Erie Indemnity (ERIE) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	0-24000
Entry Registrant Name	ERIE INDEMNITY COMPANY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-0466020
Entity Address, Address Line One	100 Erie Insurance Place,
Entity Address, City or Town	Erie,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16530
City Area Code	814
Local Phone Number	870-2000
Title of 12(b) Security	Class A common stock,
Trading Symbol	ERIE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Public Float			$ 9.1
Documents Incorporated by Reference	Portions of Part III of this Form 10-K (Items 10, 11, 12, 13, and 14) are incorporated by reference to the information statement on Schedule 14C to be filed with the Securities and Exchange Commission no later than 120 days after December 31, 2024.
Entity Central Index Key	0000922621
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		46,189,068
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,542

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Indianapolis, Indiana
Auditor Firm ID	42

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating revenue
Total operating revenue	$ 3,795,115	$ 3,268,940	$ 2,840,124
Operating expenses
Total operating expenses	3,118,660	2,748,684	2,463,910
Operating income	676,455	520,256	376,214
Investment income
Net investment income	70,155	44,572	28,585
Net realized and unrealized investment gains (losses)	3,229	(5,838)	(27,286)
Net impairment losses recognized in earnings	(4,124)	(9,766)	(667)
Total investment income	69,260	28,968	632
Interest expense, net	0	0	2,009
Other income	11,564	12,712	1,615
Income before income taxes	757,279	561,936	376,452
Income tax expense	156,965	115,875	77,883
Net income	$ 600,314	$ 446,061	$ 298,569
Class A common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 12.89	$ 9.58	$ 6.41
Common stock - diluted (in dollars per share)	$ 11.48	$ 8.53	$ 5.71
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	46,189,044	46,188,981	46,188,916
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	52,306,266	52,299,411	52,297,990
Class B common stock
Earnings per share - Basic and diluted:
Common stock - basic (in dollars per share)	$ 1,934	$ 1,437	$ 962
Common stock - diluted (in dollars per share)	$ 1,933	$ 1,437	$ 962
Weighted average shares outstanding – Basic
Common stock - basic (in shares)	2,542	2,542	2,542
Weighted average shares outstanding – Diluted
Common stock - diluted (in shares)	2,542	2,542	2,542
Management fee revenue - policy issuance and renewal services
Operating revenue
Total operating revenue	$ 2,894,074	$ 2,442,073	$ 2,087,846
Operating expenses
Total operating expenses	2,312,324	2,011,545	1,795,642
Management fee revenue - administrative services
Operating revenue
Total operating revenue	68,355	63,669	58,323
Administrative services reimbursement revenue
Operating revenue
Total operating revenue	806,336	737,139	668,268
Operating expenses
Total operating expenses	806,336	737,139	668,268
Service agreement revenue
Operating revenue
Total operating revenue	$ 26,350	$ 26,059	$ 25,687

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 600,314	$ 446,061	$ 298,569
Other comprehensive (loss) income, net of tax
Change in unrealized holding gains (losses) on available-for-sale securities	7,079	27,784	(58,692)
Pension and other postretirement plans	(41,270)	(33,770)	76,566
Total other comprehensive (loss) income, net of tax	(34,191)	(5,986)	17,874
Comprehensive income	$ 566,123	$ 440,075	$ 316,443

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (includes restricted cash of $23,559 and $12,542, respectively)	$ 298,397	$ 144,055
Available-for-sale securities	44,604	82,017
Receivables from Erie Insurance Exchange and affiliates, net	707,060	625,338
Prepaid expenses and other current assets, net	83,902	69,321
Accrued investment income	11,069	9,458
Total current assets	1,145,032	930,189
Available-for-sale securities, net	991,726	879,224
Available-for-sale securities lent	7,285	0
Equity securities	85,891	84,253
Fixed assets, net	513,494	442,610
Agent loans, net	80,597	58,434
Defined benefit pension plan	21,311	34,320
Other assets, net	43,278	42,934
Total assets	2,888,614	2,471,964
Current liabilities:
Commissions payable	408,309	353,709
Agent incentive compensation	75,458	68,077
Accounts payable and accrued liabilities	190,028	175,622
Dividends payable	63,569	59,377
Contract liability	42,761	41,210
Deferred executive compensation	14,874	10,982
Securities lending payable	7,513	0
Total current liabilities	802,512	708,977
Defined benefit pension plan	28,070	26,260
Contract liability	21,170	19,910
Deferred executive compensation	19,721	20,936
Deferred income taxes, net	6,418	11,481
Other long-term liabilities	23,465	21,565
Total liabilities	901,356	809,129
Shareholders' equity
Additional paid-in-capital	16,466	16,466
Accumulated other comprehensive loss	(47,591)	(13,400)
Retained earnings	3,162,303	2,803,689
Total contributed capital and retained earnings	3,133,348	2,808,925
Treasury stock, at cost; 22,110,132 shares held	(1,169,074)	(1,169,165)
Deferred compensation	22,984	23,075
Total shareholders' equity	1,987,258	1,662,835
Total liabilities and shareholders' equity	2,888,614	2,471,964
Class A common stock
Shareholders' equity
Common stock	1,992	1,992
Class B common stock
Shareholders' equity
Common stock	$ 178	$ 178

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) $ in Thousands	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Current assets:
Restricted cash | $	$ 23,559	$ 12,542
Shareholders' equity
Treasury stock (in shares)	22,110,132	22,110,132
Class A common stock
Shareholders' equity
Common stock, stated value per share (in dollars per share) | $ / shares	$ 0.0292	$ 0.0292
Common stock, authorized (in shares)	74,996,930	74,996,930
Common stock, issued (in shares)	68,299,200	68,299,200
Common stock, outstanding (in shares)	46,189,068	46,189,068
Class B common stock
Shareholders' equity
Common stock, stated value per share (in dollars per share) | $ / shares	$ 70	$ 70
Common stock, authorized (in shares)	3,070	3,070
Common stock, issued (in shares)	2,542	2,542
Common stock, outstanding (in shares)	2,542	2,542
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Class A common stock	Class B common stock	Common stock Class A common stock	Common stock Class B common stock	Additional paid-in-capital	Accumulated other comprehensive (loss) income	Retained earnings	Retained earnings Class A common stock	Retained earnings Class B common stock	Treasury stock	Deferred compensation
Balance, beginning of year at Dec. 31, 2021		$ 1,342,478			$ 1,992	$ 178	$ 16,496	$ (25,288)	$ 2,495,190			$ (1,167,828)	$ 21,738
Increase (Decrease) in Shareholders' Equity
Net income		298,569							298,569
Other comprehensive income (loss)		17,874						17,874
Dividends declared			$ (208,775)	$ (1,723)						$ (208,775)	$ (1,723)
Net purchase of treasury stock	[1]	(15)					(15)					0
Deferred compensation		0										(2,975)	2,975
Rabbi trust distribution	[2]	0										1,854	(1,854)
Balance, end of year at Dec. 31, 2022		1,448,408			1,992	178	16,481	(7,414)	2,583,261			(1,168,949)	22,859
Increase (Decrease) in Shareholders' Equity
Net income		446,061							446,061
Other comprehensive income (loss)		(5,986)						(5,986)
Dividends declared			(223,786)	(1,847)						(223,786)	(1,847)
Net purchase of treasury stock	[1]	(15)					(15)					0
Deferred compensation		0										(2,228)	2,228
Rabbi trust distribution	[2]	0										2,012	(2,012)
Balance, end of year at Dec. 31, 2023		1,662,835			1,992	178	16,466	(13,400)	2,803,689			(1,169,165)	23,075
Increase (Decrease) in Shareholders' Equity
Net income		600,314							600,314
Other comprehensive income (loss)		(34,191)						(34,191)
Dividends declared			$ (239,721)	$ (1,979)						$ (239,721)	$ (1,979)
Net purchase of treasury stock	[1]	0					0					0
Deferred compensation		0										(2,156)	2,156
Rabbi trust distribution	[2]	0										2,247	(2,247)
Balance, end of year at Dec. 31, 2024		$ 1,987,258			$ 1,992	$ 178	$ 16,466	$ (47,591)	$ 3,162,303			$ (1,169,074)	$ 22,984
[1]Net purchases of treasury stock in 2022, 2023 and 2024 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards. See Note 11, "Incentive and Deferred Compensation Plans".[2]Distributions of our Class A shares were made from the rabbi trust to four incentive compensation deferral plan participants in 2022 and five incentive compensation plan deferral plan participants in both 2023 and 2024. See Note 11, "Incentive and Deferred Compensation Plans".

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2024 participant $ / shares	Dec. 31, 2023 participant $ / shares	Dec. 31, 2022 $ / shares
Number of incentive compensation deferral plan participants | participant	5	4
Class A common stock
Dividends declared (in dollars per share)	$ 5.19	$ 4.845	$ 4.52
Class B common stock
Dividends declared (in dollars per share)	$ 778.50	$ 726.75	$ 678

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Management fee received	$ 2,898,367	$ 2,420,192	$ 2,100,989
Administrative services reimbursements received	776,150	721,928	668,857
Service agreement revenue received	26,346	26,018	25,515
Net investment income received	67,643	57,448	40,161
Commissions paid to agents	(1,443,296)	(1,200,014)	(1,042,158)
Incentive compensation paid to agents	(94,864)	(120,211)	(136,403)
Salaries and wages paid	(249,137)	(226,036)	(208,575)
Pension contribution and employee benefits paid	(110,764)	(169,762)	(68,433)
General operating expenses paid	(308,273)	(293,857)	(263,524)
Administrative services expenses paid	(791,050)	(730,129)	(667,524)
Income taxes paid	(159,873)	(104,372)	(80,619)
Interest paid	0	0	(2,134)
Net cash provided by operating activities	611,249	381,205	366,152
Purchase of investments:
Available-for-sale securities	(473,647)	(279,999)	(465,071)
Equity securities	(32,799)	(35,480)	(18,929)
Other investments	(7,075)	(88)	(157)
Proceeds from investments:
Available-for-sale securities sales	205,159	160,614	295,996
Available-for-sale securities maturities/calls	196,641	76,617	130,401
Equity securities	35,894	24,458	20,456
Other investments	54	871	429
Purchase of fixed assets	(124,845)	(92,647)	(67,204)
Proceeds from disposal of fixed assets	0	0	265
Loans to agents and others	(36,362)	(20,525)	(11,631)
Collections on agent loans	10,068	8,614	8,523
Net cash used in investing activities	(226,912)	(157,565)	(106,922)
Cash flows from financing activities
Dividends paid to shareholders	(237,508)	(221,675)	(206,772)
Net changes in cash collateral for securities lent	7,513	0	0
Proceeds from short-term borrowings	0	0	55,000
Payments on short-term borrowings	0	0	(55,000)
Payments on long-term borrowings	0	0	(94,070)
Net cash used in financing activities	(229,995)	(221,675)	(300,842)
Net increase (decrease) in cash, cash equivalents and restricted cash	154,342	1,965	(41,612)
Cash, cash equivalents and restricted cash, beginning of year	144,055	142,090	183,702
Cash, cash equivalents and restricted cash, end of year	298,397	144,055	142,090
Supplemental disclosure of noncash transactions
Liability incurred to purchase fixed assets	15,254	0	26,386
Operating lease assets obtained in exchange for lease liabilities	$ 7,871	$ 5,866	$ 7,650

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Erie Indemnity Company ("Indemnity", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange"). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the subscribers at the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for the Exchange's insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these two capacities is done in accordance with a subscriber's agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints Indemnity as each subscriber's attorney-in-fact to transact certain business on their behalf. In accordance with the subscriber's agreement for acting as attorney-in-fact in these two capacities, we retain a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange. The policy issuance and renewal services we provide on behalf of the subscribers at the Exchange are related to the sales, underwriting and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as incentive compensation, which is earned by achieving targeted measures. Agent compensation comprised approximately 69% of our 2024 policy issuance and renewal expenses. The underwriting services we provide include underwriting and policy processing and comprised approximately 9% of our 2024 policy issuance and renewal expenses. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above that comprised approximately 9% of our 2024 policy issuance and renewal expenses. Included in these expenses are allocations of costs for departments that support these policy issuance and renewal functions. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Our results of operations are tied to the growth and financial condition of the Exchange. If any events occurred that impaired the Exchange’s ability to grow or sustain its financial condition, including but not limited to reduced financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly could have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fees we receive. We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for net management fee and other reimbursements. See Note 16, "Concentrations of Credit Risk".

