4 $ 21.6 $ 2,947.0 Less: Losses and loss adjustment expenses 2,639.4 11.7 2,651.1 2,425.1 11.1 2,436.2 Underwriting expenses 715.1 10.9 726.0 687.3 8.5 695.8 Underwriting (loss) gain (246.7) (0.9) (247.6) (187.0) 2.0 (185.0) Investment income 171.3 118.5 Net realized investment losses (60.8) (581.2) Other income 15.0 7.1 Interest expense (16.4) (12.8) Pre-tax loss $ (138.5) $ (653.4) Net loss $ (95.1) $ (505.9) 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, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 713.2 $ — $ 713.2 $ 665.6 $ — $ 665.6 Homeowners 244.0 — 244.0 213.0 — 213.0 Commercial automobile 78.4 — 78.4 68.0 — 68.0 Other 47.4 7.3 54.7 43.1 7.2 50.3 Net premiums earned $ 1,083.0 $ 7.3 $ 1,090.3 $ 989.7 $ 7.2 $ 996.9 Private passenger automobile $ 772.8 $ — $ 772.8 $ 680.6 $ — $ 680.6 Homeowners 307.7 — 307.7 251.8 — 251.8 Commercial automobile 93.7 — 93.7 66.5 — 66.5 Other 55.8 7.2 63.0 50.2 8.0 58.2 Direct premiums written $ 1,230.0 $ 7.2 $ 1,237.2 $ 1,049.1 $ 8.0 $ 1,057.1 Nine Months Ended September 30, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 2,048.5 $ — $ 2,048.5 $ 1,990.9 $ — $ 1,990.9 Homeowners 700.4 — 700.4 610.9 — 610.9 Commercial automobile 219.6 — 219.6 198.6 — 198.6 Other 139.3 21.7 161.0 125.0 21.6 146.6 Net premiums earned $ 3,107.8 $ 21.7 $ 3,129.5 $ 2,925.4 $ 21.6 $ 2,947.0 Private passenger automobile $ 2,105.6 $ — $ 2,105.6 $ 2,015.6 $ — $ 2,015.6 Homeowners 843.8 — 843.8 713.9 — 713.9 Commercial automobile 256.4 — 256.4 207.9 — 207.9 Other 168.7 20.7 189.4 148.8 23.3 172.1 Direct premiums written $ 3,374.5 $ 20.7 $ 3,395.2 $ 3,086.2 $ 23.3 $ 3,109.5

