Mercury General (MCY) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000064996
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Fixed maturity securities (amortized cost $4,574,492; $4,394,983)	$ 4,489,552	$ 4,319,336
Equity securities (cost $690,856; $654,939)	801,108	730,693
Short-term investments (cost $163,454; $179,375)	162,466	178,491
Total investments	5,453,126	5,228,520
Cash	530,085	550,903
Receivables:
Premiums	682,473	607,025
Allowance for credit losses on premiums receivable	(5,800)	(5,300)
Premiums receivable, net of allowance for credit losses	676,673	601,725
Accrued investment income	61,198	59,128
Other	30,040	25,603
Total receivables	767,911	686,456
Reinsurance recoverables (net of allowance for credit losses $0; $12)	29,964	31,947
Deferred policy acquisition costs	307,938	293,844
Fixed assets (net of accumulated depreciation $330,764; $322,729)	152,462	151,183
Operating lease right-of-use assets	14,371	14,406
Current income taxes	0	4,081
Deferred income taxes	31,367	33,013
Goodwill	42,796	42,796
Other intangible assets, net	8,353	8,333
Other assets	57,595	57,915
Total assets	7,395,968	7,103,397
Liabilities
Loss and loss adjustment expense reserves	2,859,220	2,785,702
Unearned premiums	1,854,184	1,735,660
Notes payable	573,829	573,729
Accounts payable and accrued expenses	178,086	175,219
Operating lease liabilities	14,425	14,231
Current income taxes	6,628	0
Other liabilities	305,569	270,711
Total liabilities	5,791,941	5,555,252
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	1,505,080	1,449,198
Total shareholders’ equity	1,604,027	1,548,145
Total liabilities and shareholders’ equity	$ 7,395,968	$ 7,103,397

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost on fixed maturities trading investments	$ 4,574,492	$ 4,394,983
Cost - equity security trading investments	690,856	654,939
Cost - short-term investments	163,454	179,375
Reinsurance recoverable, allowance for credit losses	0	(12)
Fixed assets, accumulated depreciation	$ 330,764	$ 322,729
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
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Net premiums earned	$ 1,166,679	$ 1,004,704
Net investment income	65,018	51,973
Net realized investment gains	38,192	49,008
Other	4,196	894
Total revenues	1,274,085	1,106,579
Expenses:
Losses and loss adjustment expenses	903,965	929,529
Policy acquisition costs	196,040	164,507
Other operating expenses	77,087	69,690
Interest	7,773	4,931
Total expenses	1,184,865	1,168,657
Income (loss) before income taxes	89,220	(62,078)
Income tax expense (benefit)	15,758	(16,790)
Net income (loss)	$ 73,462	$ (45,288)
Net income (loss) per share:
Basic (in dollars per share)	$ 1.33	$ (0.82)
Diluted (in dollars per share)	$ 1.33	$ (0.82)
Weighted average shares outstanding:
Basic (in shares)	55,371	55,371
Diluted (in shares)	55,372	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, 2022		$ 98,947	$ 1,423,184
Net income (loss)	$ (45,288)		(45,288)
Dividends paid to shareholders			(17,580)
Shareholders' equity, ending balance at Mar. 31, 2023	1,459,263	98,947	1,360,316
Shareholders' equity, beginning balance at Dec. 31, 2023	1,548,145	98,947	1,449,198
Net income (loss)	73,462		73,462
Dividends paid to shareholders			(17,580)
Shareholders' equity, ending balance at Mar. 31, 2024	$ 1,604,027	$ 98,947	$ 1,505,080

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 73,462	$ (45,288)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,337	17,411
Net realized investment gains	(38,192)	(49,008)
Net losses on sales of fixed assets	0	1,784
(Increase) decrease in premiums receivable	(74,948)	3,085
Decrease (increase) in reinsurance recoverables	1,983	(6,831)
Changes in current and deferred income taxes	12,355	(16,791)
(Increase) decrease in deferred policy acquisition costs	(14,094)	84
Increase in loss and loss adjustment expense reserves	73,518	92,651
Increase in unearned premiums	118,524	5,690
Increase in accounts payable and accrued expenses	3,615	442
Other, net	19,066	14,944
Net cash provided by operating activities	192,626	18,173
Fixed maturity securities available for sale in nature:
Purchases	(419,763)	(175,292)
Sales	116,837	97,702
Calls or maturities	114,300	52,898
Equity securities available for sale in nature:
Purchases	(399,522)	(297,805)
Sales	365,377	320,113
Calls	7,185	0
Changes in securities payable and receivable	10,783	(37,650)
Decrease (increase) in short-term investments	16,151	(23,435)
Purchases of fixed assets	(10,271)	(8,685)
Sales of fixed assets	0	1,008
Other, net	4,044	1,646
Net cash used in investing activities	(194,879)	(69,500)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid to shareholders	(17,580)	(17,580)
Payments on finance lease obligations	(985)	(489)
Proceeds from bank borrowing	0	50,000
Net cash (used in) provided by financing activities	(18,565)	31,931
Net decrease in cash	(20,818)	(19,396)
Cash:
Beginning of the year	550,903	289,776
End of period	530,085	270,380
SUPPLEMENTAL CASH FLOW DISCLOSURE
Interest paid	11,741	8,315
Income taxes paid, net	$ 3,404	$ 0

General

General	3 Months Ended
	Mar. 31, 2024
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, 2023. These interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at March 31, 2024 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, 2023 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023. Earnings (Loss) per Share There were no potentially dilutive securities with anti-dilutive effect for the three months ended March 31, 2024. 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 March 31, 2023, because their effect would have been anti-dilutive. Dividends per Share The Company declared and paid a dividend per share of $0.3175 during each of the three-month periods ended March 31, 2024 and 2023. 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 $196.0 million and $164.5 million for the three months ended March 31, 2024 and 2023, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $3.3 million and $1.9 million for the three months ended March 31, 2024 and 2023, 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 Brea, California was classified as a property held for sale at September 30, 2023, and $10.8 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 at March 31, 2024. 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 and 95% of such losses between $100 million and $140 million are retained by the Company. 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 March 31, 2024 2023 (Amounts in thousands) Premiums Written Direct $ 1,294,475 $ 1,012,238 Ceded (31,299) (23,391) Assumed 15,159 15,031 Net $ 1,278,335 $ 1,003,878 Premiums Earned Direct $ 1,186,585 $ 1,016,870 Ceded (31,079) (23,198) Assumed 3,863 3,890 Net $ 1,159,369 $ 997,562 The Company recognized ceded premiums earned of approximately $31.1 million and $23.2 million for the three months ended March 31, 2024 and 2023, 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 $(0.8) million and $7.5 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 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 $5.7 million and $4.8 million, with related expenses of $3.2 million and $2.9 million, for the three months ended March 31, 2024 and 2023, respectively. All of the commission income, net of related expenses, is included in other revenues in the Company's consolidated statements of operations, and in other income of the Property and Casualty business segment in the Company's segment reporting (see Note 13. Segment Information). As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023 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 March 31, 2024 2023 (Amounts in thousands) Beginning balance $ 5,300 $ 5,800 Provision during the period for expected credit losses 1,116 1,136 Write-off amounts during the period (813) (1,270) Recoveries during the period of amounts previously written off 197 134 Ending balance $ 5,800 $ 5,800 Accrued Interest Receivables