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Indemnity and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently adopted accounting standards We adopted Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , effective with the annual reporting period ending December 31, 2024. We applied the guidance retrospectively to prior periods presented in the consolidated financial statements based on the significant segment expense categories identified and disclosed in the period of adoption. As an entity with a single reportable segment, we disclose significant segment expenses that are regularly provided to our chief operating decision maker and included within each reported period of profit or loss, and all applicable disclosures required by Topic 280. The adoption of this guidance had no impact on our consolidated financial statements. The additional disclosures required by this guidance have been included in Note 4, "Segment Information". Recently issued accounting standards and disclosure rules In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , which requires entities to disclose specific categories in an effective tax rate reconciliation, additional information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. We plan to adopt the standard in our consolidated financial statements for the year ending December 31, 2025, and we expect the standard will impact certain of our income tax disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors" , requiring registrants to disclose certain climate-related information in registration statements and annual reports. The final rules include disclosure of climate-related risks that are reasonably likely to have a material impact on a registrant’s business, results of operations or financial condition. Disclosures related to significant effects of severe weather events and other natural conditions and amounts related to carbon offsets and renewable energy credits or certificates are required in the financial statements in certain circumstances. Disclosure requirements will phase in for fiscal years beginning in 2025 and be applied prospectively upon adoption. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending ongoing litigation. In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" , which requires entities to disclose disaggregated information about certain income statement expense line items. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. This will have no impact on our consolidated financial statements, and we are currently evaluating the impact of adoption on our disclosures. Cash and cash equivalents Cash, money market accounts and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents. Restricted cash – Restricted cash represents deposits held for the benefit of third parties related primarily to our agent loan participation program. These restricted funds are invested in bank deposits, contractually restricted as to withdrawal or usage, and included with "Cash and cash equivalents" in our Consolidated Statements of Financial Position. Investments Available-for-sale securities – Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income. Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the Consolidated Statement of Financial Position. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security’s amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Equity securities – Equity securities primarily include non-redeemable preferred stocks that are reported at fair value with changes in the fair value recognized in net realized and unrealized investment gains (losses). Securities that we intend to sell as of the reporting date are classified as current assets. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported in net realized and unrealized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Interest and dividend income and the results of our limited partnership investments are reported as net investment income. We do not record an allowance for credit losses on accrued investment income on our available-for-sale securities as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults. Securities lending – Beginning in May 2024 we entered into securities lending transactions, managed by a third-party banking institution, whereby securities are loaned to unaffiliated financial institutions for short periods of time. The securities lending activity is accounted for as a secured borrowing and therefore the securities loaned, primarily available-for-sale securities, are carried as invested assets on our Consolidated Statement of Financial Position, while the obligation to return the cash collateral is recorded as a current liability. The cash collateral received at the inception of the loan is reinvested and the related income is recognized in net investment income. Noncash collateral is not recorded in the Consolidated Statement of Financial Position, as we do not have the right to sell, repledge, or otherwise reinvest the noncash collateral. The collateral is required to equal a minimum of 102% of the estimated fair value of the securities loaned, and maintained at a level greater than or equal to 100% for the duration of the loan. We monitor the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and obtain additional collateral as necessary. A securities lending transaction may be terminated at any time by the borrower or the lender. If terminated, we would repay our securities lending obligations from the sale of reinvested collateral or the proceeds of sales from our investment portfolio, which includes liquid securities. Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to settle or be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts. Fixed assets Fixed assets are stated at cost less accumulated depreciation and amortization. Fixed assets are primarily comprised of software, which includes internally used capitalized software and development costs, as well as buildings and building improvements, equipment, furniture and fixtures, and leasehold improvements. Assets in use are depreciated using the straight-line method over the estimated useful life except for leasehold improvements, which are depreciated over the shorter of their economic useful life or the lease term. Software is depreciated over periods ranging from 3-7 years, buildings and building improvements are depreciated over 20-45 years, equipment is depreciated over 3-10 years, and furniture and fixtures are depreciated over 7 years. We review long-lived assets for impairment whenever events or changes indicate that the carrying value may not be recoverable. Under these circumstances, if the fair value were less than the carrying amount of the asset, we would recognize a loss for the difference. Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance net of a current expected credit loss allowance with interest recorded in investment income as earned. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current market conditions and forecasted information. Changes to the allowance are recognized in earnings as adjustments to net impairment recoveries (losses). Any current portion of agent loans is recorded in prepaid expenses and other current assets. Other assets Other assets primarily include limited partnership investments, other loans receivable, held-to-maturity securities, operating lease assets and other long-term prepaid assets. Limited partnership investments are recorded using the equity method of accounting. Other loans receivable and held-to-maturity securities include investments to fund real estate development projects supporting revitalization efforts in our community. The loans are carried at unpaid principal balance, including any paid-in-kind interest capitalized as additional principal, if applicable, net of a current expected credit loss allowance. Any current portion of other loans receivable is recorded in prepaid expenses and other current assets. Held-to-maturity securities are carried at amortized cost, net of a current expected credit loss allowance. The allowances are calculated using the estimated value of, and priority rights to, collateral in the event of default or external loss rates based on comparable losses, and considers current market conditions and forecasted information. Changes to the allowances are recognized in earnings as adjustments to net impairment recoveries (losses) or other income (expense) depending on the nature of the asset. Interest on other loans receivable and held-to-maturity securities is recorded primarily in investment income as earned. Agent incentive compensation liability Our more significant agent incentive compensation plan is based upon an individual agency's property and casualty underwriting profitability and also includes a component for growth in agency property and casualty premiums if the agency's underwriting profitability targets for the book of business are met. The estimated liability for this agent incentive compensation plan is based upon the performance over 36 months, and is modeled on a monthly basis using actual underwriting results for the two Recognition of management fee revenue We retain management fees from the Exchange under the subscriber’s agreement for services provided. In accordance with the subscriber’s agreement, we may retain up to 25% of all direct and affiliated assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The management fee revenue is calculated by multiplying the management fee rate by the direct and affiliated assumed premiums written by the Exchange and is allocated between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact with respect to various administrative services as enumerated in the subscriber's agreement. Management fee revenue allocated to the policy issuance and renewal services is recognized at the time of policy issuance or renewal, because it is at the time of policy issuance or renewal when the economic benefit of the service we provide (the substantially completed policy issuance or renewal service) and the control of the promised asset (the executed insurance policy) transfers to the customer. Management fee revenue allocated to the second performance obligation relates to us acting as the attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to the administrative services and is recognized over a four-year period representing the time over which the economic benefit of the services provided (i.e. management of the administrative services) transfers to the customer. Administrative services Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Common overhead expenses and certain service department costs incurred by us on behalf of the subscribers at the Exchange and its insurance subsidiaries are reimbursed by the proper entity based upon relevant utilization statistics specifically measured to accomplish proportional allocations, which we believe are reasonable. In 2024, approximately 70% of the administrative services expenses were entirely attributable to the respective administrative functions (claims handling, life insurance management and investment management), while the remaining 30% of these expenses were allocations of costs for departments that support these administrative functions. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Consolidated Statements of Operations. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost on a monthly basis. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. Recognition of service agreement revenue Service agreement revenue primarily consists of service charges we collect from subscribers (policyholders) for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries. Service charges, which are fixed dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees, which are also recognized as revenue when bills are rendered to the policyholder. We also have a service agreement with the Exchange for the use of shared office space. Revenue related to this agreement is recognized at the time the space is used based on relevant utilization statistics.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. In accordance with the subscriber’s agreement, we retain a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Consolidated Statements of Financial Position. For the years ended December 31, 2024, 2023, and 2022, we recognized revenue of $41.2 million, $36.5 million, and $34.9 million, respectively, that was included in the contract liability balance at the beginning of the respective periods. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Consolidated Statements of Operations. Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies almost exclusively with annual terms, cash collections generally occur within one year. The following table disaggregates revenue by our two performance obligations for the years ended December 31: (in thousands) 2024 2023 2022 Management fee revenue - policy issuance and renewal services $ 2,894,074 $ 2,442,073 $ 2,087,846 Management fee revenue - administrative services 68,355 63,669 58,323 Administrative services reimbursement revenue 806,336 737,139 668,268 Total revenue from administrative services $ 874,691 $ 800,808 $ 726,591

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We have one reportable segment: management operations. All segment revenue is derived in the United States, the majority of which is from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange, our sole customer, as further described in Note 3, "Revenue". Our chief operating decision maker ("CODM") is our Executive Council, which includes our Chief Executive Officer ("CEO"), Chief Financial Officer, executive vice presidents and certain senior vice presidents reporting directly to the CEO as applicable. The CODM assesses performance for the management operations segment and decides how to allocate resources based on net income, as reported in our Consolidated Statements of Operations. Net income is used to monitor budget versus actual results. Total assets as reported in our Consolidated Statements of Financial Position, all of which are located in the United States, are reviewed by the CODM for purposes of decision making. The accounting policies of our management operations segment are the same as those described in Note 2, "Significant Accounting Policies". The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM and net income for the years ended December 31: (in thousands) 2024 2023 2022 Management fee revenue $ 2,962,429 $ 2,505,742 $ 2,146,169 Administrative services reimbursement revenue 806,336 737,139 668,268 Service agreement revenue 26,350 26,059 25,687 Total operating revenue 3,795,115 3,268,940 2,840,124 Commissions 1,601,401 1,348,530 1,179,569 Underwriting and policy processing 199,485 181,003 171,625 Information technology 215,488 216,746 198,157 Sales and advertising 66,480 58,905 60,000 Customer service 43,045 34,391 34,333 Administrative and other 186,425 171,970 151,958 Cost of operations - policy issuance and renewal services 2,312,324 2,011,545 1,795,642 Cost of operations - administrative services 806,336 737,139 668,268 Total operating expenses (1) 3,118,660 2,748,684 2,463,910 Operating income 676,455 520,256 376,214 Total investment income 69,260 28,968 632 Interest expense, net — — 2,009 Other income 11,564 12,712 1,615 Income tax expense 156,965 115,875 77,883 Net income $ 600,314 $ 446,061 $ 298,569 (1) See Note 8, "Fixed Assets", for management operations segment depreciation and amortization expense included in "Total operating expenses", as reported on our Consolidated Statements of Operations. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 13, "Capital Stock". Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. See Note 11, "Incentive and Deferred Compensation Plans". A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: (dollars in thousands, except per share data) For the years ended December 31, 2024 2023 2022 Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Class A – Basic EPS: Income available to Class A stockholders $ 595,399 46,189,044 $ 12.89 $ 442,409 46,188,981 $ 9.58 $ 296,125 46,188,916 $ 6.41 Dilutive effect of stock-based awards 0 16,422 — 0 9,630 — 0 8,274 — Assumed conversion of Class B shares 4,915 6,100,800 — 3,652 6,100,800 — 2,444 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 600,314 52,306,266 $ 11.48 $ 446,061 52,299,411 $ 8.53 $ 298,569 52,297,990 $ 5.71 Class B – Basic EPS: Income available to Class B stockholders $ 4,915 2,542 $ 1,934 $ 3,652 2,542 $ 1,437 $ 2,444 2,542 $ 962 Class B – Diluted EPS: Income available to Class B stockholders $ 4,914 2,542 $ 1,933 $ 3,652 2,542 $ 1,437 $ 2,444 2,542 $ 962