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (8,227)	$ (98,303)	$ (95,058)	$ (505,902)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022. 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, 2023 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, 2022 for more complete descriptions and discussions. Operating results and cash flows for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022
Earnings per Share	Potentially dilutive securities representing 17,500 shares of common stock were excluded from the computation of diluted loss per share for the three and nine months ended September 30, 2023, because their effect would have been anti-dilutive. Potentially dilutive securities representing 17,500 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.
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 $181.6 million and $168.9 million for the three months ended September 30, 2023 and 2022, respectively, and $518.8 million and $487.4 million for the nine months ended September 30, 2023 and 2022, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $2.4 million and $2.3 million for the three months ended September 30, 2023 and 2022, respectively, and $6.6 million and $10.0 million for the nine months ended September 30, 2023 and 2022, respectively.
Fixed Assets	A fixed asset classified as held for sale is measured at the lower of its carrying amount or fair value less cost to sell, and is presented separately from other fixed assets. An office building located in Clearwater, Florida was initially classified as a property held for sale at December 31, 2022, and $20.2 million of the property held for sale, which represented the fair value of the property less the estimated costs to sell, was included in other assets in the Company's consolidated balance sheets on that date. The Company completed the sale of this property on March 31, 2023 for a total sale price of $19.6 million, and recognized a loss of $1.8 million associated with the sale, which is included in other revenues in the Company's consolidated statements of operations for the nine months ended September 30, 2023. $9.8 million of the total sale price was received in the form of a promissory note (the "Note"). $8.5 million of the sale price, after settlement of selling expenses and outstanding amounts due on the property, was received in cash. Only the cash received on the sale of the property is included in the Company's consolidated statements of cash flows for the nine months ended September 30, 2023. The Note is secured by the property sold, and bears interest at an annual rate of 7.0% for the first two years, with an adjustment to the greater of 7.0% or the rate on a one-year U.S. Treasury Bill at the two-year anniversary for the remainder of the term. The term of the Note is four years and interest is paid in monthly installments. In connection with the sale of the property, the Company entered into a lease agreement whereby the Company leased 14,883 square feet of office space, or approximately 9% of the total space of the property sold, from the new owner of the property. The lease term is five years, commencing on April 1, 2023, and the average annual base rent is approximately $0.4 million. The Company completed the sale of an office building located in Rancho Cucamonga, California in May 2023 for a total sale price of $22.3 million, and recognized a gain of $7.9 million associated with the sale, which is included in other revenues in the Company's consolidated statements of operations for the nine months ended September 30, 2023. The Company received $21.4 million in cash, after settlement of selling expenses. In connection with the sale of the property, the Company entered into a lease agreement whereby the Company leased 6,000 square feet of office space, or approximately 5% of the total space of the property sold, from the new owner of the property. The lease term is two years, commencing on May 16, 2023, and the average annual base rent is approximately $0.2 million. This office building was initially classified as a property held for sale at March 31, 2023, and $13.6 million of the property held for sale, which represented the carrying amount of the property, was included in other assets in the Company's consolidated balance sheets on that date. In addition, an office building located in Brea, California was classified as a property held for sale at September 30, 2023, and $10.7 million of the property held for sale, which represented the carrying amount of the property on that date, was included in other assets in the Company's consolidated balance sheets. The Company is actively engaged in selling this office building as most of its employees currently work from home and this property is being used on a limited basis.
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, 2025. The Company reimburses up to $30 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, 2024. The Treaty provides $1,111 million of coverage on a per occurrence basis after covered catastrophe losses exceed the $100 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, 2023 2022 2023 2022 (Amounts in thousands) Premiums Written Direct $ 1,230,024 $ 1,049,088 $ 3,374,477 $ 3,086,222 Ceded (30,889) (22,805) (78,463) (57,776) Assumed 195 138 15,293 10,582 Net $ 1,199,330 $ 1,026,421 $ 3,311,307 $ 3,039,028 Premiums Earned Direct $ 1,110,013 $ 1,009,829 $ 3,174,296 $ 2,974,651 Ceded (30,917) (22,825) (78,114) (57,383) Assumed 3,883 2,684 11,630 8,142 Net $ 1,082,979 $ 989,688 $ 3,107,812 $ 2,925,410 The Company recognized ceded premiums earned of approximately $30.9 million and $22.8 million for the three months ended September 30, 2023 and 2022, respectively, and $78.1 million and $57.4 million for the nine months ended September 30, 2023 and 2022, 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 $(0.3) million and $(1.8) million for the three months ended September 30, 2023 and 2022, respectively, and $3.8 million and $(14.7) million for the nine months ended September 30, 2023 and 2022, 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 months ended September 30, 2023 and 2022 and nine months ended September 30, 2022 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.
Accrued Interest Receivables	The Company made certain accounting policy elections for its accrued interest receivables allowed under Topic 326: a) an election to present accrued interest receivable balances separately from the associated financial assets on the balance sheet, and b) an election not to measure an allowance for credit losses on accrued interest receivable amounts and instead write off uncollectible accrued interest amounts in a timely manner by reversing interest income. The Company's accrued interest receivable balances are included in accrued investment income receivable in its consolidated balance sheets.
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 was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, " Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 ," which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company does not expect any material impact on its consolidated financial statements and related disclosures resulting from applying these ASUs.

General (Tables)

General (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 (Amounts in thousands) Premiums Written Direct $ 1,230,024 $ 1,049,088 $ 3,374,477 $ 3,086,222 Ceded (30,889) (22,805) (78,463) (57,776) Assumed 195 138 15,293 10,582 Net $ 1,199,330 $ 1,026,421 $ 3,311,307 $ 3,039,028 Premiums Earned Direct $ 1,110,013 $ 1,009,829 $ 3,174,296 $ 2,974,651 Ceded (30,917) (22,825) (78,114) (57,383) Assumed 3,883 2,684 11,630 8,142 Net $ 1,082,979 $ 989,688 $ 3,107,812 $ 2,925,410
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, 2023 2022 2023 2022 (Amounts in thousands) Beginning balance $ 5,400 $ 6,000 $ 5,800 $ 6,000 Provision during the period for expected credit losses 537 1,153 2,005 3,330 Write-off amounts during the period (863) (1,311) (3,010) (3,798) Recoveries during the period of amounts previously written off 126 158 405 468 Ending balance $ 5,200 $ 6,000 $ 5,200 $ 6,000

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instruments	The following table presents the fair values of financial instruments: September 30, 2023 December 31, 2022 (Amounts in thousands) Assets Investments $ 4,997,428 $ 4,910,800 Note receivable 9,888 — Liabilities Options sold 512 162 Notes payable 549,539 375,631