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2024-01, "Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." ASU 2024-01 is intended to improve GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. The fact patterns in the illustrative example focus on the scope conditions in paragraph 718-10-15-3. The illustrative example is intended to reduce (1) complexity in determining whether a profits interest award is subject to the guidance in Topic 718 and (2) existing diversity in practice. ASU 2024-01 will be effective for the Company in the annual and interim periods beginning January 1, 2025, though early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for the Company in the annual period beginning January 1, 2025, though early adoption is permitted. The Company is evaluating the presentational effect that ASU 2023-09 will have on its consolidated financial statements and expects presentation changes to its note on income taxes. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information, including significant segment expenses, on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the Chief Operating Decision Maker (“CODM”) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment information, such as depreciation, amortization and depletion expense amounts, to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In March 2020, the 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	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 (Amounts in thousands) Assets Investments $ 5,453,126 $ 5,228,520 Note receivable 9,818 9,974 Liabilities Options sold 1,928 1,955 Notes payable 560,618 557,710 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 March 31, 2024 and December 31, 2023. The Company's financial or other support provided to these VIEs and its loss exposure are limited to its collateral and original investment. The Company invests, directly or indirectly through its consolidated VIEs, in limited partnerships or limited liability companies such as private equity funds. These investments are non-consolidated VIEs as the Company has determined it is not the primary beneficiary of such VIEs. The Company's maximum exposure to loss with respect to these VIEs is limited to the total carrying value that is included in equity securities in the Company's consolidated balance sheets. At March 31, 2024 and December 31, 2023, the Company had approximately $7 million and $8 million, respectively, in unfunded commitments to these VIEs. Note Receivable In March 2023, the Company completed the sale of an office building located in Clearwater, Florida, for a total sale price of approximately $19.6 million. $9.8 million of the total sale price was received in the form of a promissory note (the "Note") and the remainder in cash. The Note is secured by 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. Interest earned on the Note is recognized in other revenues in the Company's consolidated statements of operations. The Company elected to apply the fair value option to the Note at the time it was first recognized. The fair value of note receivable is included in other assets in the Company's consolidated balance sheets, while the changes in fair value of note receivable are included in net realized investment gains or losses in the Company's consolidated statements of operations. Options Sold The Company writes covered call options through listed and over-the-counter exchanges. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Company as realized gains from investments on the expiration date. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a gain or loss. The Company, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Liabilities for covered call options are included in other liabilities in the Company's consolidated balance sheets. Notes Payable The fair values of the Company’s publicly traded $375 million unsecured notes at March 31, 2024 and December 31, 2023 and its $200 million drawn under the unsecured credit facility at March 31, 2024 and December 31, 2023 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	3 Months Ended
	Mar. 31, 2024
Fair Value Option [Abstract]
Fair Value Option	Fair Value Option The Company applies the fair value option to all fixed maturity and equity investment securities, 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 March 31, 2024 2023 (Amounts in thousands) Fixed maturity securities $ (9,294) $ 39,776 Equity securities 34,498 3,240 Short-term investments (104) 34 Total investment gains $ 25,100 $ 43,050 Note receivable (156) — Total gains $ 24,944 $ 43,050