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of December 31, 2024, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: December 31, 2024 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities (1) $ 643,943 $ 0 $ 637,675 $ 6,268 Collateralized debt obligations 114,127 0 114,127 0 Commercial mortgage-backed securities 124,982 0 100,893 24,089 Residential mortgage-backed securities 133,812 0 133,812 0 Other debt securities 26,751 0 26,751 0 Total available-for-sale securities 1,043,615 0 1,013,258 30,357 Equity securities: Financial services sector 69,930 1,052 65,378 3,500 Utilities sector 5,629 0 5,629 0 Energy sector 4,117 0 4,117 0 Consumer sector 3,341 54 1,787 1,500 Technology sector 1,974 0 0 1,974 Communications sector 900 0 900 0 Total equity securities 85,891 1,106 77,811 6,974 Total $ 1,129,506 $ 1,106 $ 1,091,069 $ 37,331 (1) This includes $7.3 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 588,688 $ 0 $ 584,182 $ 4,506 Collateralized debt obligations 112,468 0 112,468 0 Commercial mortgage-backed securities 102,720 0 91,726 10,994 Residential mortgage-backed securities 140,055 0 138,521 1,534 Other debt securities 17,310 0 17,310 0 Total available-for-sale securities 961,241 0 944,207 17,034 Equity securities: Financial services sector 69,900 816 63,750 5,334 Utilities sector 5,810 0 5,810 0 Energy sector 3,901 0 3,901 0 Consumer sector 3,915 0 2,415 1,500 Technology sector 500 0 0 500 Industrial sector 180 0 180 0 Communications sector 47 47 0 0 Total equity securities 84,253 863 76,056 7,334 Total $ 1,045,494 $ 863 $ 1,020,263 $ 24,368 We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs. Level 3 Assets – 2024 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2024 Available-for-sale securities: Corporate debt securities $ 4,506 $ (129) $ 126 $ 6,708 $ (1,821) $ 8,379 $ (11,501) $ 6,268 Commercial mortgage-backed securities 10,994 (1,519) 664 3,826 (1,571) 30,340 (18,645) 24,089 Residential mortgage-backed securities 1,534 (5) (24) 0 (40) 0 (1,465) 0 Total available-for-sale securities 17,034 (1,653) 766 10,534 (3,432) 38,719 (31,611) 30,357 Equity securities 7,334 670 — 2,019 (84) 553 (3,518) 6,974 Total Level 3 securities $ 24,368 $ (983) $ 766 $ 12,553 $ (3,516) $ 39,272 $ (35,129) $ 37,331 Level 3 Assets – 2023 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2022 Included in (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2023 Available-for-sale securities: Corporate debt securities $ 3,686 $ 4 $ 314 $ 4,316 $ (1,536) $ 5,611 $ (7,889) $ 4,506 Commercial mortgage-backed securities 10,910 (778) 311 2,575 (621) 5,373 (6,776) 10,994 Residential mortgage-backed securities 4,184 (5) 96 0 (120) 1,567 (4,188) 1,534 Total available-for-sale securities 18,780 (779) 721 6,891 (2,277) 12,551 (18,853) 17,034 Equity securities 3,779 47 — 3,458 0 1,857 (1,807) 7,334 Total Level 3 securities $ 22,559 $ (732) $ 721 $ 10,349 $ (2,277) $ 14,408 $ (20,660) $ 24,368 (1) These amounts are reported as net investment income and net realized and unrealized investment gains (losses) (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. Financial instruments not carried at fair value The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: December 31, 2024 December 31, 2023 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Agent loans, net (1) $ 92,731 $ 90,713 $ 67,787 $ 66,445 Other loans receivable, net (2) 11,555 11,555 10,713 10,713 Held-to-maturity securities, net (3) 4,833 4,934 — — (1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position. (2) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position. (3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Investments	Investments Fixed maturity securities See Note 6, "Fair Value" for additional fair value disclosures. The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of: December 31, 2024 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities (1) $ 647,861 $ 4,767 $ 8,685 $ 643,943 Collateralized debt obligations 114,142 372 387 114,127 Commercial mortgage-backed securities 126,509 1,458 2,985 124,982 Residential mortgage-backed securities 150,212 62 16,462 133,812 Other debt securities 27,232 147 628 26,751 Total available-for-sale securities, net 1,065,956 6,806 29,147 1,043,615 Held-to-maturity securities - states & political subdivisions 4,833 101 0 4,934 Total fixed maturity securities, net $ 1,070,789 $ 6,907 $ 29,147 $ 1,048,549 (1) This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities $ 600,639 $ 4,594 $ 16,545 $ 588,688 Collateralized debt obligations 114,400 156 2,088 112,468 Commercial mortgage-backed securities 106,019 1,410 4,709 102,720 Residential mortgage-backed securities 153,633 69 13,647 140,055 Other debt securities 17,862 136 688 17,310 Total available-for-sale securities, net $ 992,553 $ 6,365 $ 37,677 $ 961,241 The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at December 31, 2024 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2024 Amortized Estimated (in thousands) cost fair value Available-for-sale securities: Due in one year or less $ 45,052 $ 44,430 Due after one year through five years 454,563 451,762 Due after five years through ten years 186,208 185,333 Due after ten years 380,133 362,090 Total available-for-sale securities, net (1) (2) 1,065,956 1,043,615 Held-to-maturity securities - due after ten years 4,833 4,934 Total fixed maturity securities, net $ 1,070,789 $ 1,048,549 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Consolidated Statement of Financial Position at December 31, 2024. (2) This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement. The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies". The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: December 31, 2024 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses No. of holdings Corporate debt securities $ 197,619 $ 2,486 $ 156,059 $ 6,199 $ 353,678 $ 8,685 567 Collateralized debt obligations 33,686 71 11,762 316 45,448 387 77 Commercial mortgage-backed securities 28,333 407 24,966 2,578 53,299 2,985 131 Residential mortgage-backed securities 38,003 1,289 90,209 15,173 128,212 16,462 169 Other debt securities 11,663 150 5,045 478 16,708 628 42 Total available-for-sale securities $ 309,304 $ 4,403 $ 288,041 $ 24,744 $ 597,345 $ 29,147 986 Quality breakdown of available-for-sale securities: Investment grade $ 280,332 $ 3,701 $ 260,480 $ 22,664 $ 540,812 $ 26,365 616 Non-investment grade 28,972 702 27,561 2,080 56,533 2,782 370 Total available-for-sale securities $ 309,304 $ 4,403 $ 288,041 $ 24,744 $ 597,345 $ 29,147 986 December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses No. of holdings Corporate debt securities $ 50,853 $ 546 $ 338,322 $ 15,999 $ 389,175 $ 16,545 590 Collateralized debt obligations 3,911 15 87,005 2,073 90,916 2,088 142 Commercial mortgage-backed securities 9,148 157 30,145 4,552 39,293 4,709 108 Residential mortgage-backed securities 30,271 297 101,761 13,350 132,032 13,647 164 Other debt securities 2,084 62 7,475 626 9,559 688 32 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036 Quality breakdown of available-for-sale securities: Investment grade $ 87,774 $ 807 $ 517,090 $ 32,511 $ 604,864 $ 33,318 651 Non-investment grade 8,493 270 47,618 4,089 56,111 4,359 385 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036 Credit loss allowances The following tables present a roll-forward of the allowances for credit losses on investments for the years ended December 31: 2024 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 597 $ 0 $ 11,081 $ 957 Provision and recoveries 484 2,167 1,117 355 Sales/collections and write-offs (568) 0 0 0 Balance, end of period $ 513 $ 2,167 $ 12,198 $ 1,312 2023 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 249 $ — $ 3,775 $ 957 Provision and recoveries 670 — 7,404 0 Sales/collections and write-offs (322) — (98) 0 Balance, end of period $ 597 $ — $ 11,081 $ 957 Net investment income Investment income (loss), net of expenses, was generated from the following portfolios for the years ended December 31: (in thousands) 2024 2023 2022 Available-for-sale securities $ 49,605 $ 42,563 $ 31,913 Equity securities 4,758 4,493 3,904 Limited partnerships (1) 1,971 (11,308) (10,446) Cash equivalents and other 15,461 9,179 4,510 Total investment income 71,795 44,927 29,881 Less: investment expenses 1,640 355 1,296 Net investment income $ 70,155 $ 44,572 $ 28,585 (1) Limited partnership income (losses) include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received. Net realized and unrealized investment gains (losses) Realized and unrealized gains (losses) on investments were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Available-for-sale securities: Gross realized gains $ 3,415 $ 804 $ 1,169 Gross realized losses (5,035) (7,523) (15,219) Net realized losses on available-for-sale securities (1,620) (6,719) (14,050) Equity securities 4,848 871 (13,238) Miscellaneous 1 10 2 Net realized and unrealized investment gains (losses) $ 3,229 $ (5,838) $ (27,286) The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the years ended December 31: (in thousands) 2024 2023 2022 Equity securities: Net gains (losses) recognized during the period $ 4,848 $ 871 $ (13,238) Less: net gains (losses) recognized on securities sold 1,213 (2,328) (1,866) Net unrealized gains (losses) recognized on securities held at reporting date $ 3,635 $ 3,199 $ (11,372) Net impairment losses recognized in earnings Impairments on investments were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Available-for-sale securities: Intent to sell $ (299) $ (1,759) $ (167) Credit impaired (484) (670) (500) Total available-for-sale securities (783) (2,429) (667) Expected credit losses: Held-to-maturity securities (2,167) — — Agent loans (355) 0 0 Other loans receivable (819) (7,337) 0 Net impairment losses recognized in earnings $ (4,124) $ (9,766) $ (667) Securities lending transactions As of December 31, 2024, the estimated fair value of loaned securities, comprised of corporate debt securities, was $7.3 million and the related cash collateral received was $7.5 million, which was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Consolidated Statement of Financial Position. There was no collateral that we are not permitted to sell or repledge and there are no securities lending transactions that extend beyond one year from the reporting date. If we have to return cash collateral on short notice, we may have difficulty selling investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize, or both. In addition, in the event of such forced sale, for securities in an unrealized loss position, realized losses would be incurred on securities sold and impairments would be incurred, if there is a need to sell securities prior to recovery, which may negatively impact our financial condition.

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets The following table summarizes our fixed assets by category as of December 31: (in thousands) 2024 2023 Software $ 351,814 $ 304,452 Land, buildings, and building improvements 233,647 216,578 Equipment 52,122 46,588 Furniture and fixtures 22,944 21,800 Leasehold improvements 1,378 1,378 Construction in progress 46,302 22,683 Projects in progress 81,616 64,585 Total fixed assets, gross 789,823 678,064 Less: Accumulated depreciation and amortization (276,329) (235,454) Fixed assets, net $ 513,494 $ 442,610 Construction in progress includes ongoing renovations to an office building that is part of our principal headquarters and not yet subject to depreciation. The building renovation is expected to be completed in phases, starting in 2025, with full completion expected in 2027. Projects in progress include certain computer software and software development costs for internal use that are not yet subject to amortization.

Bank Line of Credit

Bank Line of Credit	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Bank Line of Credit	Bank Line of CreditWe have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on November 1, 2029. As of December 31, 2024, a total of $99.2 million remains available under the facility due to $0.8 million outstanding letters of credit, which reduce the availability for letters of credit to $24.2 million. We had no borrowings outstanding on our line of credit as of December 31, 2024. Investments with a fair value of $118.6 million were pledged as collateral on the line of credit at December 31, 2024. These investments have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents on our Consolidated Statement of Financial Position as of December 31, 2024.  The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions.  We are in compliance with all covenants at December 31, 2024.