Fair Value Option (Tables)

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Option [Abstract]
Gains And Losses Due To Changes In Fair Value Of Investments	The following table presents gains (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, 2023 2022 2023 2022 (Amounts in thousands) Fixed maturity securities $ (70,855) $ (83,257) $ (53,915) $ (329,458) Equity securities (29,452) (45,779) (38,820) (220,469) Short-term investments 63 1,817 54 152 Total investment losses $ (100,244) $ (127,219) $ (92,681) $ (549,775) Note receivable (37) — 88 — Total losses $ (100,281) $ (127,219) $ (92,593) $ (549,775)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 118,528 $ 42,657 $ — $ 161,185 Municipal securities — 2,645,979 — 2,645,979 Mortgage-backed securities — 175,965 — 175,965 Corporate securities — 590,545 — 590,545 Collateralized loan obligations — 436,217 — 436,217 Other asset-backed securities — 104,766 — 104,766 Total fixed maturity securities 118,528 3,996,129 — 4,114,657 Equity securities: Common stock 530,267 — — 530,267 Non-redeemable preferred stock — 49,865 — 49,865 Private equity funds measured at net asset value (1) 90,861 Total equity securities 530,267 49,865 — 670,993 Short-term investments: Short-term bonds 29,848 4,488 — 34,336 Money market instruments 177,397 — — 177,397 Other 45 — — 45 Total short-term investments 207,290 4,488 — 211,778 Other assets: Note receivable — 9,888 — 9,888 Total assets at fair value $ 856,085 $ 4,060,370 $ — $ 5,007,316 Liabilities Other liabilities: Options sold $ 512 $ — $ — $ 512 Total liabilities at fair value $ 512 $ — $ — $ 512 December 31, 2022 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds $ 103,519 $ 55,088 $ — $ 158,607 Municipal securities — 2,737,183 — 2,737,183 Mortgage-backed securities — 166,260 — 166,260 Corporate securities — 569,553 — 569,553 Collateralized loan obligations — 320,252 — 320,252 Other asset-backed securities — 136,456 — 136,456 Total fixed maturity securities 103,519 3,984,792 — 4,088,311 Equity securities: Common stock 558,169 — — 558,169 Non-redeemable preferred stock — 51,236 — 51,236 Private equity funds measured at net asset value (1) 90,147 Total equity securities 558,169 51,236 — 699,552 Short-term investments: Short-term bonds 51,638 8,238 — 59,876 Money market instruments 63,021 — — 63,021 Other 40 — — 40 Total short-term investments 114,699 8,238 — 122,937 Total assets at fair value $ 776,387 $ 4,044,266 $ — $ 4,910,800 Liabilities Other liabilities: Options sold $ 162 $ — $ — $ 162 Total liabilities at fair value $ 162 $ — $ — $ 162 __________ (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, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,629 $ 349,556 $ — $ 349,556 $ — Unsecured credit facility 200,000 199,983 — 199,983 — Total $ 573,629 $ 549,539 $ — $ 549,539 $ — December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,330 $ 350,644 $ — $ 350,644 $ — Unsecured credit facility 25,000 24,987 — 24,987 — Total $ 398,330 $ 375,631 $ — $ 375,631 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 (Amount in thousands) Options sold - Other liabilities $ 512 $ 162 Total $ 512 $ 162
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	Gains Recognized in Net Loss Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (Amounts in thousands) Options sold - Net realized investment losses $ 2,968 $ 1,311 $ 5,793 $ 3,939 Total $ 2,968 $ 1,311 $ 5,793 $ 3,939

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023: Customer relationships $ 54,862 $ (53,644) $ 1,218 11 Trade names 15,400 (9,465) 5,935 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (67,409) $ 8,553 As of December 31, 2022: Customer relationships $ 54,862 $ (53,467) $ 1,395 11 Trade names 15,400 (8,983) 6,417 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (66,750) $ 9,212
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, 2023: Year Amortization Expense (Amounts in thousands) Remainder of 2023 $ 220 2024 851 2025 807 2026 807 2027 807 Thereafter 3,661 Total $ 7,153

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023
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, 2023 2022 (Amounts in thousands) Gross reserves, beginning of period $ 2,584,910 $ 2,226,430 Reinsurance recoverables on unpaid losses, beginning of period (25,322) (41,377) Net reserves, beginning of period 2,559,588 2,185,053 Incurred losses and loss adjustment expenses related to: Current year 2,683,219 2,386,233 Prior years (32,138) 49,942 Total incurred losses and loss adjustment expenses 2,651,081 2,436,175 Loss and loss adjustment expense payments related to: Current year 1,461,077 1,267,535 Prior years 1,052,386 945,371 Total payments 2,513,463 2,212,906 Net reserves, end of period 2,697,206 2,408,322 Reinsurance recoverables on unpaid losses, end of period 26,570 24,412 Gross reserves, end of period $ 2,723,776 $ 2,432,734