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2024
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 98.5% of its investment portfolio at fair value from an independent pricing service at March 31, 2024. 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 $32.4 million and $33.0 million at fair value in commercial mortgage-backed securities at March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024, the Company had capital invested in three such funds: the strategy of two such funds with a combined fair value of approximately $81.0 million at March 31, 2024 is to provide current income to investors by investing mainly in secured loans, CLOs or CLO issuers, and equity interests in vehicles established to purchase and warehouse loans; the strategy of the other such fund with a fair value of approximately $2.8 million at March 31, 2024 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 $7 million in unfunded commitments at March 31, 2024 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 March 31, 2024. In addition, the Company does not have the ability to redeem or withdraw from the funds, or to sell, assign, pledge or transfer its investment, without the consent from the General Partner or Managers of each fund, but will receive distributions based on the liquidation of the underlying assets and the interest proceeds from the underlying assets. The Company’s financial instruments at fair value are reflected in the consolidated balance sheets on a trade-date basis. Related unrealized gains or losses are recognized in net realized investment gains or losses in the consolidated statements of operations. Fair value measurements are not adjusted for transaction costs. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2024 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 141,161 $ 59,183 $ — $ 200,344 Municipal securities — 2,795,677 — 2,795,677 Mortgage-backed securities — 193,040 — 193,040 Corporate securities — 706,210 — 706,210 Collateralized loan obligations — 495,523 — 495,523 Other asset-backed securities — 98,758 — 98,758 Total fixed maturity securities 141,161 4,348,391 — 4,489,552 Equity securities: Common stock 672,106 — — 672,106 Non-redeemable preferred stock — 45,241 — 45,241 Private equity funds measured at net asset value (1) 83,761 Total equity securities 672,106 45,241 — 801,108 Short-term investments: Short-term bonds 12,140 1,830 — 13,970 Money market instruments 148,449 — — 148,449 Other 47 — — 47 Total short-term investments 160,636 1,830 — 162,466 Other assets: Note receivable — 9,818 — 9,818 Total assets at fair value $ 973,903 $ 4,405,280 $ — $ 5,462,944 Liabilities Other liabilities: Options sold $ 1,928 $ — $ — $ 1,928 Total liabilities at fair value $ 1,928 $ — $ — $ 1,928 December 31, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 123,182 $ 51,268 $ — $ 174,450 Municipal securities — 2,777,258 — 2,777,258 Mortgage-backed securities — 186,887 — 186,887 Corporate securities — 599,630 — 599,630 Collateralized loan obligations — 484,947 — 484,947 Other asset-backed securities — 96,164 — 96,164 Total fixed maturity securities 123,182 4,196,154 — 4,319,336 Equity securities: Common stock 597,888 — — 597,888 Non-redeemable preferred stock — 51,563 — 51,563 Private equity funds measured at net asset value (1) 81,242 Total equity securities 597,888 51,563 — 730,693 Short-term investments: Short-term bonds 12,015 1,838 — 13,853 Money market instruments 164,595 — — 164,595 Other 43 — — 43 Total short-term investments 176,653 1,838 — 178,491 Other assets: Note receivable — 9,974 — 9,974 Total assets at fair value $ 897,723 $ 4,259,529 $ — $ 5,238,494 Liabilities Other liabilities: Options sold $ 1,955 $ — $ — $ 1,955 Total liabilities at fair value $ 1,955 $ — $ — $ 1,955 __________ (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 three months ended March 31, 2024 and 2023. At March 31, 2024, 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: March 31, 2024 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,829 $ 360,611 $ — $ 360,611 $ — Unsecured credit facility 200,000 200,007 — 200,007 — Total $ 573,829 $ 560,618 $ — $ 560,618 $ — December 31, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,729 $ 357,765 $ — $ 357,765 $ — Unsecured credit facility 200,000 199,945 — 199,945 — Total $ 573,729 $ 557,710 $ — $ 557,710 $ — Unsecured Notes The fair value of the Company’s publicly traded $375 million unsecured notes at March 31, 2024 and December 31, 2023 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	3 Months Ended
	Mar. 31, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is equity price risk. Equity contracts (options sold) on various equity securities are intended to manage the price risk associated with forecasted purchases or sales of such securities. From time to time, the Company also enters into derivative contracts to enhance returns on its investment portfolio. The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains or losses in the consolidated statements of operations: Derivatives March 31, 2024 December 31, 2023 (Amount in thousands) Options sold - Other liabilities $ 1,928 $ 1,955 Total $ 1,928 $ 1,955 Gains Recognized in Net Income (Loss) Three Months Ended March 31, 2024 2023 (Amounts in thousands) Options sold - Net realized investment gains $ 4,316 $ 1,228 Total $ 4,316 $ 1,228 Most options sold consist of covered calls. The Company writes covered calls on underlying equity positions held as an enhanced income strategy that is permitted for the Company’s insurance subsidiaries under statutory regulations. The Company manages the risk associated with covered calls through strict capital limitations and asset diversification throughout various industries. See Note 5. Fair Value Measurements for additional disclosures regarding options sold.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill There were no changes in the carrying amount of goodwill during the three months ended March 31, 2024 and 2023. No accumulated goodwill impairment losses existed at March 31, 2024 and December 31, 2023. Goodwill is reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three months ended March 31, 2024 and 2023. All of the Company's goodwill is associated with the Property and Casualty business segment (See Note 13. Segment Information for additional information on the reportable business segment). Other Intangible Assets The following table presents the components of other intangible assets: Gross Carrying Accumulated Net Carrying Useful Lives (Amounts in thousands) (in years) As of March 31, 2024: Customer relationships $ 55,107 $ (53,769) $ 1,338 10 Trade names 15,400 (9,785) 5,615 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 76,207 $ (67,854) $ 8,353 As of December 31, 2023: Customer relationships $ 54,862 $ (53,704) $ 1,158 11 Trade names 15,400 (9,625) 5,775 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (67,629) $ 8,333 Other intangible assets are reviewed annually for impairment and more frequently if potential impairment indicators exist. No impairment indicators were identified during the three months ended March 31, 2024 and 2023. 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 for the three months ended March 31, 2024 and 2023. The following table presents the estimated future amortization expense related to other intangible assets as of March 31, 2024: Year Amortization Expense (Amounts in thousands) Remainder of 2024 $ 671 2025 856 2026 856 2027 856 2028 856 Thereafter 2,858 Total $ 6,953

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Share-Based Compensation	Share-Based Compensation In February 2015, the Company's Board of Directors (the "Board") 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, with 4,830,000 shares of common stock available for future grant as of March 31, 2024 upon exercise of stock options, stock appreciation rights and other awards, or upon vesting of restricted stock unit ("RSU") or deferred stock awards. In February 2024, the Board adopted the 2024 Long-Term Incentive Plan (the “LTIP”) to provide certain key employees with the right to receive cash awards providing an opportunity to participate in the appreciation of the Company’s value and in order to retain these key employees and reward them for contributing to the success of the Company. Participants in the LTIP may be granted a number of notional interests, or phantom stock units ("PSUs"). Each PSU represents the right to receive payment of the value of a share of the Company’s common stock upon vesting. PSUs may be granted subject to vesting conditions, which may include service-based and/or performance-based vesting conditions tied to corporate and/or individual achievement objectives. An employee must remain employed through the date of payment of an award to be eligible for any payout under the LTIP. Stock Options In February 2018, the Compensation Committee of the Board 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 and had a term of ten years from the date of grant, 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). As of March 31, 2024, 17,500 of the total stock options awarded and vested under the 2015 Plan have not been exercised, each with a remaining term of approximately 3.9 years. Performance-based PSUs In February 2024, the Compensation Committee of the Board granted a total "target" award of 196,620 performance-based PSUs to certain executive officers and other key employees of the Company. These performance-based PSUs are settled in cash upon vesting and accounted for as liability-based awards. The payout value of the performance-based PSUs granted under the LTIP will be determined based on the achievement of specific, pre-established corporate performance objectives, and in part on individual performance, during the applicable three-year performance period (the "Performance Cycle"). The maximum payout level for the performance-based PSUs is 150% of the “target” award. The following table presents the summary of the performance-based PSU grants as of March 31, 2024: Grant year 2024 Three-year performance period ending December 31, 2026 Vesting shares, target 196,620 Vesting shares, maximum 294,930 These performance-based PSUs vest at the end of the Performance Cycle beginning with the year of the grant, and then only if, and to the extent that, the Company’s performance during the Performance Cycle achieves the threshold established by the Compensation Committee of the Board. Each annual performance result is determined based on the average of the Company’s annual market share growth and its annual combined ratio. The vested number of performance-based PSUs for each grantee is based on the average of the Company's three annual performance results combined with the individual's performance during the Performance Cycle. The cash payout amount for each unit of the vested performance-based PSUs is equal to the average closing price per share of the Company’s common stock for the 30 calendar days preceding the determination of the final number of vested PSUs for each grantee at the end of the Performance Cycle.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 $1.9 million during the three months ended March 31, 2024, primarily resulting from the payment of the assessed amount related to a California Franchise Tax Board audit for tax year 2011. 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 matters related to California state tax assessment for 2011 tax year 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 March 31, 2024, 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 realized. The ultimate realization of deferred tax assets is dependent upon generating sufficient taxable income of the appropriate character within the carryback and carryforward periods available under the tax law. Management considers the reversal of deferred tax liabilities, projected future taxable income of an appropriate nature, and tax planning strategies in making this assessment. The Company believes that through projected future taxable income of an appropriate nature, the use of prudent tax planning strategies, and the generation of capital gains, sufficient income will be realized in order to maximize the full benefits of its deferred tax assets. Although realization is not assured, management believes that it is more likely than not that the Company’s deferred tax assets will be realized.