Postretirement Benefits

Postretirement Benefits	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Postretirement Benefits	Postretirement Benefits Pension plans Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan ("SERP") for certain members of executive and senior management. The pension plan provides benefits to covered individuals satisfying certain age and service requirements. The defined benefit pension plan and SERP each provide benefits through a final average earnings formula. Although we are the sponsor of these postretirement plans and record the funded status of these plans, there are reimbursements between us and the Exchange and its insurance subsidiaries for their allocated share of pension income or cost. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan (income) cost for employees in departments that support the administrative functions. In 2024, we reimbursed the Exchange and its insurance subsidiaries for approximately 60% of the annual defined benefit pension income, and the Exchange and its insurance subsidiaries reimbursed us for approximately 34% of the annual SERP cost. For our funded pension plan, amounts are settled in cash for the portion of pension (income) cost allocated to the Exchange and its insurance subsidiaries. For our unfunded SERP, we pay the obligations when due and amounts are settled in cash between entities when there is a payout. Pension plan (income) cost Pension plan (income) cost includes the following components for the years ended December 31: (in thousands) 2024 2023 2022 Service cost for benefits earned $ 34,554 $ 28,763 $ 50,242 Interest cost on benefit obligation 52,688 50,193 39,764 Expected return on plan assets (80,793) (68,869) (54,557) Prior service cost amortization 1,611 1,446 1,443 Net actuarial (gain) loss amortization (6,859) (15,331) 7,320 Settlement gain (1) (1,338) — — Pension plan (income) cost (2) $ (137) $ (3,798) $ 44,212 (1) Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2024. (2) Pension plan (income) cost represents total plan (income) cost before reimbursements between Indemnity and the Exchange and its insurance subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item " Other income Actuarial assumptions The following table describes the weighted-average assumptions used to measure benefit obligations at December 31: 2024 2023 Employee pension plan: Discount rate 5.87 % 5.34 % Expected return on assets 7.00 6.50 Rate of compensation increase – age-graded 5.01 3.25 SERP: Discount rate 5.65 % 5.11 % Rate of compensation increase 7.00 5.00 The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31: 2024 2023 2022 Employee pension plan: Discount rate 5.34 % 5.67 % 3.16 % Expected return on assets 7.00 6.50 5.50 Rate of compensation increase – age-graded 4.31 3.30 3.21 SERP: Discount rate (1) 5.12 % 5.46 % 3.11 % Rate of compensation increase 5.00 5.00 5.00 (1) Settlement accounting was required due to lump sum payments made under the SERP in 2024. The discount rates in effect at the January 1, June 1, and September 1 measurement dates were 5.11%, 5.53%, and 5.12%, respectively. The economic assumptions that have the most impact on the postretirement benefits expense are the discount rate and the long-term rate of return on plan assets. The discount rate assumption used to determine the benefit obligation for all periods presented was based upon a yield curve developed from corporate bond yield information. The pension plan's expected long-term rate of return represents the average rate of return to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. To determine the expected long-term rate of return assumption, we utilized models based upon historical analysis and forward-looking views of the financial markets based upon key factors such as historical returns for the asset class' applicable indices, the correlations of the asset classes under various market conditions and consensus views on future real economic growth and inflation. The expected future return for each asset class is then combined by considering correlations between asset classes and the volatilities of each asset class to produce a reasonable range of asset return results within which our expected long-term rate of return assumption falls. Funding policy/funded status Our defined benefit pension plan funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100%. Accordingly, we made a $95 million contribution during 2023 and a $33 million contribution during 2024. We also made a contribution of $39 million in January 2025. The pension asset is presented separately from the unfunded plan as a non-current asset on the Consolidated Statements of Financial Position. The following table sets forth the funded status of the pension plans and the amounts recognized in the Consolidated Statements of Financial Position at December 31: (in thousands) 2024 2023 Funded status at end of year $ (11,718) $ 3,325 Pension asset $ 21,311 $ 34,320 Pension liabilities – due within one year (1) (4,959) (4,735) Pension liabilities – due after one year (28,070) (26,260) Net amount recognized $ (11,718) $ 3,325 (1) The current portion of pension liabilities for the unfunded plan is included in accounts payable and accrued liabilities. Benefit obligations Benefit obligations are described in the following tables. Accumulated and projected benefit obligations represent the obligations of a pension plan for past service as of the measurement date. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. It differs from the projected benefit obligation in that the accumulated benefit obligation includes no assumptions to reflect expected future compensation. The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31: (in thousands) 2024 2023 Projected benefit obligation, beginning of year $ 993,554 $ 883,814 Service cost for benefits earned 34,554 28,763 Interest cost on benefit obligation 52,688 50,193 Plan amendments 1,146 583 Actuarial (gain) loss (28,250) 65,041 Benefits paid (35,924) (34,840) Settlements (4,001) — Projected benefit obligation, end of year $ 1,013,767 $ 993,554 Accumulated benefit obligation, end of year $ 860,855 $ 847,143 The SERP had a projected benefit obligation in excess of plan assets at December 31: (in thousands) 2024 2023 Projected benefit obligation $ 33,029 $ 30,995 Plan assets — — The SERP had an accumulated benefit obligation in excess of plan assets at December 31: (in thousands) 2024 2023 Accumulated benefit obligation $ 22,761 $ 22,698 Plan assets — — Plan assets The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31: (in thousands) 2024 2023 Fair value of plan assets, beginning of year $ 996,879 $ 829,866 Actual return on plan assets 8,034 105,631 Employer contributions 37,061 96,222 Benefits paid (35,924) (34,840) Settlements (4,001) — Fair value of plan assets, end of year $ 1,002,049 $ 996,879 Accumulated other comprehensive loss (income) Net actuarial loss (gain) and prior service cost included in accumulated other comprehensive loss (income) that were not yet recognized as components of net benefit costs were as follows at December 31: (in thousands) 2024 2023 Net actuarial loss (gain) $ 26,752 $ (25,954) Prior service cost 11,050 11,515 Net amount not yet recognized $ 37,802 $ (14,439) Other comprehensive loss (income) Amounts recognized in other comprehensive loss (income) for pension plans were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Net actuarial loss (gain) arising during the year $ 44,509 $ 28,279 $ (89,768) Amortization of net actuarial gain (loss) 6,859 15,331 (7,320) Amortization of prior service cost (1,611) (1,446) (1,443) Plan amendments (1) 1,146 583 1,620 Settlement gain 1,338 — — Total recognized in other comprehensive loss (income) $ 52,241 $ 42,747 $ (96,911) (1) Plan amendments relate to new SERP participants. Asset allocation The employee pension plan utilizes a return seeking and a liability asset matching allocation strategy. It is based upon the understanding that 1) equity investments are expected to outperform debt investments over the long-term, 2) the potential volatility of short-term returns from equities is acceptable in exchange for the larger expected long-term returns, and 3) a portfolio structured across investment styles and markets (both domestic and foreign) reduces volatility. As a result, the employee pension plan's investment portfolio utilizes a broadly diversified asset allocation across domestic and foreign equity and debt markets. The investment portfolio is composed of commingled pools, an exchange traded fund, and a separate account that are dedicated exclusively to the management of employee benefit plan assets. The target and actual asset allocations for the portfolio are as follows for the years ended December 31: Target asset allocation (1) Target asset Actual asset Actual asset Asset allocation: 2024 2023 2024 2023 Equity securities: U.S. equity securities 21 % 27 % 21 % (2) 26 % Non-U.S. equity securities 14 18 14 (3) 19 Total equity securities 35 45 35 45 Debt securities 64 54 63 (4) 54 Other 1 1 2 (5) 1 Total 100 % 100 % 100 % 100 % (1) Changes to the target asset allocation in 2024 were made to reduce investment risk by shifting portfolio assets from equity securities to debt securities. (2) U.S. equity securities – 100% seek to achieve excess returns relative to the Russell 3000 Index. (3) Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 20% are allocated to international emerging market investments. The remaining 69% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index. (4) Debt securities – 59% are allocated to long U.S. Treasury Strips, 41% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better. (5) Institutional money market fund. The following tables present fair value measurements for the pension plan assets by major category and level of input as of: December 31, 2024 (in thousands) Total Level 1 Level 2 Level 3 Net Asset Value (NAV) (1) Equity securities: U.S. equity securities $ 214,942 $ 204,588 $ 0 $ 0 $ 10,354 Non-U.S. equity securities 142,401 98,115 0 0 44,286 Total equity securities 357,343 302,703 0 0 54,640 Debt securities 628,961 0 0 0 628,961 Other 15,745 15,745 0 0 0 Total $ 1,002,049 $ 318,448 $ 0 $ 0 $ 683,601 (1) The increase in assets carried at NAV at December 31, 2024, compared to 2023, are due to the changes in the target allocation in 2024. December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Net Asset Equity securities: U.S. equity securities $ 261,400 $ 244,979 $ 0 $ 0 $ 16,421 Non-U.S. equity securities 183,007 127,143 0 0 55,864 Total equity securities 444,407 372,122 0 0 72,285 Debt securities 540,762 0 0 0 540,762 Other 11,710 11,710 0 0 0 Total $ 996,879 $ 383,832 $ 0 $ 0 $ 613,047 Estimates of fair values of the pension plan assets are obtained primarily from the trustee and custodian of our pension plan. Our Level 1 category includes a money market mutual fund, an exchange traded fund, and a separate account for which the fair value is determined using an exchange traded price provided by the trustee and custodian. Commingled pools are valued based on NAV per share or unit as a practical expedient as reported by the fund manager, multiplied by the number of shares or units held as of the measurement date. Accordingly, these NAV-based investments have been excluded from the fair value hierarchy. These investments have minimal redemption notice periods and are redeemable daily at the NAV, less transaction fees, without significant restrictions. There are no significant unfunded commitments related to these investments. Estimated future benefit payments The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of: (in thousands) Year ending Expected future 2025 $ 43,777 2026 43,639 2027 46,965 2028 50,853 2029 54,430 2030 - 2034 324,250 Employee savings plan