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 (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 Term SOFR plus 112.5-150.0 basis points November 16, 2026 200,000 25,000 Total principal amount 575,000 400,000 Less unamortized discount and debt issuance costs (3) 1,371 1,670 Total debt $ 573,629 $ 398,330 __________ (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. The 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 31, 2021, the Company entered into an unsecured $75 million five-year revolving credit facility. On November 18, 2022, the Company entered into the First Amendment to this credit facility. The First Amendment extended the maturity date of the loan to November 16, 2026 from March 31, 2026 with possible further extension if certain conditions are met, increased the aggregate commitments by all the lenders to $200 million from $75 million, and replaced the LIBOR with the Term SOFR. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from Term SOFR plus 112.5 basis points when the ratio is under 20% to Term SOFR 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 29.5% at September 30, 2023, resulting in a 17.5 basis point commitment fee on any undrawn portion of the credit facility. As of October 26, 2023, a total of $200 million was drawn under this facility on a three-month revolving basis at an annual interest rate of approximately 6.75%, with no remaining amount available to be drawn. The Company contributed $150 million of the total amount drawn to the surplus of its consolidated insurance subsidiaries, and used the remainder for general corporate purposes.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 1,083.0 $ 7.3 $ 1,090.3 $ 989.7 $ 7.2 $ 996.9 Less: Losses and loss adjustment expenses 819.7 4.0 823.7 783.8 3.7 787.5 Underwriting expenses 247.1 3.7 250.8 233.6 3.8 237.4 Underwriting gain (loss) 16.2 (0.4) 15.8 (27.7) (0.3) (28.0) Investment income 61.0 44.6 Net realized investment losses (90.0) (144.2) Other income 3.9 3.0 Interest expense (5.9) (4.3) Pre-tax loss $ (15.2) $ (128.9) Net loss $ (8.2) $ (98.3) Nine Months Ended September 30, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 3,107.8 $ 21.7 $ 3,129.5 $ 2,925.4 $ 21.6 $ 2,947.0 Less: Losses and loss adjustment expenses 2,639.4 11.7 2,651.1 2,425.1 11.1 2,436.2 Underwriting expenses 715.1 10.9 726.0 687.3 8.5 695.8 Underwriting (loss) gain (246.7) (0.9) (247.6) (187.0) 2.0 (185.0) Investment income 171.3 118.5 Net realized investment losses (60.8) (581.2) Other income 15.0 7.1 Interest expense (16.4) (12.8) Pre-tax loss $ (138.5) $ (653.4) Net loss $ (95.1) $ (505.9)
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, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 713.2 $ — $ 713.2 $ 665.6 $ — $ 665.6 Homeowners 244.0 — 244.0 213.0 — 213.0 Commercial automobile 78.4 — 78.4 68.0 — 68.0 Other 47.4 7.3 54.7 43.1 7.2 50.3 Net premiums earned $ 1,083.0 $ 7.3 $ 1,090.3 $ 989.7 $ 7.2 $ 996.9 Private passenger automobile $ 772.8 $ — $ 772.8 $ 680.6 $ — $ 680.6 Homeowners 307.7 — 307.7 251.8 — 251.8 Commercial automobile 93.7 — 93.7 66.5 — 66.5 Other 55.8 7.2 63.0 50.2 8.0 58.2 Direct premiums written $ 1,230.0 $ 7.2 $ 1,237.2 $ 1,049.1 $ 8.0 $ 1,057.1 Nine Months Ended September 30, 2023 2022 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 2,048.5 $ — $ 2,048.5 $ 1,990.9 $ — $ 1,990.9 Homeowners 700.4 — 700.4 610.9 — 610.9 Commercial automobile 219.6 — 219.6 198.6 — 198.6 Other 139.3 21.7 161.0 125.0 21.6 146.6 Net premiums earned $ 3,107.8 $ 21.7 $ 3,129.5 $ 2,925.4 $ 21.6 $ 2,947.0 Private passenger automobile $ 2,105.6 $ — $ 2,105.6 $ 2,015.6 $ — $ 2,015.6 Homeowners 843.8 — 843.8 713.9 — 713.9 Commercial automobile 256.4 — 256.4 207.9 — 207.9 Other 168.7 20.7 189.4 148.8 23.3 172.1 Direct premiums written $ 3,374.5 $ 20.7 $ 3,395.2 $ 3,086.2 $ 23.3 $ 3,109.5