Loss And Loss Adjustment Expens

Loss And Loss Adjustment Expense Reserves	3 Months Ended
	Mar. 31, 2024
Insurance Loss Reserves [Abstract]
Loss And Loss Adjustment Expense Reserves	Loss and Loss Adjustment Expense Reserves The following table presents the activity in loss and loss adjustment expense reserves: Three Months Ended March 31, 2024 2023 (Amounts in thousands) Gross reserves, beginning of period $ 2,785,702 $ 2,584,910 Reinsurance recoverables on unpaid losses, beginning of period (32,148) (25,322) Net reserves, beginning of period 2,753,554 2,559,588 Incurred losses and loss adjustment expenses related to: Current year 909,810 945,013 Prior years (5,845) (15,484) Total incurred losses and loss adjustment expenses 903,965 929,529 Loss and loss adjustment expense payments related to: Current year 301,198 310,102 Prior years 527,348 531,755 Total payments 828,546 841,857 Net reserves, end of period 2,828,973 2,647,260 Reinsurance recoverables on unpaid losses, end of period 30,247 30,301 Gross reserves, end of period $ 2,859,220 $ 2,677,561 The decrease in the provision for insured events of prior years during the three months ended March 31, 2024 of $5.8 million was primarily attributable to lower than estimated loss adjustment expenses in the private passenger automobile line of insurance business, partially offset by unfavorable development on prior years' catastrophe losses. The decrease in the provision for insured events of prior years during the three months ended March 31, 2023 of $15.5 million was primarily attributable to lower than estimated losses and loss adjustment expenses in the homeowners line of insurance business. For the three months ended March 31, 2024 and 2023, the Company incurred catastrophe losses net of reinsurance of approximately $72 million and $98 million, respectively. No reinsurance benefits were available for these losses as none of the catastrophe events during these periods individually resulted in losses in excess of the Company's retention limit. Catastrophe losses during the three months ended March 31, 2024 resulted primarily from winter storms and rainstorms in California and convective storms in Texas and Oklahoma. Catastrophe losses during the three months ended March 31, 2023 resulted primarily from winter storms and rainstorms in California, Texas and Oklahoma. The Company experienced unfavorable development of approximately $4 million on prior years' catastrophe losses for the three months ended March 31, 2024. There was no material development on prior years' catastrophe losses for the three months ended March 31, 2023.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2024
Notes Payable [Abstract]
Notes Payable	Notes Payable The following table presents information about the Company's notes payable: Lender Interest Rate Maturity Date March 31, 2024 December 31, 2023 (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, BMO Bank and U.S. Bank Term SOFR plus 112.5-150.0 basis points November 16, 2026 200,000 200,000 Total principal amount 575,000 575,000 Less unamortized discount and debt issuance costs (3) 1,171 1,271 Total debt $ 573,829 $ 573,729 __________ (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 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. On November 30, 2023, the Company entered into the Second Amendment to this credit facility, which further increased the aggregate commitments by all the lenders to $250 million from $200 million. 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 26.4% at March 31, 2024, resulting in a 17.5 basis point commitment fee on any undrawn portion of the credit facility. As of April 25, 2024, a total of $200 million was drawn under this facility on a three-month revolving basis at an annual interest rate of approximately 6.79%, with $50 million 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. (3) The unamortized discount and debt issuance costs are associated with the publicly traded $375 million senior unsecured notes. These are amortized to interest expense over the life of the notes, and the unamortized balance is presented in the Company's consolidated balance sheets as a direct deduction from the carrying amount of the debt. The unamortized costs of approximately $0.8 million associated with entering into the $250 million unsecured revolving credit facility maturing on November 16, 2026 are included in other assets in the Company's consolidated balance sheets and amortized to interest expense over the term of the credit facility.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
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, 2023. 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. 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 served a written response to the NNC on September 29, 2022, along with written discovery requests. 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. On November 14, 2023, the California DOI granted Consumer Watchdog's petition to intervene in the NNC, although the Company did not agree to allow its involvement in the mediation, which took place on March 4, 2024. The parties did not make any meaningful progress toward settlement, but are continuing settlement discussions. 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. 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	3 Months Ended
	Mar. 31, 2024
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 table presents the Company's operating results by reportable segment: Three Months Ended March 31, 2024 2023 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 1,159.4 $ 7.3 $ 1,166.7 $ 997.6 $ 7.1 $ 1,004.7 Less: Losses and loss adjustment expenses 900.0 4.0 904.0 925.8 3.7 929.5 Underwriting expenses 269.3 3.8 273.1 230.8 3.5 234.3 Underwriting loss (9.9) (0.5) (10.4) (159.0) (0.1) (159.1) Investment income 65.0 52.0 Net realized investment gains 38.2 49.0 Other income 4.2 0.9 Interest expense (7.8) (4.9) Pre-tax income (loss) $ 89.2 $ (62.1) Net income (loss) $ 73.5 $ (45.3) The following table presents the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended March 31, 2024 2023 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 754.3 $ — $ 754.3 $ 660.6 $ — $ 660.6 Homeowners 266.9 — 266.9 222.5 — 222.5 Commercial automobile 89.2 — 89.2 69.1 — 69.1 Other 49.0 7.3 56.3 45.4 7.1 52.5 Net premiums earned $ 1,159.4 $ 7.3 $ 1,166.7 $ 997.6 $ 7.1 $ 1,004.7 Private passenger automobile $ 825.5 $ — $ 825.5 $ 634.3 $ — $ 634.3 Homeowners 302.1 — 302.1 241.6 — 241.6 Commercial automobile 104.0 — 104.0 80.0 — 80.0 Other 62.9 6.6 69.5 56.3 6.4 62.7 Direct premiums written $ 1,294.5 $ 6.6 $ 1,301.1 $ 1,012.2 $ 6.4 $ 1,018.6