Incentive and Deferred Compensa

Incentive and Deferred Compensation Plans	12 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Incentive and Deferred Compensation Plans	Incentive and Deferred Compensation Plans We have two incentive plans and two deferred compensation plans for our executives, senior vice presidents and other selected officers, and two deferred compensation plans for our outside directors. Executives, senior vice presidents and other selected officers and key employees are also eligible to receive awards under an equity compensation plan, subject to the discretion of the Executive Compensation and Development Committee of our Board of Directors ("ECDC") or the chief executive officer. Annual incentive plan Our annual incentive plan ("AIP") is a bonus plan that pays cash to our executives, senior vice presidents and other selected officers annually. Participants can elect to defer up to 100% of the award under either the deferred compensation plan or the incentive compensation deferral plan. If the funding qualifier is met, plan participants are eligible to receive the award based upon attainment of corporate and individual performance measures, which can include various financial measures. The measures are established at the beginning of each year by the ECDC, with ultimate approval by the full Board of Directors. The corporate performance measures included the reported growth in direct written premium and policies in force, and statutory combined ratio of the Exchange and its property and casualty subsidiaries for all periods presented. Long-term incentive plan Our long-term incentive plan ("LTIP") is an incentive plan designed to reward executives, senior vice presidents and other selected officers who can have a significant impact on our long-term performance, and to further align the interests of such employees with those of our shareholders. The LTIP permits grants of performance shares or units, or phantom performance shares, based on the level of achievement of performance goals as defined by us. Performance measures and a peer group of property and casualty companies to be used for comparison are determined by the ECDC. The performance measures for all periods presented were the reported growth in direct written premium and statutory combined ratio of the Exchange and its property and casualty subsidiaries and return on invested assets over a three-year performance period as compared to the results of the peer group over the same period. Because the performance component of the award is based upon a comparison to results of a peer group over a three-year period, the award accrual is based upon estimates of probable results for the remaining performance period. This estimate is subject to variability if our results or the results of the peer group are substantially different than the results we project. Effective April 23, 2024, for performance periods beginning in or after 2024, the plan was amended to also provide for grants of time-vesting restricted shares or units, or phantom shares, including payment of dividends or dividend equivalent credits on the time-vesting awards, based on continued employment for a specified restricted period. The type of award and form of payment, either in shares of our Class A common stock or cash, are determined by the ECDC at the beginning of each performance period, which is generally a three-year period. The ECDC determined for the 2024-2026 performance period that 75% of the award will be granted in phantom performance shares and 25% will be granted in time-vesting phantom shares, and the plan awards for the 2023-2025 and 2024-2026 performance periods will be paid in cash. Participants can elect to defer up to 100% of the award under the incentive compensation deferral plan. The number of shares of our common stock authorized for grant under the LTIP is 1.5 million shares. We repurchase our Class A common stock on the open market to settle stock awards under the plan. We do not issue new shares of common stock to settle stock awards. LTIP awards are considered vested at the end of each applicable performance period. The fair value of LTIP awards is measured at each reporting date at the current share price of our Class A common stock. A liability is recorded and compensation expense is recognized ratably over the performance period. At December 31, 2024, the plan awards for the 2022-2024 performance period, which will be granted as a cash award, were fully vested. Distributions will be made in 2025 once peer group financial information becomes available. The total estimated plan award based upon the peer group information as of September 30, 2024 is $5.5 million. At December 31, 2023, the fully vested plan awards for the 2021-2023 performance period totaled $0.2 million and were awarded to participants in June 2024. At December 31, 2022, the fully vested plan awards for the 2020-2022 performance period totaled $3.8 million and were awarded to participants in June 2023. At December 31, 2021, the fully vested plan awards for the 2019-2021 performance period totaled $3.8 million and were awarded to participants in June 2022. The Exchange and its insurance subsidiaries reimburse us for compensation costs of employees performing administrative services. Earned compensation costs are allocated to these entities and reimbursed to us in cash once the payout is made. The total compensation cost charged to operations related to these LTIP awards, net of forfeitures, was $1.5 million in 2024, $7.3 million in 2023, and $3.4 million in 2022. The related tax benefits recognized in income were $0.3 million in 2024, $1.5 million in 2023, and $0.7 million in 2022. In 2024, the Exchange and its insurance subsidiaries reimbursed us for approximately 39% of the awards paid under these plans. At December 31, 2024, there was $9.4 million of total unrecognized compensation cost for non-vested LTIP awards related to open performance periods. Unrecognized compensation is expected to be recognized over a period of two years. Deferred compensation plan Our deferred compensation plan allows executives, senior vice presidents and other selected officers to elect to defer receipt of a portion of their compensation and AIP cash awards until a later date. Employer 401(k) matching contributions that are in excess of the annual contribution or compensation limits are also credited to the participant accounts for those who elected to defer receipt of some portion of their base salary. Participants select hypothetical investment funds for their deferrals, which are credited with the hypothetical returns generated. Incentive compensation deferral plan We have an unfunded, non-qualified incentive compensation deferral plan for participants of the AIP and LTIP. Deferred awards will be credited to a deferred stock account as credits denominated in shares of our Class A common stock until retirement or other separation from service. Participants are 100% vested at date of deferral. The shares are then held in a rabbi trust, which was established to hold the shares earned under both the incentive compensation deferral plan and the deferred stock compensation plan for outside directors. The rabbi trust is classified and accounted for as equity in a manner consistent with the accounting for treasury stock. Dividends received on the shares in the rabbi trust are used to purchase additional shares. Vested share credits will be paid to participants from the rabbi trust upon separation from service in approximate equal annual installments of Class A shares for a period of three years. In 2024, the rabbi trust was not required to purchase shares of our common stock in the open market to satisfy the liability for the 2023 AIP and 2021-2023 LTIP performance period awards deferred under the incentive compensation deferral plan, and dividend equivalent credits on rabbi trust shares. In 2023, the rabbi trust purchased 1,608 shares of our common stock in the open market at an average price of $230.71 for $0.4 million to satisfy the liability for the 2022 AIP and 2020-2022 LTIP performance period awards deferred under the incentive compensation deferral plan, and dividend equivalent credits on rabbi trust shares. In 2022, the rabbi trust purchased 7,046 shares of our common stock in the open market at an average price of $176.44 for $1.2 million to satisfy the liability for the 2021 AIP and 2019-2021 LTIP performance period awards deferred under the incentive compensation deferral plan, and dividend equivalent credits on rabbi trust shares. Deferred compensation plans for outside directors We have a deferred compensation plan for our outside directors that allows participants to defer receipt of a portion of their annual compensation until a later date. Participants select hypothetical investment funds for their deferrals, which are credited with the hypothetical returns generated. We also have a deferred stock compensation plan for our outside directors to further align the interests of directors with those of our shareholders that provides for payment of a portion of the directors' annual compensation in shares of our Class A common stock. Each director vests in the grant 25% every three months over the course of a year. Dividends paid by us are credited to each director's account and vest immediately. We do not issue new shares of common stock to directors. We repurchase shares of our Class A common stock in the open market to satisfy these awards, which are then held in the rabbi trust. The plan includes a maximum of 250,000 shares that may be issued under the plan and no shares may be credited later than ten years from the date our shareholders last approved the plan. The rabbi trust purchased 4,044 shares of our common stock on the open market at an average price of $405.60 for $1.6 million in 2024, 5,894 shares at an average price of $238.73 for $1.4 million in 2023 and 6,048 shares at an average price of $201.93 for $1.2 million in 2022 to satisfy the liability of the stock compensation plan for outside directors, and dividend equivalent credits on rabbi trust shares. The shares are distributed to the outside director from the rabbi trust upon ending board service. Director compensation charged to operations related to these awards totaled $1.1 million in 2024, $0.9 million in 2023 and $0.8 million 2022. The following table sets forth a reconciliation of beginning and ending balances of our deferred executive compensation liability as of December 31: (in thousands) 2024 2023 2022 Deferred executive compensation, beginning of the year $ 31,918 $ 25,760 $ 27,208 Annual incentive plan awards 8,574 7,401 6,305 Long-term incentive plan awards 1,786 7,332 3,417 Employer match and hypothetical earnings on deferred compensation 4,680 2,828 404 Total plan awards and earnings 15,040 17,561 10,126 Total plan awards paid (8,105) (10,211) (10,413) Compensation deferred 1,701 1,809 2,528 Distributions from the deferred compensation plans (2,372) (313) (742) Forfeitures (1) (244) — — Funding of rabbi trust for deferred stock compensation plan for outside directors (1,640) (1,407) (1,221) Funding of rabbi trust for incentive compensation deferral plan (2) (1,703) (1,281) (1,726) Deferred executive compensation, end of the year $ 34,595 $ 31,918 $ 25,760 (1) Forfeitures are the result of plan participants who separated from service and are recognized in the year they occur. (2) In 2024, 2023 and 2022, funding includes $1.7 million, $0.9 million and $0.5 million, respectively, representing shares held back to satisfy tax withholding on rabbi trust distributions that reduce funding requirements for performance award deferrals Equity compensation plan Our equity compensation plan ("ECP") is designed to reward executives, senior vice presidents and other selected officers and key employees who can have a significant impact on our long-term performance, and to further align the interests of such employees with those of our shareholders. The ECP permits grants of restricted shares, restricted share units and other share based awards, to be satisfied with shares of our Class A common stock or cash. The ECDC determines the form of the award to be granted at the beginning of each performance period. Effective April 23, 2024, the number of shares of our Class A common stock authorized for grant under the ECP increased from 100,000 shares to 250,000 shares, with no one person able to receive more than 10,000 shares in a calendar year. We do not issue new shares of common stock to satisfy plan awards. Share awards are settled through the repurchase of our Class A common stock on the open market. Restricted share awards may be entitled to receive dividends payable during the performance period, or, if subject to performance goals, to receive dividend equivalents payable upon vesting. Dividend equivalents may provide for the crediting of interest or hypothetical investment experience, payable after expiration of the performance period. Vesting conditions are determined at the time the award is granted and may include continuation of employment for a specific period, satisfaction of performance goals within a defined performance period, and the satisfaction of any other terms and conditions as determined to be appropriate. In 2024, we satisfied the plan liability in cash totaling $3.2 million. In 2023, we purchased 1,610 Class A shares with an average share price of $252.32 and a market value of $0.4 million to satisfy the plan liability. In 2022, we purchased 1,786 shares with an average share price of $190.68 and a market value of $0.3 million to satisfy the plan liability. The total compensation charged to operations related to ECP awards was $6.9 million in 2024, $4.0 million in 2023, and $0.8 million in 2022. The increases in 2024 and 2023 compared to the respective prior periods resulted from increases in plan participants and our stock price. The Exchange and its insurance subsidiaries reimburse us for earned compensation costs of employees performing administrative services, which can fluctuate each year based on the plan participants. The Exchange and its insurance subsidiaries reimbursed us for approximately 35%, 35%, and 3% of the awards paid in 2024, 2023, and 2022 respectively. Unearned compensation expense of $2.6 million is expected to be recognized over a period of two years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consists of the following for the years ended December 31: (in thousands) 2024 2023 2022 Current income tax expense $ 152,939 $ 116,877 $ 68,415 Deferred income tax expense (benefit) 4,026 (1,002) 9,468 Income tax expense $ 156,965 $ 115,875 $ 77,883 A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31: (in thousands) 2024 2023 2022 Income tax at statutory rate $ 159,029 $ 118,007 $ 79,055 Other, net (2,064) (2,132) (1,172) Income tax expense $ 156,965 $ 115,875 $ 77,883 Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31: (in thousands) 2024 2023 Deferred tax assets: Other employee benefits $ 18,409 $ 17,781 Allowance for management fee returned on cancelled policies 4,647 3,571 Deferred revenue 4,181 3,756 Unrealized losses on investments 3,827 7,164 Current expected credit loss allowance 2,966 2,661 Other 4,617 3,709 Total deferred tax assets 38,647 38,642 Deferred tax liabilities: Depreciation 27,089 31,126 Pension and other postretirement benefits 12,276 14,738 Prepaid expenses 2,013 2,001 Other 3,687 2,258 Total deferred tax liabilities 45,065 50,123 Net deferred tax liability $ (6,418) $ (11,481) If we determine that any of our deferred tax assets will not result in future tax benefits, a valuation allowance must be established for the portion of the assets that are not expected to be realized. We had no valuation allowance recorded at December 31, 2024 or 2023. We do not have any unrecognized tax benefit that, if recognized, would affect our effective tax rate as of December 31, 2024 and 2023. Any interest expense related to uncertain tax positions would be recognized in income tax expense. Tax years ending December 31, 2023, 2022 and 2021 remain open to IRS examination. We are not currently under IRS audit, nor have we been notified of an upcoming IRS audit. We are the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurance exchange. In that capacity, we provide all services and facilities necessary to conduct the Exchange's insurance business. Indemnity and the Exchange together constitute a single insurance business. Consequently, we are not subject to state corporate income or franchise taxes in states where the Exchange conducts its business and the states collect premium tax in lieu of corporate income or franchise tax, as a result of the Exchange's remittance of premium taxes in those states.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2024
Class of Stock Disclosures [Abstract]
Capital Stock	Capital Stock Class A and B common stock We have two classes of common stock: Class A, which has a dividend preference, and Class B, which has voting power and a conversion right. Each share of Class A common stock outstanding at the time of the declaration of any dividend upon shares of Class B common stock shall be entitled to a dividend payable at the same time, at the same record date, and in an amount at least equal to 2/3 of 1.0% of any dividend declared on each share of Class B common stock. We may declare and pay a dividend in respect to Class A common stock without any requirement that any dividend be declared and paid in respect to Class B common stock. Sole shareholder voting power is vested in Class B common stock except insofar as any applicable law shall permit Class A common shareholders to vote as a class in regards to any changes in the rights, preferences, and privileges attaching to Class A common stock. Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock in 2024, 2023 or 2022. Stock repurchases Our Board of Directors authorized a stock repurchase program effective January 1, 1999 allowing the repurchase of our outstanding Class A nonvoting common stock. In 2011, our Board of Directors approved a continuation of the current stock repurchase program for a total of $150 million, with no time limitation. Treasury shares are recorded in the Consolidated Statements of Financial Position at total cost based upon trade date. There were no shares repurchased under this program during 2024, 2023 or 2022. We had approximately $17.8 million of repurchase authority remaining under this program at December 31, 2024, based upon trade date.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Consolidated Statements of Operations where net income is presented, are as follows for the year ended December 31: (in thousands) 2024 2023 2022 Before Tax Income Tax Net Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of year $ (31,402) $ (6,595) $ (24,807) $ (66,571) $ (13,980) $ (52,591) $ 7,722 $ 1,621 $ 6,101 OCI (loss) before reclassifications 6,557 1,377 5,180 26,021 5,464 20,557 (89,010) (18,692) (70,318) Realized investment losses 1,620 340 1,280 6,719 1,411 5,308 14,050 2,951 11,099 Impairment losses 783 164 619 2,429 510 1,919 667 140 527 OCI (loss) 8,960 1,881 7,079 35,169 7,385 27,784 (74,293) (15,601) (58,692) AOCI (loss), end of year $ (22,442) $ (4,714) $ (17,728) $ (31,402) $ (6,595) $ (24,807) $ (66,571) $ (13,980) $ (52,591) Pension and other postretirement plans: AOCI (loss), beginning of year $ 14,439 $ 3,032 $ 11,407 $ 57,186 $ 12,009 $ 45,177 $ (39,734) $ (8,345) $ (31,389) OCI (loss) before reclassifications (45,655) (9,588) (36,067) (28,862) (6,061) (22,801) 88,148 18,511 69,637 Amortization of prior service costs (1) 1,611 338 1,273 1,446 304 1,142 1,443 303 1,140 Amortization of net actuarial (gain) loss (1) (6,859) (1,440) (5,419) (15,331) (3,220) (12,111) 7,329 1,540 5,789 Settlement gain (1) (1,338) (281) (1,057) — — — — — — OCI (loss) (52,241) (10,971) (41,270) (42,747) (8,977) (33,770) 96,920 20,354 76,566 AOCI (loss), end of year $ (37,802) $ (7,939) $ (29,863) $ 14,439 $ 3,032 $ 11,407 $ 57,186 $ 12,009 $ 45,177 Total AOCI (loss), beginning of year $ (16,963) $ (3,563) $ (13,400) $ (9,385) $ (1,971) $ (7,414) $ (32,012) $ (6,724) $ (25,288) Investment securities 8,960 1,881 7,079 35,169 7,385 27,784 (74,293) (15,601) (58,692) Pension and other postretirement plans (52,241) (10,971) (41,270) (42,747) (8,977) (33,770) 96,920 20,354 76,566 OCI (loss) (43,281) (9,090) (34,191) (7,578) (1,592) (5,986) 22,627 4,753 17,874 AOCI (loss), end of year $ (60,244) $ (12,653) $ (47,591) $ (16,963) $ (3,563) $ (13,400) $ (9,385) $ (1,971) $ (7,414) (1) These components of AOCI (loss) are included in the computation of net periodic pension (income) cost. See Note 10, "Postretirement Benefits", for additional information.