General - Narrative (Details)

General - Narrative (Details)			3 Months Ended			9 Months Ended
	May 31, 2023 USD ($) ft²	Mar. 31, 2023 USD ($) ft²	Sep. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) ft²	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Mar. 08, 2017
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Incremental shares excluded from diluted earnings per share (in shares) | shares							1,294
Potentially dilutive securities (in shares) | shares			17,500		17,500	17,500
Common stock dividends (in dollars per share) | $ / shares			$ 0.3175		$ 0.3175	$ 0.9525	$ 1.5875
Policy acquisition costs			$ 181,569,000		$ 168,870,000	$ 518,813,000	$ 487,444,000
Advertising expenses			2,400,000		2,300,000	6,600,000	10,000,000
Net gains (losses) on sales of fixed assets						5,857,000	(85,000)
Sale price received in cash						29,873,000	3,000
Interest rate									4.40%
Reinsurance reimbursable amount			30,000,000			$ 30,000,000
Reinsurance retention policy, threshold loss ratio						73.50%
Reinsurance retention policy, excess retention, amount reinsured						$ 1,111,000,000
Reinsurance policy, amount retained						100,000,000
Ceded			30,900,000		22,800,000	78,100,000	57,400,000
Policyholder Benefits and Claims Incurred, Assumed and Ceded			(300,000)		(1,800,000)	3,800,000	(14,700,000)
Revenue from contract with customer			5,200,000		4,500,000	15,000,000	13,500,000
Cost of goods and services sold			2,700,000		$ 2,500,000	8,200,000	$ 8,000,000
Contract with customer, liability			0			0		$ 0
Contract with customer, asset			0			0		0
Revenue, remaining performance obligation			0			0		0
Promissory Note
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Interest rate		7%		7%
Promissory note, term (in years)				4 years
Clearwater, Florida Office Building
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale leaseback transaction, area of property leased back | ft²		14,883		14,883
Sale leaseback transaction, percentage of property sold that has been leased back		9%
Sale leaseback transaction, lease term (in years)		5 years
Sale leaseback transaction, annual base rent		$ 400,000
Clearwater, Florida Office Building | Disposal Group, Held-for-sale, Not Discontinued Operations
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Fixed asset classified as held for sale								$ 20,200,000
Net gains (losses) on sales of fixed assets				$ (1,800,000)
Clearwater, Florida Office Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale price of fixed asset		19,600,000		19,600,000
Promissory note received from sale of fixed asset				9,800,000
Sale price received in cash				8,500,000
Ranch Cucamonga, California Office Building
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale leaseback transaction, area of property leased back | ft²	6,000
Sale leaseback transaction, percentage of property sold that has been leased back	5%
Sale leaseback transaction, lease term (in years)	2 years
Sale leaseback transaction, annual base rent	$ 200,000
Ranch Cucamonga, California Office Building | Disposal Group, Held-for-sale, Not Discontinued Operations
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Fixed asset classified as held for sale		$ 13,600,000		$ 13,600,000
Ranch Cucamonga, California Office Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Sale price of fixed asset	$ 22,300,000
Net gains (losses) on sales of fixed assets						7,900,000
Sale price received in cash						21,400,000
Brea, California Office Building | Disposal Group, Held-for-sale, Not Discontinued Operations
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Fixed asset classified as held for sale			$ 10,700,000			$ 10,700,000

General - Effects of Reinsuranc

General - Effects of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premiums Written
Direct	$ 1,237,200	$ 1,057,100	$ 3,395,200	$ 3,109,500
Premiums Earned
Ceded	30,900	22,800	78,100	57,400
Net	1,090,311	996,939	3,129,483	2,947,000
Property & Casualty
Premiums Written
Direct	1,230,024	1,049,088	3,374,477	3,086,222
Ceded	(30,889)	(22,805)	(78,463)	(57,776)
Assumed	195	138	15,293	10,582
Net	1,199,330	1,026,421	3,311,307	3,039,028
Premiums Earned
Direct	1,110,013	1,009,829	3,174,296	2,974,651
Ceded	(30,917)	(22,825)	(78,114)	(57,383)
Assumed	3,883	2,684	11,630	8,142
Net	$ 1,082,979	$ 989,688	$ 3,107,812	$ 2,925,410