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 73,462	$ (45,288)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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, 2023. These interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which differ in some respects from those filed in reports to insurance regulatory authorities. The financial data of the Company included herein are unaudited. In the opinion of management, all material adjustments of a normal recurring nature have been made to present fairly the Company’s financial position at March 31, 2024 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, 2023 for more complete descriptions and discussions. Operating results and cash flows for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023
Earnings per Share	There were no potentially dilutive securities with anti-dilutive effect for the three months ended March 31, 2024. 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 March 31, 2023, because their effect would have been anti-dilutive.
Deferred Policy Acquisition Costs	Deferred policy acquisition costs consist of commissions paid to outside agents, premium taxes, salaries, and certain other underwriting costs that are incremental or directly related to the successful acquisition of new and renewal insurance contracts and are amortized over the life of the related policy in proportion to premiums earned. Deferred policy acquisition costs are limited to the amount that will remain after deducting from unearned premiums and anticipated investment income, the estimated losses and loss adjustment expenses, and the servicing costs that will be incurred as premiums are earned. The Company’s deferred policy acquisition costs are further limited by excluding those costs not directly related to the successful acquisition of insurance contracts. Deferred policy acquisition cost amortization was $196.0 million and $164.5 million for the three months ended March 31, 2024 and 2023, respectively. The Company does not defer advertising expenditures but expenses them as incurred. The Company recorded net advertising expense of approximately $3.3 million and $1.9 million for the three months ended March 31, 2024 and 2023, 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 Brea, California was classified as a property held for sale at September 30, 2023, and $10.8 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 at March 31, 2024. 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 and 95% of such losses between $100 million and $140 million are retained by the Company. 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 March 31, 2024 2023 (Amounts in thousands) Premiums Written Direct $ 1,294,475 $ 1,012,238 Ceded (31,299) (23,391) Assumed 15,159 15,031 Net $ 1,278,335 $ 1,003,878 Premiums Earned Direct $ 1,186,585 $ 1,016,870 Ceded (31,079) (23,198) Assumed 3,863 3,890 Net $ 1,159,369 $ 997,562 The Company recognized ceded premiums earned of approximately $31.1 million and $23.2 million for the three months ended March 31, 2024 and 2023, 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 $(0.8) million and $7.5 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 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 $5.7 million and $4.8 million, with related expenses of $3.2 million and $2.9 million, for the three months ended March 31, 2024 and 2023, 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).
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 March 31, 2024 and December 31, 2023 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 March 31, 2024 2023 (Amounts in thousands) Beginning balance $ 5,300 $ 5,800 Provision during the period for expected credit losses 1,116 1,136 Write-off amounts during the period (813) (1,270) Recoveries during the period of amounts previously written off 197 134 Ending balance $ 5,800 $ 5,800
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 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2024-01, "Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." ASU 2024-01 is intended to improve GAAP by adding an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. The fact patterns in the illustrative example focus on the scope conditions in paragraph 718-10-15-3. The illustrative example is intended to reduce (1) complexity in determining whether a profits interest award is subject to the guidance in Topic 718 and (2) existing diversity in practice. ASU 2024-01 will be effective for the Company in the annual and interim periods beginning January 1, 2025, though early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for the Company in the annual period beginning January 1, 2025, though early adoption is permitted. The Company is evaluating the presentational effect that ASU 2023-09 will have on its consolidated financial statements and expects presentation changes to its note on income taxes. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information, including significant segment expenses, on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the Chief Operating Decision Maker (“CODM”) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment information, such as depreciation, amortization and depletion expense amounts, to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In March 2020, the 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)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effects of Reinsurance	The effect of reinsurance on property and casualty premiums written and earned was as follows: Three Months Ended March 31, 2024 2023 (Amounts in thousands) Premiums Written Direct $ 1,294,475 $ 1,012,238 Ceded (31,299) (23,391) Assumed 15,159 15,031 Net $ 1,278,335 $ 1,003,878 Premiums Earned Direct $ 1,186,585 $ 1,016,870 Ceded (31,079) (23,198) Assumed 3,863 3,890 Net $ 1,159,369 $ 997,562
Allowance for Credit Losses on Premium Receivable	The following table presents a summary of changes in allowance for credit losses on premiums receivable: Three Months Ended March 31, 2024 2023 (Amounts in thousands) Beginning balance $ 5,300 $ 5,800 Provision during the period for expected credit losses 1,116 1,136 Write-off amounts during the period (813) (1,270) Recoveries during the period of amounts previously written off 197 134 Ending balance $ 5,800 $ 5,800

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instruments	The following table presents the fair values of financial instruments: March 31, 2024 December 31, 2023 (Amounts in thousands) Assets Investments $ 5,453,126 $ 5,228,520 Note receivable 9,818 9,974 Liabilities Options sold 1,928 1,955 Notes payable 560,618 557,710

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (Amounts in thousands) Fixed maturity securities $ (9,294) $ 39,776 Equity securities 34,498 3,240 Short-term investments (104) 34 Total investment gains $ 25,100 $ 43,050 Note receivable (156) — Total gains $ 24,944 $ 43,050

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2024
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques	The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2024 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 141,161 $ 59,183 $ — $ 200,344 Municipal securities — 2,795,677 — 2,795,677 Mortgage-backed securities — 193,040 — 193,040 Corporate securities — 706,210 — 706,210 Collateralized loan obligations — 495,523 — 495,523 Other asset-backed securities — 98,758 — 98,758 Total fixed maturity securities 141,161 4,348,391 — 4,489,552 Equity securities: Common stock 672,106 — — 672,106 Non-redeemable preferred stock — 45,241 — 45,241 Private equity funds measured at net asset value (1) 83,761 Total equity securities 672,106 45,241 — 801,108 Short-term investments: Short-term bonds 12,140 1,830 — 13,970 Money market instruments 148,449 — — 148,449 Other 47 — — 47 Total short-term investments 160,636 1,830 — 162,466 Other assets: Note receivable — 9,818 — 9,818 Total assets at fair value $ 973,903 $ 4,405,280 $ — $ 5,462,944 Liabilities Other liabilities: Options sold $ 1,928 $ — $ — $ 1,928 Total liabilities at fair value $ 1,928 $ — $ — $ 1,928 December 31, 2023 Level 1 Level 2 Level 3 Total (Amounts in thousands) Assets Fixed maturity securities: U.S. government bonds and agencies $ 123,182 $ 51,268 $ — $ 174,450 Municipal securities — 2,777,258 — 2,777,258 Mortgage-backed securities — 186,887 — 186,887 Corporate securities — 599,630 — 599,630 Collateralized loan obligations — 484,947 — 484,947 Other asset-backed securities — 96,164 — 96,164 Total fixed maturity securities 123,182 4,196,154 — 4,319,336 Equity securities: Common stock 597,888 — — 597,888 Non-redeemable preferred stock — 51,563 — 51,563 Private equity funds measured at net asset value (1) 81,242 Total equity securities 597,888 51,563 — 730,693 Short-term investments: Short-term bonds 12,015 1,838 — 13,853 Money market instruments 164,595 — — 164,595 Other 43 — — 43 Total short-term investments 176,653 1,838 — 178,491 Other assets: Note receivable — 9,974 — 9,974 Total assets at fair value $ 897,723 $ 4,259,529 $ — $ 5,238,494 Liabilities Other liabilities: Options sold $ 1,955 $ — $ — $ 1,955 Total liabilities at fair value $ 1,955 $ — $ — $ 1,955 __________ (1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets. The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized: March 31, 2024 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,829 $ 360,611 $ — $ 360,611 $ — Unsecured credit facility 200,000 200,007 — 200,007 — Total $ 573,829 $ 560,618 $ — $ 560,618 $ — December 31, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Liabilities Notes payable: Unsecured notes $ 373,729 $ 357,765 $ — $ 357,765 $ — Unsecured credit facility 200,000 199,945 — 199,945 — Total $ 573,729 $ 557,710 $ — $ 557,710 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Summary Of Location And Amounts Of Derivative Fair Values In The Consolidated Balance Sheets	The following tables present the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains or losses in the consolidated statements of operations: Derivatives March 31, 2024 December 31, 2023 (Amount in thousands) Options sold - Other liabilities $ 1,928 $ 1,955 Total $ 1,928 $ 1,955
Schedule Of Derivative Gains And Losses In The Consolidated Statements Of Operations	Gains Recognized in Net Income (Loss) Three Months Ended March 31, 2024 2023 (Amounts in thousands) Options sold - Net realized investment gains $ 4,316 $ 1,228 Total $ 4,316 $ 1,228