Related Party

Related Party	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party	Related Party Management fee A management fee is retained for services we provide under the subscriber's agreement with subscribers at the Exchange. The fee is a percentage of direct and affiliated assumed premiums written by the Exchange. This percentage rate is determined at least annually by our Board of Directors but cannot exceed 25%. The management fee rate charged the Exchange was 25% in 2024, 2023 and 2022. The Board of Directors elected to maintain the fee at 25% beginning January 1, 2025. There is no provision in the subscriber's agreement for termination of our appointment as attorney-in-fact by the subscribers at the Exchange and the appointment is not affected by a policyholder's disability or incapacity. Insurance holding company system Most states have enacted legislation that regulates insurance holding company systems, defined as two or more affiliated persons, one or more of which is an insurer. The Exchange has the following wholly owned property and casualty insurance subsidiaries: Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company and Flagship City Insurance Company, and a wholly owned life insurance company, Erie Family Life Insurance Company. Indemnity and the Exchange, and its wholly owned subsidiaries, meet the definition of an insurance holding company system. Transactions within a holding company system affecting the member insurers of the holding company system must be fair and reasonable and any charges or fees for services performed must be reasonable. Approval by the applicable insurance commissioner is required prior to the consummation of certain transactions affecting the members within a holding company system. Shared facilities The Exchange and its insurance subsidiaries have a service agreement with Indemnity to use space in Indemnity-owned properties. The amount charged is based on rental rates of like property in Erie, Pennsylvania and the square footage occupied. Income earned from the Exchange and its insurance subsidiaries for the use of space totaled $2.9 million, $2.6 million and $2.2 million in 2024, 2023, and 2022, respectively. Operating expenses for Indemnity-owned properties under this service agreement include utilities, cleaning, repairs, real estate taxes, property insurance, and leasehold improvements. These expenses totaled $21.9 million, $20.0 million, and $19.5 million in 2024, 2023, and 2022, respectively. The Exchange and its insurance subsidiaries reimbursed us for operating expenses of shared facilities used to perform administrative services, which are allocated based upon square footage occupied. Reimbursements related to the use of this space totaled $5.9 million, $5.2 million, and $4.1 million in 2024, 2023, and 2022, respectively. Other loans receivable In 2023, we issued two senior secured loans totaling $13.6 million to fund a real estate development project supporting revitalization efforts in our community. Ownership in the project consists of related party investors, including affiliate entities and two Indemnity directors, as well as other unrelated investors. The loans, net of current expected credit loss allowances totaling $8.0 million and $7.3 million as of December 31, 2024 and 2023, respectively, are reported in "Other assets, net" in our Consolidated Statements of Financial Position, with changes in credit loss allowances reported in "Net impairment losses recognized in earnings" in our Consolidated Statements of Operations. The first loan issued for $4.6 million accrues paid-in-kind interest at a fixed rate of 5% and matures December 15, 2027, with both principal and accrued interest due at maturity. The second loan issued for $9.0 million accrues paid-in-kind interest at a fixed rate of 5% and matures December 15, 2033, with both principal and accrued interest due at maturity.

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments could potentially expose us to concentrations of credit risk, including our unsecured receivables from the Exchange. The majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $707.1 million and $625.3 million at December 31, 2024 and 2023, respectively, which includes a current expected credit loss allowance of $0.7 million and $0.6 million in 2024 and 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have an agreement with a bank for an agent loan participation program. The maximum amount of loans to be funded through this program is $150 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of December 31, 2024, outstanding loans executed under this agreement totaled $110.3 million, of which our portion of the loans is $41.5 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of December 31, 2024, our maximum potential amount of future payments on the guaranteed portion is $13.2 million. All loan payments under the participation program are current as of December 31, 2024. We also have contingent obligations for guarantees related to certain real estate development projects supporting revitalization efforts in our community. As of December 31, 2024, our maximum potential obligation related to the guarantees is $10.5 million. We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, results of operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

Supplementary Data on Cash Flow

Supplementary Data on Cash Flows	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]
Supplementary Data on Cash Flows	Supplementary Data on Cash Flows A reconciliation of net income to net cash provided by operating activities as presented in the Consolidated Statements of Cash Flows is as follows for the years ended December 31: (in thousands) 2024 2023 2022 Cash flows from operating activities: Net income $ 600,314 $ 446,061 $ 298,569 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 56,530 47,415 46,166 Deferred income tax expense (benefit) 4,026 (1,002) 9,468 Lease amortization expense 7,377 6,177 5,554 Losses (gains) and impairment losses on investments 895 15,604 27,953 Loss on disposal of fixed assets 3,874 1,607 172 Net investment (income) loss (874) 13,772 12,916 Increase (decrease) in deferred compensation 2,677 6,143 (1,463) Increase in receivables from affiliates (81,722) (100,401) (45,814) Increase in accrued investment income (1,611) (1,157) (1,998) Increase in pension asset (34,516) (101,250) — Increase in pension liability — — 15,647 (Increase) decrease in prepaid expenses and other assets (2,996) 7,729 (25,843) (Decrease) increase in accounts payable and accrued expenses (7,517) 7,237 18,993 Increase in commissions payable 54,600 53,681 29,282 Increase (decrease) in accrued agent incentive compensation 7,381 (27,089) (25,271) Increase in contract liability 2,811 6,678 1,821 Net cash provided by operating activities $ 611,249 $ 381,205 $ 366,152

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events No items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure, other than the disclosure made in Note 10, "Postretirement Benefits" regarding the January 2025 pension contribution.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 600,314	$ 446,061	$ 298,569