General - Allowance for Credit

General - Allowance for Credit Losses on Premium Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Beginning balance	$ 5,400	$ 6,000	$ 5,800	$ 6,000
Provision during the period for expected credit losses	537	1,153	2,005	3,330
Write-off amounts during the period	(863)	(1,311)	(3,010)	(3,798)
Recoveries during the period of amounts previously written off	126	158	405	468
Ending balance	$ 5,200	$ 6,000	$ 5,200	$ 6,000

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Note receivable	$ 9,888	$ 0
Investments
Assets
Assets	4,997,428	4,910,800
Fair Value, Measurements, Recurring
Assets
Note receivable	9,888
Liabilities
Options sold	512	162
Notes payable	549,539	375,631
Fair Value, Measurements, Recurring | Unsecured debt
Liabilities
Notes payable	349,556	350,644
Fair Value, Measurements, Recurring | Options sold
Liabilities
Options sold	$ 512	$ 162

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Unsecured Notes Two | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Drawn down amount under credit facility	$ 200	$ 25
Unsecured debt | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes	375	375
Private Equity Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded commitments to VIEs	$ 8	$ 9

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Losses due to changes in fair value of investments	$ (100,281)	$ (127,219)	$ (92,593)	$ (549,775)
Investments
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Losses due to changes in fair value of investments	(100,244)	(127,219)	(92,681)	(549,775)
Fixed maturity securities
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Losses due to changes in fair value of investments	(70,855)	(83,257)	(53,915)	(329,458)
Equity Securities
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Losses due to changes in fair value of investments	(29,452)	(45,779)	(38,820)	(220,469)
Short-term investments
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Losses due to changes in fair value of investments	63	1,817	54	152
Financing Receivable
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Losses due to changes in fair value of investments	$ (37)	$ 0	$ 88	$ 0

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage of portfolio of unadjusted fair values obtained	98.20%
Three private equity funds using NAV	$ 89,200,000
Fair Value, Assets, Level 1 to Level 2 to Level 3 Transfers, Amount	0	$ 0
Unsecured Notes Two | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Drawn down amount under credit facility	$ 200,000,000		$ 25,000,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, liquidating investment, remaining period	1 year
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, liquidating investment, remaining period	9 years
Technology, Healthcare, Specialty Customer Goods and Service
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
One private equity fund using NAV	$ 0
Venture Capital Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
One private equity fund using NAV	1,700,000
Private Equity Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded commitments to VIEs	8,000,000		9,000,000
Level 2 | Unsecured debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes	375,000,000		375,000,000
Level 2 | Commercial Mortgage Back Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, trading, and equity securities, FV-NI	$ 25,500,000		$ 27,300,000

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, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	$ 4,114,657	$ 4,088,311
Equity securities:	670,993	699,552
Note receivable	9,888	0
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	4,114,657	4,088,311
Equity securities:	670,993	699,552
Short-term investments:	211,778	122,937
Note receivable	9,888
Assets, fair value disclosure	5,007,316	4,910,800
Options sold	512	162
Fair Value, Measurements, Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	118,528	103,519
Equity securities:	530,267	558,169
Short-term investments:	207,290	114,699
Note receivable	0
Assets, fair value disclosure	856,085	776,387
Options sold	512	162
Fair Value, Measurements, Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	3,996,129	3,984,792
Equity securities:	49,865	51,236
Short-term investments:	4,488	8,238
Note receivable	9,888
Assets, fair value disclosure	4,060,370	4,044,266
Options sold	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
Note receivable	0
Assets, fair value disclosure	0	0
Options sold	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:	161,185	158,607
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:	118,528	103,519
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:	42,657	55,088
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:	2,645,979	2,737,183
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:	2,645,979	2,737,183
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:	175,965	166,260
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:	175,965	166,260
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:	590,545	569,553
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:	590,545	569,553
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:	436,217	320,252
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:	436,217	320,252
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:	104,766	136,456
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:	104,766	136,456
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:	530,267	558,169
Fair Value, Measurements, Recurring | Common stock | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities:	530,267	558,169
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:	49,865	51,236
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:	49,865	51,236
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:	90,861	90,147
Fair Value, Measurements, Recurring | Short-term bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	34,336	59,876
Fair Value, Measurements, Recurring | Short-term bonds | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	29,848	51,638
Fair Value, Measurements, Recurring | Short-term bonds | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	4,488	8,238
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:	177,397	63,021
Fair Value, Measurements, Recurring | Money market instruments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	177,397	63,021
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:	45	40
Fair Value, Measurements, Recurring | Other | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments:	45	40
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]
Options sold	512	162
Fair Value, Measurements, Recurring | Options sold | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options sold	512	162
Fair Value, Measurements, Recurring | Options sold | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options sold	0	0
Fair Value, Measurements, Recurring | Options sold | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options sold	$ 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, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 573,629	$ 398,330
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	549,539	375,631
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	549,539	375,631
Unsecured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	373,629	373,330
Unsecured debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Unsecured debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	349,556	350,644
Unsecured debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Unsecured debt | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	349,556	350,644
Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	200,000	25,000
Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	199,983	24,987
Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	0	0
Line of Credit | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	$ 199,983	$ 24,987