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Components Of Other Intangible Assets	The following table presents the components of other intangible assets: Gross Carrying Accumulated Net Carrying Useful Lives (Amounts in thousands) (in years) As of March 31, 2024: Customer relationships $ 55,107 $ (53,769) $ 1,338 10 Trade names 15,400 (9,785) 5,615 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 76,207 $ (67,854) $ 8,353 As of December 31, 2023: Customer relationships $ 54,862 $ (53,704) $ 1,158 11 Trade names 15,400 (9,625) 5,775 24 Technology 4,300 (4,300) — 10 Insurance license 1,400 — 1,400 Indefinite Total other intangible assets, net $ 75,962 $ (67,629) $ 8,333
Schedule Of Estimated Future Amortization Expense Related To Intangible Assets	The following table presents the estimated future amortization expense related to other intangible assets as of March 31, 2024: Year Amortization Expense (Amounts in thousands) Remainder of 2024 $ 671 2025 856 2026 856 2027 856 2028 856 Thereafter 2,858 Total $ 6,953

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table presents the summary of the performance-based PSU grants as of March 31, 2024: Grant year 2024 Three-year performance period ending December 31, 2026 Vesting shares, target 196,620 Vesting shares, maximum 294,930

Loss And Loss Adjustment Expe_2

Loss And Loss Adjustment Expense Reserves (Tables)	3 Months Ended
	Mar. 31, 2024
Insurance Loss Reserves [Abstract]
Activity In The Reserves For Losses And Loss Adjustment Expenses	The following table presents the activity in loss and loss adjustment expense reserves: Three Months Ended March 31, 2024 2023 (Amounts in thousands) Gross reserves, beginning of period $ 2,785,702 $ 2,584,910 Reinsurance recoverables on unpaid losses, beginning of period (32,148) (25,322) Net reserves, beginning of period 2,753,554 2,559,588 Incurred losses and loss adjustment expenses related to: Current year 909,810 945,013 Prior years (5,845) (15,484) Total incurred losses and loss adjustment expenses 903,965 929,529 Loss and loss adjustment expense payments related to: Current year 301,198 310,102 Prior years 527,348 531,755 Total payments 828,546 841,857 Net reserves, end of period 2,828,973 2,647,260 Reinsurance recoverables on unpaid losses, end of period 30,247 30,301 Gross reserves, end of period $ 2,859,220 $ 2,677,561

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Payable [Abstract]
Schedule of Long-term Debt Instruments	The following table presents information about the Company's notes payable: Lender Interest Rate Maturity Date March 31, 2024 December 31, 2023 (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, BMO Bank and U.S. Bank Term SOFR plus 112.5-150.0 basis points November 16, 2026 200,000 200,000 Total principal amount 575,000 575,000 Less unamortized discount and debt issuance costs (3) 1,171 1,271 Total debt $ 573,829 $ 573,729 __________ (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 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. On November 30, 2023, the Company entered into the Second Amendment to this credit facility, which further increased the aggregate commitments by all the lenders to $250 million from $200 million. 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 26.4% at March 31, 2024, resulting in a 17.5 basis point commitment fee on any undrawn portion of the credit facility. As of April 25, 2024, a total of $200 million was drawn under this facility on a three-month revolving basis at an annual interest rate of approximately 6.79%, with $50 million 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. (3) The unamortized discount and debt issuance costs are associated with the publicly traded $375 million senior unsecured notes. These are amortized to interest expense over the life of the notes, and the unamortized balance is presented in the Company's consolidated balance sheets as a direct deduction from the carrying amount of the debt. The unamortized costs of approximately $0.8 million associated with entering into the $250 million unsecured revolving credit facility maturing on November 16, 2026 are included in other assets in the Company's consolidated balance sheets and amortized to interest expense over the term of the credit facility.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Reconciliation of operating results by reportable segment	The following table presents the Company's operating results by reportable segment: Three Months Ended March 31, 2024 2023 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Net premiums earned $ 1,159.4 $ 7.3 $ 1,166.7 $ 997.6 $ 7.1 $ 1,004.7 Less: Losses and loss adjustment expenses 900.0 4.0 904.0 925.8 3.7 929.5 Underwriting expenses 269.3 3.8 273.1 230.8 3.5 234.3 Underwriting loss (9.9) (0.5) (10.4) (159.0) (0.1) (159.1) Investment income 65.0 52.0 Net realized investment gains 38.2 49.0 Other income 4.2 0.9 Interest expense (7.8) (4.9) Pre-tax income (loss) $ 89.2 $ (62.1) Net income (loss) $ 73.5 $ (45.3)
Schedule direct premiums attributable to segment	The following table presents the Company’s net premiums earned and direct premiums written by reportable segment and line of insurance business: Three Months Ended March 31, 2024 2023 Property & Casualty Other Total Property & Casualty Other Total (Amounts in millions) Private passenger automobile $ 754.3 $ — $ 754.3 $ 660.6 $ — $ 660.6 Homeowners 266.9 — 266.9 222.5 — 222.5 Commercial automobile 89.2 — 89.2 69.1 — 69.1 Other 49.0 7.3 56.3 45.4 7.1 52.5 Net premiums earned $ 1,159.4 $ 7.3 $ 1,166.7 $ 997.6 $ 7.1 $ 1,004.7 Private passenger automobile $ 825.5 $ — $ 825.5 $ 634.3 $ — $ 634.3 Homeowners 302.1 — 302.1 241.6 — 241.6 Commercial automobile 104.0 — 104.0 80.0 — 80.0 Other 62.9 6.6 69.5 56.3 6.4 62.7 Direct premiums written $ 1,294.5 $ 6.6 $ 1,301.1 $ 1,012.2 $ 6.4 $ 1,018.6

General - Narrative (Details)

General - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Potentially dilutive securities (in shares)	0	17,500
Common stock dividends (in dollars per share)	$ 0.3175	$ 0.3175
Policy acquisition costs	$ 196,040,000	$ 164,507,000
Advertising expenses	3,300,000	1,900,000
Reinsurance reimbursable amount	$ 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
Losses retained by the Company (in percent)	95%
Ceded premiums earned	$ 31,100,000	23,200,000
Losses and loss adjustment expenses, assumed and ceded	(800,000)	7,500,000
Revenue from contract with customer	5,700,000	4,800,000
Cost of goods and services sold	3,200,000	2,900,000
Contract with customer, asset	0		$ 0
Contract with customer, liability	0		0
Revenue, remaining performance obligation	0		$ 0
Accrued interest receivable considered uncollectible or written off	0	$ 0
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Reinsurance policy, amount retained	100,000,000
Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Reinsurance policy, amount retained	140,000,000
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	$ 10,800,000

General - Effects of Reinsuranc

General - Effects of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums Written
Direct	$ 1,301,100	$ 1,018,600
Premiums Earned
Ceded	31,100	23,200
Net	1,166,679	1,004,704
Property & Casualty
Premiums Written
Direct	1,294,475	1,012,238
Ceded	(31,299)	(23,391)
Assumed	15,159	15,031
Net	1,278,335	1,003,878
Premiums Earned
Direct	1,186,585	1,016,870
Ceded	(31,079)	(23,198)
Assumed	3,863	3,890
Net	$ 1,159,369	$ 997,562

General - Allowance for Credit

General - Allowance for Credit Losses on Premium Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Beginning balance	$ 5,300	$ 5,800
Provision during the period for expected credit losses	1,116	1,136
Write-off amounts during the period	(813)	(1,270)
Recoveries during the period of amounts previously written off	197	134
Ending balance	$ 5,800	$ 5,800

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Note receivable	$ 9,818	$ 9,974
Investments
Assets
Assets	5,453,126	5,228,520
Fair Value, Measurements, Recurring
Assets
Note receivable	9,818	9,974
Liabilities
Options sold	1,928	1,955
Notes payable	560,618	557,710
Fair Value, Measurements, Recurring | Unsecured debt
Liabilities
Notes payable	360,611	357,765
Fair Value, Measurements, Recurring | Options sold
Liabilities
Options sold	$ 1,928	$ 1,955

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 08, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate				4.40%
Unsecured Notes Two | Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Drawn down amount under credit facility		$ 200	$ 200
Clearwater, Florida Office Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Sale price of fixed asset	$ 19.6
Promissory note received from sale of fixed asset	$ 9.8
Promissory Note
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	7%
Promissory note, term (in years)	4 years
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		$ 7	$ 8

Fair Value Option (Gains And Lo

Fair Value Option (Gains And Losses Due To Changes In Fair Value Of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Gains (losses) due to changes in fair value of investments	$ 24,944	$ 43,050
Investments
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Gains (losses) due to changes in fair value of investments	25,100	43,050
Fixed maturity securities
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Gains (losses) due to changes in fair value of investments	(9,294)	39,776
Equity securities
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Gains (losses) due to changes in fair value of investments	34,498	3,240
Short-term investments
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Gains (losses) due to changes in fair value of investments	(104)	34
Financing Receivable
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Gains (losses) due to changes in fair value of investments	$ (156)	$ 0

Fair Value Measurement (Narrati

Fair Value Measurement (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage of portfolio of unadjusted fair values obtained	98.50%
Two private equity funds using NAV	$ 81,000,000
Fair Value, Assets, Level 1 to Level 2 to Level 3 Transfers, Amount	0	$ 0
Fair Value, Measurements, Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, fair value disclosure	0
Liabilities, fair value disclosure	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		$ 200,000,000
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
Venture Capital Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
One private equity fund using NAV	$ 2,800,000
Private Equity Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded commitments to VIEs	7,000,000		8,000,000
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	$ 32,400,000		$ 33,000,000

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	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	$ 4,489,552	$ 4,319,336
Equity securities	801,108	730,693
Note receivable	9,818	9,974
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	4,489,552	4,319,336
Equity securities	801,108	730,693
Short-term investments	162,466	178,491
Note receivable	9,818	9,974
Assets, fair value disclosure	5,462,944	5,238,494
Options sold	1,928	1,955
Fair Value, Measurements, Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	141,161	123,182
Equity securities	672,106	597,888
Short-term investments	160,636	176,653
Note receivable	0	0
Assets, fair value disclosure	973,903	897,723
Options sold	1,928	1,955
Fair Value, Measurements, Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities:	4,348,391	4,196,154
Equity securities	45,241	51,563
Short-term investments	1,830	1,838
Note receivable	9,818	9,974
Assets, fair value disclosure	4,405,280	4,259,529
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	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:	200,344	174,450
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:	141,161	123,182
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:	59,183	51,268
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:	2,795,677	2,777,258
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:	2,795,677	2,777,258
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:	193,040	186,887
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:	193,040	186,887
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:	706,210	599,630
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:	706,210	599,630
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:	495,523	484,947
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:	495,523	484,947
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:	98,758	96,164
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:	98,758	96,164
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	672,106	597,888
Fair Value, Measurements, Recurring | Common stock | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	672,106	597,888
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	45,241	51,563
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	45,241	51,563
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	83,761	81,242
Fair Value, Measurements, Recurring | Short-term bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	13,970	13,853
Fair Value, Measurements, Recurring | Short-term bonds | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	12,140	12,015
Fair Value, Measurements, Recurring | Short-term bonds | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	1,830	1,838
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	148,449	164,595
Fair Value, Measurements, Recurring | Money market instruments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	148,449	164,595
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	47	43
Fair Value, Measurements, Recurring | Other | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments	47	43
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	1,928	1,955
Fair Value, Measurements, Recurring | Options sold | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Options sold	1,928	1,955
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	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 573,829	$ 573,729
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	560,618	557,710
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	560,618	557,710
Unsecured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	373,829	373,729
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	360,611	357,765
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	360,611	357,765
Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	200,000	200,000
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	200,007	199,945
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	$ 200,007	$ 199,945

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	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivatives	$ 1,928	$ 1,955
Option contracts | Other liabilities
Derivative [Line Items]
Derivatives	$ 1,928	$ 1,955

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
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized investment gains	Net realized investment gains
Derivatives Not Designated as Hedging Instrument
Derivative [Line Items]
Gains Recognized in Net Income (Loss)	$ 4,316	$ 1,228
Derivatives Not Designated as Hedging Instrument | Options sold
Derivative [Line Items]
Gains Recognized in Net Income (Loss)	$ 4,316	$ 1,228

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Change in goodwill	$ 0	$ 0
Goodwill, impaired, accumulated impairment loss	0		$ 0
Goodwill, impairment	0	0
Intangible assets amortization expense	$ 200,000	$ 200,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule Of Components Of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 76,207	$ 75,962
Accumulated Amortization	(67,854)	(67,629)
Net Carrying Amount	8,353	8,333
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	55,107	54,862
Accumulated Amortization	(53,769)	(53,704)
Net Carrying Amount	$ 1,338	$ 1,158
Useful Lives (in years)	10 years	11 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 15,400	$ 15,400
Accumulated Amortization	(9,785)	(9,625)
Net Carrying Amount	$ 5,615	$ 5,775
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	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 671
2025	856
2026	856
2027	856
2028	856
Thereafter	2,858
Total	$ 6,953