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a cybersecurity program in alignment with our overall Enterprise Risk Management ("ERM") program. See Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained within this report for additional information on the ERM function. Our Privacy and Information Security Committee, comprised of officers and senior leaders, is responsible for overseeing the development and maintenance of information privacy and security policies and effective operation of our corporate information security and cybersecurity program in compliance with applicable state insurance regulations and other legal and regulatory requirements. This committee is sponsored by and reports directly to our Executive Council, which includes our Chief Executive Officer ("CEO"), Chief Financial Officer, executive vice presidents and certain senior vice presidents reporting directly to the CEO as applicable.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program of technical, administrative, and physical controls is intended to reduce the risk of cyber threats and protect our information, as well as document processes to determine and make appropriate disclosures regarding potential material threats and incidents. Our cybersecurity philosophy and approach align to the National Institute of Standards and Technology Cybersecurity Framework and its core elements to govern, identify, protect, detect, respond, and recover from the various forms of cyber threats. Our practices include, but are not limited to, cybersecurity protocols and controls, system monitoring and detection, communication of incidents to appropriate management, third-party risk management, including assessments of emerging threats and vulnerabilities, and ongoing privacy and cybersecurity training for employees and contractors concerning cyber risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks. We have a core incident response team (Core Team) consisting of dedicated, skilled leadership representatives from our Information Security, Privacy and Law teams, responsible for analyzing and assessing cyber incidents and leading response efforts. Our Chief Information Security Officer (CISO), responsible for overseeing and managing information security incidents, has over 25 years of experience in information technology (IT), including over 20 years dedicated to practicing or leading cybersecurity functions. Our CISO is also a Certified Information Systems Security Professional (CISSP). Our Privacy leader, responsible for managing privacy incidents, has over 20 years of experience in IT risk management, including over 10 years in IT risk and control functions and the remaining time focused on privacy and cybersecurity related functions and holds several information privacy and risk certifications. Our Legal leader, responsible for providing guidance on legal and other regulatory obligations in the areas of privacy, cybersecurity, technology, data use and third-party risk management, holds a Juris Doctor degree, is licensed to practice law, and has over 20 years of legal experience, including 10 years focused on privacy and cybersecurity and holds several information security and privacy certifications, including the CISSP. The Core Team leaders are members of various organizations that support cybersecurity or privacy intelligence, education, information sharing and networking, including among others the Financial Services Information Sharing and Analysis Center (FS-ISAC), Domestic Security Alliance Council (DSAC), InfraGard, and International Association of Privacy Professionals (IAPP). The Core Team members are augmented as needed by representatives from other internal groups, including subject matter experts from Information Security, Privacy, Finance and Law, as well as certain third parties that may need to participate in the incident response process. Depending on the severity and impact of the incident, third parties engaged may include outside counsel, forensics investigators, public relation firms, data breach resolution providers, and cyber insurance brokers and carriers. In conjunction with legal counsel, the Core Team evaluates notification requirements and as necessary will notify stakeholders depending on the nature and severity of the incident, including law enforcement, state attorneys general, regulators, external auditors, third party providers, and impacted individuals. The Core Team is informed of cyber incidents from diverse sources, including for example, internal monitoring systems, information sharing organizations, employees, and other external information sources. Depending upon the levels of access to our information and/or information systems, third party service providers are contractually obligated to report cybersecurity incidents within their environments. The Core Team performs incident analysis and triage to determine scope, severity, prioritization and required response plans to address an incident in a manner that is intended to minimize the impact to us, our assets, and our operations. In accordance with applicable legal and regulatory requirements, this analysis and triage step includes an assessment of the potential for material impact to us from a cybersecurity incident or a series of individually immaterial related incidents that are material when aggregated. To date, we are not aware of any cybersecurity breach or other incident with respect to our systems or data that would have a material impact to our business strategy, results of operations or financial condition. Additionally, we are not aware of any cybersecurity breach or other incident experienced by anyone with whom we have a third-party relationship that has had a material impact on our systems or data. However, there can be no guarantee that we will not experience any such incidents in the future. See Item 1A. "Risk Factors" for a discussion of cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks.
Cybersecurity Risk Role of Management [Text Block]	The Core Team members are augmented as needed by representatives from other internal groups, including subject matter experts from Information Security, Privacy, Finance and Law, as well as certain third parties that may need to participate in the incident response process. Depending on the severity and impact of the incident, third parties engaged may include outside counsel, forensics investigators, public relation firms, data breach resolution providers, and cyber insurance brokers and carriers. In conjunction with legal counsel, the Core Team evaluates notification requirements and as necessary will notify stakeholders depending on the nature and severity of the incident, including law enforcement, state attorneys general, regulators, external auditors, third party providers, and impacted individuals. The Core Team is informed of cyber incidents from diverse sources, including for example, internal monitoring systems, information sharing organizations, employees, and other external information sources. Depending upon the levels of access to our information and/or information systems, third party service providers are contractually obligated to report cybersecurity incidents within their environments. The Core Team performs incident analysis and triage to determine scope, severity, prioritization and required response plans to address an incident in a manner that is intended to minimize the impact to us, our assets, and our operations. In accordance with applicable legal and regulatory requirements, this analysis and triage step includes an assessment of the potential for material impact to us from a cybersecurity incident or a series of individually immaterial related incidents that are material when aggregated.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board of Directors has a process in place to monitor management’s oversight of cybersecurity. This is done primarily through regular reports to its Risk Committee as well as the full Board of Directors. Management provides reports on the emerging cybersecurity threat landscape and our cybersecurity risk management program, including our risk evaluation, the results of independent third-party security assessments, and our efforts to manage cyber related risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We have a core incident response team (Core Team) consisting of dedicated, skilled leadership representatives from our Information Security, Privacy and Law teams, responsible for analyzing and assessing cyber incidents and leading response efforts. Our Chief Information Security Officer (CISO), responsible for overseeing and managing information security incidents, has over 25 years of experience in information technology (IT), including over 20 years dedicated to practicing or leading cybersecurity functions. Our CISO is also a Certified Information Systems Security Professional (CISSP). Our Privacy leader, responsible for managing privacy incidents, has over 20 years of experience in IT risk management, including over 10 years in IT risk and control functions and the remaining time focused on privacy and cybersecurity related functions and holds several information privacy and risk certifications. Our Legal leader, responsible for providing guidance on legal and other regulatory obligations in the areas of privacy, cybersecurity, technology, data use and third-party risk management, holds a Juris Doctor degree, is licensed to practice law, and has over 20 years of legal experience, including 10 years focused on privacy and cybersecurity and holds several information security and privacy certifications, including the CISSP. The Core Team leaders are members of various organizations that support cybersecurity or privacy intelligence, education, information sharing and networking, including among others the Financial Services Information Sharing and Analysis Center (FS-ISAC), Domestic Security Alliance Council (DSAC), InfraGard, and International Association of Privacy Professionals (IAPP).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Core Team is informed of cyber incidents from diverse sources, including for example, internal monitoring systems, information sharing organizations, employees, and other external information sources. Depending upon the levels of access to our information and/or information systems, third party service providers are contractually obligated to report cybersecurity incidents within their environments. The Core Team performs incident analysis and triage to determine scope, severity, prioritization and required response plans to address an incident in a manner that is intended to minimize the impact to us, our assets, and our operations. In accordance with applicable legal and regulatory requirements, this analysis and triage step includes an assessment of the potential for material impact to us from a cybersecurity incident or a series of individually immaterial related incidents that are material when aggregated.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Indemnity and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently adopted accounting standards and Recently issued accounting standards	Recently adopted accounting standards We adopted Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , effective with the annual reporting period ending December 31, 2024. We applied the guidance retrospectively to prior periods presented in the consolidated financial statements based on the significant segment expense categories identified and disclosed in the period of adoption. As an entity with a single reportable segment, we disclose significant segment expenses that are regularly provided to our chief operating decision maker and included within each reported period of profit or loss, and all applicable disclosures required by Topic 280. The adoption of this guidance had no impact on our consolidated financial statements. The additional disclosures required by this guidance have been included in Note 4, "Segment Information". Recently issued accounting standards and disclosure rules In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" , which requires entities to disclose specific categories in an effective tax rate reconciliation, additional information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments can be applied on either a prospective or retrospective basis. We plan to adopt the standard in our consolidated financial statements for the year ending December 31, 2025, and we expect the standard will impact certain of our income tax disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors" , requiring registrants to disclose certain climate-related information in registration statements and annual reports. The final rules include disclosure of climate-related risks that are reasonably likely to have a material impact on a registrant’s business, results of operations or financial condition. Disclosures related to significant effects of severe weather events and other natural conditions and amounts related to carbon offsets and renewable energy credits or certificates are required in the financial statements in certain circumstances. Disclosure requirements will phase in for fiscal years beginning in 2025 and be applied prospectively upon adoption. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending ongoing litigation. In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"
Cash and cash equivalents	Cash and cash equivalents Cash, money market accounts and other short-term, highly liquid investments with a maturity of three months or less at the date of purchase, are considered cash and cash equivalents.
Restricted cash	Restricted cash
Investments	Investments Available-for-sale securities – Fixed maturity debt securities and redeemable preferred stock are classified as available-for-sale and reported at fair value with unrealized investment gains and losses, net of income taxes, recognized in other comprehensive income. Available-for-sale securities with a remaining maturity of 12 months or less and any security that we intend to sell as of the reporting date are classified as current assets. Available-for-sale securities in an unrealized loss position are evaluated to determine whether the impairment is a result of credit loss or other factors. If we have the intent to sell or it's more likely than not that we would be required to sell the security before recovery of the amortized cost basis, the entire impairment is recognized in earnings. Securities that have experienced a decline in fair value that we do not intend to sell, and that we will not be required to sell before recovery, are evaluated to determine if the decline in fair value is credit related. Impairment resulting from a credit loss is recognized in earnings with a corresponding allowance on the Consolidated Statement of Financial Position. Future recoveries of credit loss result in an adjustment to the allowance and earnings in the period the credit conditions improve. Factors considered in the evaluation of credit loss include the extent to which fair value is less than cost and fundamental factors specific to the issuer such as financial condition, changes in credit ratings, near and long-term business prospects and other factors, as well as the likelihood of recovery of the amortized cost of the security. If the qualitative review indicates credit impairment, the allowance for credit loss is measured as the amount that the security’s amortized cost exceeds the present value of cash flows expected to be collected and is limited to the amount that fair value is below amortized cost. Equity securities – Equity securities primarily include non-redeemable preferred stocks that are reported at fair value with changes in the fair value recognized in net realized and unrealized investment gains (losses). Securities that we intend to sell as of the reporting date are classified as current assets. Realized gains and losses and investment income – Realized gains and losses on sales of available-for-sale and equity securities are recognized in income based upon the specific identification method and reported in net realized and unrealized investment gains (losses). Interest income is recognized as earned and includes amortization of premium and accretion of discount. Income is recognized based on the constant effective yield method, which includes periodically updated prepayment assumptions obtained from third party data sources on our prepaying securities. The effective yield for prepaying securities is recalculated on a retrospective basis. Dividend income is recognized at the ex-dividend date. Interest and dividend income and the results of our limited partnership investments are reported as net investment income. We do not record an allowance for credit losses on accrued investment income on our available-for-sale securities as any amount deemed uncollectible is reversed from interest income in the period the expected payment defaults.
Securities lending	Securities lending – Beginning in May 2024 we entered into securities lending transactions, managed by a third-party banking institution, whereby securities are loaned to unaffiliated financial institutions for short periods of time. The securities lending activity is accounted for as a secured borrowing and therefore the securities loaned, primarily available-for-sale securities, are carried as invested assets on our Consolidated Statement of Financial Position, while the obligation to return the cash collateral is recorded as a current liability. The cash collateral received at the inception of the loan is reinvested and the related income is recognized in net investment income. Noncash collateral is not recorded in the Consolidated Statement of Financial Position, as we do not have the right to sell, repledge, or otherwise reinvest the noncash collateral. The collateral is required to equal a minimum of 102% of the estimated fair value of the securities loaned, and maintained at a level greater than or equal to 100% for the duration of the loan. We monitor the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and obtain additional collateral as necessary. A securities lending transaction may be terminated at any time by the borrower or the lender. If terminated, we would repay our securities lending obligations from the sale of reinvested collateral or the proceeds of sales from our investment portfolio, which includes liquid securities.
Deferred taxes	Deferred taxes Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to settle or be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date under the law. The need for valuation allowances on deferred tax assets are estimated based upon our assessment of the realizability of such amounts.
Fixed assets	Fixed assets Fixed assets are stated at cost less accumulated depreciation and amortization. Fixed assets are primarily comprised of software, which includes internally used capitalized software and development costs, as well as buildings and building improvements, equipment, furniture and fixtures, and leasehold improvements. Assets in use are depreciated using the straight-line method over the estimated useful life except for leasehold improvements, which are depreciated over the shorter of their
Agent loans	Agent loans Agent loans, the majority of which are senior secured, are carried at unpaid principal balance net of a current expected credit loss allowance with interest recorded in investment income as earned. The allowance is estimated using available loss history and/or external loss rates based on comparable loan losses and considers current market conditions and forecasted information. Changes to the allowance are recognized in earnings as adjustments to net impairment recoveries (losses). Any current portion of agent loans is recorded in prepaid expenses and other current assets.
Other assets	Other assets
Agent incentive compensation liability	Agent incentive compensation liability Our more significant agent incentive compensation plan is based upon an individual agency's property and casualty underwriting profitability and also includes a component for growth in agency property and casualty premiums if the agency's underwriting profitability targets for the book of business are met. The estimated liability for this agent incentive compensation plan is based upon the performance over 36 months, and is modeled on a monthly basis using actual underwriting results for the two
Recognition of management fee revenue and Recognition of service agreement revenue and Revenue	Recognition of management fee revenue We retain management fees from the Exchange under the subscriber’s agreement for services provided. In accordance with the subscriber’s agreement, we may retain up to 25% of all direct and affiliated assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The management fee revenue is calculated by multiplying the management fee rate by the direct and affiliated assumed premiums written by the Exchange and is allocated between the two performance obligations we have under the subscriber's agreement. The first performance obligation is to provide policy issuance and renewal services. The second performance obligation is acting as the attorney-in-fact with respect to various administrative services as enumerated in the subscriber's agreement. Management fee revenue allocated to the policy issuance and renewal services is recognized at the time of policy issuance or renewal, because it is at the time of policy issuance or renewal when the economic benefit of the service we provide (the substantially completed policy issuance or renewal service) and the control of the promised asset (the executed insurance policy) transfers to the customer. Management fee revenue allocated to the second performance obligation relates to us acting as the attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to the administrative services and is recognized over a four-year period representing the time over which the economic benefit of the services provided (i.e. management of the administrative services) transfers to the customer. Recognition of service agreement revenue Service agreement revenue primarily consists of service charges we collect from subscribers (policyholders) for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries. Service charges, which are fixed dollar charges for each installment billed beyond the first installment, are recognized as revenue when bills are rendered to the policyholder. Service agreement revenue also includes late payment and policy reinstatement fees, which are also recognized as revenue when bills are rendered to the policyholder. We also have a service agreement with the Exchange for the use of shared office space. Revenue related to this agreement is recognized at the time the space is used based on relevant utilization statistics. The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. In accordance with the subscriber’s agreement, we retain a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the subscribers at the Exchange, as well as the service provider for the Exchange's insurance subsidiaries, with respect to all administrative services. The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price. The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized.
Administrative services	Administrative services Consistent with its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through the subscribers' attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the subscribers at the Exchange with respect to its administrative services as enumerated in the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Common overhead expenses and certain service department costs incurred by us on behalf of the subscribers at the Exchange and its insurance subsidiaries are reimbursed by the proper entity based upon relevant utilization statistics specifically measured to accomplish proportional allocations, which we believe are reasonable. In 2024, approximately 70% of the administrative services expenses were entirely attributable to the respective administrative functions (claims handling, life insurance management and investment management), while the remaining 30% of these expenses were allocations of costs for departments that support these administrative functions. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Consolidated Statements of Operations. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost on a monthly basis. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department.
Earnings per share	Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 13, "Capital Stock". Class A diluted earnings per share are calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method. See Note 11, "Incentive and Deferred Compensation Plans".
Financial instruments carried at fair value	Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value. In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of December 31, 2024, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
Fair value of financial instruments, transfers between levels	We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.
Commitments and contingencies	We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our consolidated financial condition, results of operations, or cash flows. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Performance Obligation	The following table disaggregates revenue by our two performance obligations for the years ended December 31: (in thousands) 2024 2023 2022 Management fee revenue - policy issuance and renewal services $ 2,894,074 $ 2,442,073 $ 2,087,846 Management fee revenue - administrative services 68,355 63,669 58,323 Administrative services reimbursement revenue 806,336 737,139 668,268 Total revenue from administrative services $ 874,691 $ 800,808 $ 726,591

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM and net income for the years ended December 31: (in thousands) 2024 2023 2022 Management fee revenue $ 2,962,429 $ 2,505,742 $ 2,146,169 Administrative services reimbursement revenue 806,336 737,139 668,268 Service agreement revenue 26,350 26,059 25,687 Total operating revenue 3,795,115 3,268,940 2,840,124 Commissions 1,601,401 1,348,530 1,179,569 Underwriting and policy processing 199,485 181,003 171,625 Information technology 215,488 216,746 198,157 Sales and advertising 66,480 58,905 60,000 Customer service 43,045 34,391 34,333 Administrative and other 186,425 171,970 151,958 Cost of operations - policy issuance and renewal services 2,312,324 2,011,545 1,795,642 Cost of operations - administrative services 806,336 737,139 668,268 Total operating expenses (1) 3,118,660 2,748,684 2,463,910 Operating income 676,455 520,256 376,214 Total investment income 69,260 28,968 632 Interest expense, net — — 2,009 Other income 11,564 12,712 1,615 Income tax expense 156,965 115,875 77,883 Net income $ 600,314 $ 446,061 $ 298,569 (1) See Note 8, "Fixed Assets", for management operations segment depreciation and amortization expense included in "Total operating expenses", as reported on our Consolidated Statements of Operations. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-share Computations	A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: (dollars in thousands, except per share data) For the years ended December 31, 2024 2023 2022 Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Allocated net income (numerator) Weighted shares (denominator) Per- share amount Class A – Basic EPS: Income available to Class A stockholders $ 595,399 46,189,044 $ 12.89 $ 442,409 46,188,981 $ 9.58 $ 296,125 46,188,916 $ 6.41 Dilutive effect of stock-based awards 0 16,422 — 0 9,630 — 0 8,274 — Assumed conversion of Class B shares 4,915 6,100,800 — 3,652 6,100,800 — 2,444 6,100,800 — Class A – Diluted EPS: Income available to Class A stockholders on Class A equivalent shares $ 600,314 52,306,266 $ 11.48 $ 446,061 52,299,411 $ 8.53 $ 298,569 52,297,990 $ 5.71 Class B – Basic EPS: Income available to Class B stockholders $ 4,915 2,542 $ 1,934 $ 3,652 2,542 $ 1,437 $ 2,444 2,542 $ 962 Class B – Diluted EPS: Income available to Class B stockholders $ 4,914 2,542 $ 1,933 $ 3,652 2,542 $ 1,437 $ 2,444 2,542 $ 962