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, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivatives	$ 512	$ 162
Option contracts | Other liabilities
Derivative [Line Items]
Derivatives	$ 512	$ 162

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized investment losses	Net realized investment losses	Net realized investment losses	Net realized investment losses
Derivatives Not Designated as Hedging Instrument
Derivative [Line Items]
Gains Recognized in Net Loss	$ 2,968	$ 1,311	$ 5,793	$ 3,939
Derivatives Not Designated as Hedging Instrument | Options sold
Derivative [Line Items]
Gains Recognized in Net Loss	$ 2,968	$ 1,311	$ 5,793	$ 3,939

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
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	$ 200,000	$ 300,000	$ 700,000	$ 800,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 75,962	$ 75,962
Accumulated Amortization	(67,409)	(66,750)
Net Carrying Amount	8,553	9,212
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	(53,644)	(53,467)
Net Carrying Amount	$ 1,218	$ 1,395
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	(9,465)	(8,983)
Net Carrying Amount	$ 5,935	$ 6,417
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, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 220
2024	851
2025	807
2026	807
2027	807
Thereafter	3,661
Total	$ 7,153

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, 2023 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, 2023 $ / 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 Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Change in unrecognized tax benefit, period decrease	$ 2.1

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, 2023	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves, beginning of period	$ 2,584,910	$ 2,226,430
Reinsurance recoverables on unpaid losses	25,322	41,377
Net reserves, beginning of period	2,559,588	2,185,053
Incurred losses and loss adjustment expenses related to:
Current year	2,683,219	2,386,233
Prior years	(32,138)	49,942
Total incurred losses and loss adjustment expenses	2,651,081	2,436,175
Loss and loss adjustment expense payments related to:
Current year	1,461,077	1,267,535
Prior years	1,052,386	945,371
Total payments	2,513,463	2,212,906
Net reserves, end of period	2,697,206	2,408,322
Reinsurance recoverables on unpaid losses, end of period	26,570	24,412
Gross reserves, end of period	$ 2,723,776	$ 2,432,734

Loss And Loss Adjustment Expe_4

Loss And Loss Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Unusual or Infrequent Item, or Both [Line Items]
Prior year claims and claims adjustment expense	$ (32,138)	$ 49,942
Catastrophe
Unusual or Infrequent Item, or Both [Line Items]
Liability for catastrophe claims, carrying amount	223,000	62,000
Adjustments for prior year claims	$ 4,000	$ (4,000)

Notes Payable (Schedule of Long

Notes Payable (Schedule of Long-term Debt) (Details)		9 Months Ended	11 Months Ended	12 Months Ended
	Nov. 18, 2022 USD ($)	Sep. 30, 2023 USD ($)	Oct. 26, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 08, 2017 USD ($)
Debt Instrument [Line Items]
Interest rate						4.40%
Total principal amount		$ 575,000,000		$ 400,000,000
Less unamortized discount and debt issuance costs		1,371,000		1,670,000
Notes payable		573,629,000		398,330,000
Debt issuance cost						$ 3,400,000
Debt instrument, discount percent						99.847%
Effective interest rate						4.45%
Unamortized debt issuance cost		700,000
Unsecured Notes Two | Revolving Credit Facility
Debt Instrument [Line Items]
Loan maximum borrowing capacity	$ 200,000,000				$ 75,000,000
Drawn down amount under credit facility		200,000,000		25,000,000
Unsecured Notes Two | Revolving Credit Facility | Consolidated Insurance Subsidiary
Debt Instrument [Line Items]
Drawn down amount under credit facility contributed		150,000,000
Unsecured Notes Two | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Effective interest rate			6.75%
Drawn down amount under credit facility			$ 200,000,000
Remaining amount available to be drawn			$ 0
Unsecured debt
Debt Instrument [Line Items]
Notes payable		$ 373,629,000		373,330,000
Unsecured debt | Notes payable | Level 2 | Unsecured Notes One
Debt Instrument [Line Items]
Interest rate		4.40%
Unsecured debt		$ 375,000,000		375,000,000		$ 375,000,000
Unsecured debt | Notes payable | Level 2 | Unsecured Notes Two
Debt Instrument [Line Items]
Unsecured debt				$ 25,000,000
Minimum | Unsecured Notes Two | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee on undrawn portion of facility	0.125%	0.175%
Maximum | Unsecured Notes Two | Revolving Credit Facility
Debt Instrument [Line Items]
Debt to total capital ratio		0.295
Commitment fee on undrawn portion of facility	0.225%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Unsecured Notes Two | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Debt to total capital ratio	0.20
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Unsecured debt | Notes payable | Level 2 | Unsecured Notes Two
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Unsecured Notes Two | Revolving Credit Facility
Debt Instrument [Line Items]
Debt to total capital ratio	0.30
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Unsecured debt | Notes payable | Level 2 | Unsecured Notes Two
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended
	May 15, 2023	Apr. 24, 2023	Nov. 21, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Additional total refund requested to be provided to private automobile policyholders			$ 52,000
Reductions in premiums written, net				$ 128,000
Aggregate credit amount	$ 250	$ 25,000