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ in Millions	1 Months Ended			3 Months Ended
	Feb. 29, 2024 shares	Feb. 28, 2019 shares	Feb. 28, 2018 executive shares	Mar. 31, 2024 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
Options not exercised (in shares)				3 years 10 months 24 days
Remaining term of options (in years)				17,500
Incentive Award Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					4,900,000
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)
Performance-based Phantom Stock Units | Long-Term Incentive Plan 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted "target" award (in shares)	196,620
Performance period (in years)				3 years
Maximum payout level based on "target" award (in percent)				150%
Share-based compensation expense | $				$ 0.8
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 (Summa

Share-Based Compensation (Summary Of Performance-based PSU Grants) (Details) - Performance-based Phantom Stock Units - Long-Term Incentive Plan 2024	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting shares (in shares)	196,620
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting shares (in shares)	294,930

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Change in unrecognized tax benefit, period decrease	$ 1.9

Loss And Loss Adjustment Expe_3

Loss And Loss Adjustment Expense Reserves (Activity In The Reserves For Losses And Loss Adjustment Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves, beginning of period	$ 2,785,702	$ 2,584,910
Reinsurance recoverables on unpaid losses	32,148	25,322
Net reserves, beginning of period	2,753,554	2,559,588
Incurred losses and loss adjustment expenses related to:
Current year	909,810	945,013
Prior years	(5,845)	(15,484)
Total incurred losses and loss adjustment expenses	903,965	929,529
Loss and loss adjustment expense payments related to:
Current year	301,198	310,102
Prior years	527,348	531,755
Total payments	828,546	841,857
Net reserves, end of period	2,828,973	2,647,260
Reinsurance recoverables on unpaid losses, end of period	30,247	30,301
Gross reserves, end of period	$ 2,859,220	$ 2,677,561

Loss And Loss Adjustment Expe_4

Loss And Loss Adjustment Expense Reserves (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unusual or Infrequent Item, or Both [Line Items]
Prior year claims and claims adjustment expense	$ (5,845)	$ (15,484)
Catastrophe
Unusual or Infrequent Item, or Both [Line Items]
Liability for catastrophe claims, carrying amount	72,000	$ 98,000
Adjustments for prior year claims	$ (4,000)

Notes Payable (Schedule of Long

Notes Payable (Schedule of Long-term Debt) (Details)			3 Months Ended	12 Months Ended
	Apr. 25, 2024 USD ($)	Nov. 18, 2022 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Mar. 31, 2021 USD ($)	Mar. 08, 2017 USD ($)
Debt Instrument [Line Items]
Interest rate							4.40%
Total principal amount			$ 575,000,000	$ 575,000,000
Less unamortized discount and debt issuance costs			1,171,000	1,271,000
Notes payable			573,829,000	573,729,000
Debt issuance cost							$ 3,400,000
Debt instrument, discount percent							99.847%
Effective interest rate							4.45%
Unamortized debt issuance cost			800,000
Unsecured Notes Two | Revolving Credit Facility
Debt Instrument [Line Items]
Loan maximum borrowing capacity		$ 200,000,000			$ 250,000,000	$ 75,000,000
Drawn down amount under credit facility			200,000,000	200,000,000
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	6.79%
Drawn down amount under credit facility	$ 200,000,000
Remaining amount available to be drawn	$ 50,000,000
Unsecured debt
Debt Instrument [Line Items]
Notes payable			$ 373,829,000	373,729,000
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			$ 200,000,000	$ 200,000,000
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			0.264
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%

Segment Information - Summary o

Segment Information - Summary of Operating Results by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) State Subsidiary segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of insurance companies | Subsidiary	12
Number of states in which company operates | State	11
Number of reportable segments | segment	1
Segment Reporting Information [Line Items]
Net premiums earned	$ 1,166,679	$ 1,004,704
Losses and loss adjustment expenses	903,965	929,529
Underwriting expenses	273,100	234,300
Underwriting gain (loss)	(10,400)	(159,100)
Net investment income	65,018	51,973
Net realized investment gains	38,192	49,008
Other income	4,196	894
Interest expense	(7,773)	(4,931)
Pre-tax income (loss)	89,220	(62,078)
Net income (loss)	73,462	(45,288)
Property & Casualty
Segment Reporting Information [Line Items]
Net premiums earned	1,159,369	997,562
Losses and loss adjustment expenses	900,000	925,800
Underwriting expenses	269,300	230,800
Underwriting gain (loss)	(9,900)	(159,000)
Other
Segment Reporting Information [Line Items]
Net premiums earned	7,300	7,100
Losses and loss adjustment expenses	4,000	3,700
Underwriting expenses	3,800	3,500
Underwriting gain (loss)	$ (500)	$ (100)

Segment Information - Summary_2

Segment Information - Summary of Premiums Written and Earned by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net premiums earned	$ 1,166,679	$ 1,004,704
Direct premiums written	1,301,100	1,018,600
Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	754,300	660,600
Direct premiums written	825,500	634,300
Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	266,900	222,500
Direct premiums written	302,100	241,600
Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	89,200	69,100
Direct premiums written	104,000	80,000
Other
Segment Reporting Information [Line Items]
Net premiums earned	56,300	52,500
Direct premiums written	69,500	62,700
Property & Casualty
Segment Reporting Information [Line Items]
Net premiums earned	1,159,369	997,562
Direct premiums written	1,294,475	1,012,238
Property & Casualty | Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	754,300	660,600
Direct premiums written	825,500	634,300
Property & Casualty | Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	266,900	222,500
Direct premiums written	302,100	241,600
Property & Casualty | Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	89,200	69,100
Direct premiums written	104,000	80,000
Property & Casualty | Other
Segment Reporting Information [Line Items]
Net premiums earned	49,000	45,400
Direct premiums written	62,900	56,300
Other
Segment Reporting Information [Line Items]
Net premiums earned	7,300	7,100
Direct premiums written	6,600	6,400
Other | Private passenger automobile
Segment Reporting Information [Line Items]
Net premiums earned	0	0
Direct premiums written	0	0
Other | Homeowners
Segment Reporting Information [Line Items]
Net premiums earned	0	0
Direct premiums written	0	0
Other | Commercial automobile
Segment Reporting Information [Line Items]
Net premiums earned	0	0
Direct premiums written	0	0
Other | Other
Segment Reporting Information [Line Items]
Net premiums earned	7,300	7,100
Direct premiums written	$ 6,600	$ 6,400