Segment Information - Summary o

Segment Information - Summary of Operating Results by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) State	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment State Subsidiary	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of insurance companies | Subsidiary			12
Number of states in which company operates | State	11		11
Number of reportable segments | segment			1
Segment Reporting Information [Line Items]
Net premiums earned	$ 1,090,311	$ 996,939	$ 3,129,483	$ 2,947,000
Losses and loss adjustment expenses	823,742	787,462	2,651,081	2,436,175
Underwriting expenses	250,800	237,400	726,000	695,800
Underwriting gain (loss)	15,800	(28,000)	(247,600)	(185,000)
Net investment income	60,965	44,563	171,287	118,469
Net realized investment losses	(90,001)	(144,213)	(60,772)	(581,237)
Other income	3,917	2,998	15,000	7,141
Interest expense	(5,918)	(4,273)	(16,398)	(12,822)
Pre-tax loss	(15,229)	(128,903)	(138,517)	(653,373)
Net loss	(8,227)	(98,303)	(95,058)	(505,902)
Property & Casualty
Segment Reporting Information [Line Items]
Net premiums earned	1,082,979	989,688	3,107,812	2,925,410
Losses and loss adjustment expenses	819,700	783,800	2,639,400	2,425,100
Underwriting expenses	247,100	233,600	715,100	687,300
Underwriting gain (loss)	16,200	(27,700)	(246,700)	(187,000)
Other
Segment Reporting Information [Line Items]
Net premiums earned	7,300	7,200	21,700	21,600
Losses and loss adjustment expenses	4,000	3,700	11,700	11,100
Underwriting expenses	3,700	3,800	10,900	8,500
Underwriting gain (loss)	$ (400)	$ (300)	$ (900)	$ 2,000

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net premiums earned	$ 1,090,311	$ 996,939	$ 3,129,483	$ 2,947,000
Direct premiums written	1,237,200	1,057,100	3,395,200	3,109,500
Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	713,200	665,600	2,048,500	1,990,900
Direct premiums written	772,800	680,600	2,105,600	2,015,600
Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	244,000	213,000	700,400	610,900
Direct premiums written	307,700	251,800	843,800	713,900
Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	78,400	68,000	219,600	198,600
Direct premiums written	93,700	66,500	256,400	207,900
Other
Segment Reporting Information [Line Items]
Net premiums earned	54,700	50,300	161,000	146,600
Direct premiums written	63,000	58,200	189,400	172,100
Property & Casualty
Segment Reporting Information [Line Items]
Net premiums earned	1,082,979	989,688	3,107,812	2,925,410
Direct premiums written	1,230,024	1,049,088	3,374,477	3,086,222
Property & Casualty | Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	713,200	665,600	2,048,500	1,990,900
Direct premiums written	772,800	680,600	2,105,600	2,015,600
Property & Casualty | Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	244,000	213,000	700,400	610,900
Direct premiums written	307,700	251,800	843,800	713,900
Property & Casualty | Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	78,400	68,000	219,600	198,600
Direct premiums written	93,700	66,500	256,400	207,900
Property & Casualty | Other
Segment Reporting Information [Line Items]
Net premiums earned	47,400	43,100	139,300	125,000
Direct premiums written	55,800	50,200	168,700	148,800
Other
Segment Reporting Information [Line Items]
Net premiums earned	7,300	7,200	21,700	21,600
Direct premiums written	7,200	8,000	20,700	23,300
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	7,300	7,200	21,700	21,600
Direct premiums written	$ 7,200	$ 8,000	$ 20,700	$ 23,300