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input	The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: December 31, 2024 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities (1) $ 643,943 $ 0 $ 637,675 $ 6,268 Collateralized debt obligations 114,127 0 114,127 0 Commercial mortgage-backed securities 124,982 0 100,893 24,089 Residential mortgage-backed securities 133,812 0 133,812 0 Other debt securities 26,751 0 26,751 0 Total available-for-sale securities 1,043,615 0 1,013,258 30,357 Equity securities: Financial services sector 69,930 1,052 65,378 3,500 Utilities sector 5,629 0 5,629 0 Energy sector 4,117 0 4,117 0 Consumer sector 3,341 54 1,787 1,500 Technology sector 1,974 0 0 1,974 Communications sector 900 0 900 0 Total equity securities 85,891 1,106 77,811 6,974 Total $ 1,129,506 $ 1,106 $ 1,091,069 $ 37,331 (1) This includes $7.3 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities: Corporate debt securities $ 588,688 $ 0 $ 584,182 $ 4,506 Collateralized debt obligations 112,468 0 112,468 0 Commercial mortgage-backed securities 102,720 0 91,726 10,994 Residential mortgage-backed securities 140,055 0 138,521 1,534 Other debt securities 17,310 0 17,310 0 Total available-for-sale securities 961,241 0 944,207 17,034 Equity securities: Financial services sector 69,900 816 63,750 5,334 Utilities sector 5,810 0 5,810 0 Energy sector 3,901 0 3,901 0 Consumer sector 3,915 0 2,415 1,500 Technology sector 500 0 0 500 Industrial sector 180 0 180 0 Communications sector 47 47 0 0 Total equity securities 84,253 863 76,056 7,334 Total $ 1,045,494 $ 863 $ 1,020,263 $ 24,368
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis	Level 3 Assets – 2024 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2023 Included in earnings (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2024 Available-for-sale securities: Corporate debt securities $ 4,506 $ (129) $ 126 $ 6,708 $ (1,821) $ 8,379 $ (11,501) $ 6,268 Commercial mortgage-backed securities 10,994 (1,519) 664 3,826 (1,571) 30,340 (18,645) 24,089 Residential mortgage-backed securities 1,534 (5) (24) 0 (40) 0 (1,465) 0 Total available-for-sale securities 17,034 (1,653) 766 10,534 (3,432) 38,719 (31,611) 30,357 Equity securities 7,334 670 — 2,019 (84) 553 (3,518) 6,974 Total Level 3 securities $ 24,368 $ (983) $ 766 $ 12,553 $ (3,516) $ 39,272 $ (35,129) $ 37,331 Level 3 Assets – 2023 Year-to-Date Change: (in thousands) Beginning balance at December 31, 2022 Included in (1) Included Purchases Sales Transfers into Level 3 (2) Transfers out of Level 3 (2) Ending balance at December 31, 2023 Available-for-sale securities: Corporate debt securities $ 3,686 $ 4 $ 314 $ 4,316 $ (1,536) $ 5,611 $ (7,889) $ 4,506 Commercial mortgage-backed securities 10,910 (778) 311 2,575 (621) 5,373 (6,776) 10,994 Residential mortgage-backed securities 4,184 (5) 96 0 (120) 1,567 (4,188) 1,534 Total available-for-sale securities 18,780 (779) 721 6,891 (2,277) 12,551 (18,853) 17,034 Equity securities 3,779 47 — 3,458 0 1,857 (1,807) 7,334 Total Level 3 securities $ 22,559 $ (732) $ 721 $ 10,349 $ (2,277) $ 14,408 $ (20,660) $ 24,368 (1) These amounts are reported as net investment income and net realized and unrealized investment gains (losses) (2) Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Schedule of Financial Instruments Not Carried at Fair Value	The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: December 31, 2024 December 31, 2023 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Agent loans, net (1) $ 92,731 $ 90,713 $ 67,787 $ 66,445 Other loans receivable, net (2) 11,555 11,555 10,713 10,713 Held-to-maturity securities, net (3) 4,833 4,934 — — (1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position. (2) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position. (3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities	The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of: December 31, 2024 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities (1) $ 647,861 $ 4,767 $ 8,685 $ 643,943 Collateralized debt obligations 114,142 372 387 114,127 Commercial mortgage-backed securities 126,509 1,458 2,985 124,982 Residential mortgage-backed securities 150,212 62 16,462 133,812 Other debt securities 27,232 147 628 26,751 Total available-for-sale securities, net 1,065,956 6,806 29,147 1,043,615 Held-to-maturity securities - states & political subdivisions 4,833 101 0 4,934 Total fixed maturity securities, net $ 1,070,789 $ 6,907 $ 29,147 $ 1,048,549 (1) This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement. December 31, 2023 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Corporate debt securities $ 600,639 $ 4,594 $ 16,545 $ 588,688 Collateralized debt obligations 114,400 156 2,088 112,468 Commercial mortgage-backed securities 106,019 1,410 4,709 102,720 Residential mortgage-backed securities 153,633 69 13,647 140,055 Other debt securities 17,862 136 688 17,310 Total available-for-sale securities, net $ 992,553 $ 6,365 $ 37,677 $ 961,241
Schedule of Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Remaining Contractual Term to Maturity	The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at December 31, 2024 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2024 Amortized Estimated (in thousands) cost fair value Available-for-sale securities: Due in one year or less $ 45,052 $ 44,430 Due after one year through five years 454,563 451,762 Due after five years through ten years 186,208 185,333 Due after ten years 380,133 362,090 Total available-for-sale securities, net (1) (2) 1,065,956 1,043,615 Held-to-maturity securities - due after ten years 4,833 4,934 Total fixed maturity securities, net $ 1,070,789 $ 1,048,549 (1) The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Consolidated Statement of Financial Position at December 31, 2024. (2) This includes an estimated fair value of $7.3 million of securities lent under a securities lending agreement.
Schedule of Available-for-sale Securities in a Gross Unrealized Loss Position by Length of Time	The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies". The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: December 31, 2024 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses No. of holdings Corporate debt securities $ 197,619 $ 2,486 $ 156,059 $ 6,199 $ 353,678 $ 8,685 567 Collateralized debt obligations 33,686 71 11,762 316 45,448 387 77 Commercial mortgage-backed securities 28,333 407 24,966 2,578 53,299 2,985 131 Residential mortgage-backed securities 38,003 1,289 90,209 15,173 128,212 16,462 169 Other debt securities 11,663 150 5,045 478 16,708 628 42 Total available-for-sale securities $ 309,304 $ 4,403 $ 288,041 $ 24,744 $ 597,345 $ 29,147 986 Quality breakdown of available-for-sale securities: Investment grade $ 280,332 $ 3,701 $ 260,480 $ 22,664 $ 540,812 $ 26,365 616 Non-investment grade 28,972 702 27,561 2,080 56,533 2,782 370 Total available-for-sale securities $ 309,304 $ 4,403 $ 288,041 $ 24,744 $ 597,345 $ 29,147 986 December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses No. of holdings Corporate debt securities $ 50,853 $ 546 $ 338,322 $ 15,999 $ 389,175 $ 16,545 590 Collateralized debt obligations 3,911 15 87,005 2,073 90,916 2,088 142 Commercial mortgage-backed securities 9,148 157 30,145 4,552 39,293 4,709 108 Residential mortgage-backed securities 30,271 297 101,761 13,350 132,032 13,647 164 Other debt securities 2,084 62 7,475 626 9,559 688 32 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036 Quality breakdown of available-for-sale securities: Investment grade $ 87,774 $ 807 $ 517,090 $ 32,511 $ 604,864 $ 33,318 651 Non-investment grade 8,493 270 47,618 4,089 56,111 4,359 385 Total available-for-sale securities $ 96,267 $ 1,077 $ 564,708 $ 36,600 $ 660,975 $ 37,677 1,036
Schedule of Allowances for Credit Losses on Fixed Maturity Securities and Financing Receivables	The following tables present a roll-forward of the allowances for credit losses on investments for the years ended December 31: 2024 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 597 $ 0 $ 11,081 $ 957 Provision and recoveries 484 2,167 1,117 355 Sales/collections and write-offs (568) 0 0 0 Balance, end of period $ 513 $ 2,167 $ 12,198 $ 1,312 2023 (in thousands) Available-for-sale securities Held-to-maturity securities Other loans receivable Agent loans Balance, beginning of period $ 249 $ — $ 3,775 $ 957 Provision and recoveries 670 — 7,404 0 Sales/collections and write-offs (322) — (98) 0 Balance, end of period $ 597 $ — $ 11,081 $ 957
Schedule of Investment Income (Loss), Net of Expenses	Investment income (loss), net of expenses, was generated from the following portfolios for the years ended December 31: (in thousands) 2024 2023 2022 Available-for-sale securities $ 49,605 $ 42,563 $ 31,913 Equity securities 4,758 4,493 3,904 Limited partnerships (1) 1,971 (11,308) (10,446) Cash equivalents and other 15,461 9,179 4,510 Total investment income 71,795 44,927 29,881 Less: investment expenses 1,640 355 1,296 Net investment income $ 70,155 $ 44,572 $ 28,585 (1) Limited partnership income (losses) include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.
Schedule of Net Realized and Unrealized Investment (Losses) Gains	Realized and unrealized gains (losses) on investments were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Available-for-sale securities: Gross realized gains $ 3,415 $ 804 $ 1,169 Gross realized losses (5,035) (7,523) (15,219) Net realized losses on available-for-sale securities (1,620) (6,719) (14,050) Equity securities 4,848 871 (13,238) Miscellaneous 1 10 2 Net realized and unrealized investment gains (losses) $ 3,229 $ (5,838) $ (27,286) The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the years ended December 31: (in thousands) 2024 2023 2022 Equity securities: Net gains (losses) recognized during the period $ 4,848 $ 871 $ (13,238) Less: net gains (losses) recognized on securities sold 1,213 (2,328) (1,866) Net unrealized gains (losses) recognized on securities held at reporting date $ 3,635 $ 3,199 $ (11,372)
Schedule of Impairments on Investments	Impairments on investments were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Available-for-sale securities: Intent to sell $ (299) $ (1,759) $ (167) Credit impaired (484) (670) (500) Total available-for-sale securities (783) (2,429) (667) Expected credit losses: Held-to-maturity securities (2,167) — — Agent loans (355) 0 0 Other loans receivable (819) (7,337) 0 Net impairment losses recognized in earnings $ (4,124) $ (9,766) $ (667)

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets by Category	The following table summarizes our fixed assets by category as of December 31: (in thousands) 2024 2023 Software $ 351,814 $ 304,452 Land, buildings, and building improvements 233,647 216,578 Equipment 52,122 46,588 Furniture and fixtures 22,944 21,800 Leasehold improvements 1,378 1,378 Construction in progress 46,302 22,683 Projects in progress 81,616 64,585 Total fixed assets, gross 789,823 678,064 Less: Accumulated depreciation and amortization (276,329) (235,454) Fixed assets, net $ 513,494 $ 442,610

Postretirement Benefits (Tables

Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Pension Plan (Income) Cost	Pension plan (income) cost includes the following components for the years ended December 31: (in thousands) 2024 2023 2022 Service cost for benefits earned $ 34,554 $ 28,763 $ 50,242 Interest cost on benefit obligation 52,688 50,193 39,764 Expected return on plan assets (80,793) (68,869) (54,557) Prior service cost amortization 1,611 1,446 1,443 Net actuarial (gain) loss amortization (6,859) (15,331) 7,320 Settlement gain (1) (1,338) — — Pension plan (income) cost (2) $ (137) $ (3,798) $ 44,212 (1) Settlement accounting was required due to lump sum payments made under the SERP to former officers in 2024. (2) Pension plan (income) cost represents total plan (income) cost before reimbursements between Indemnity and the Exchange and its insurance subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item " Other income
Schedule of Weighted-Average Actuarial Assumptions Used to Measure Benefit Obligations and Net Periodic Benefit Costs	The following table describes the weighted-average assumptions used to measure benefit obligations at December 31: 2024 2023 Employee pension plan: Discount rate 5.87 % 5.34 % Expected return on assets 7.00 6.50 Rate of compensation increase – age-graded 5.01 3.25 SERP: Discount rate 5.65 % 5.11 % Rate of compensation increase 7.00 5.00 The following table describes the weighted-average assumptions used to measure net periodic benefit costs for the years ended December 31: 2024 2023 2022 Employee pension plan: Discount rate 5.34 % 5.67 % 3.16 % Expected return on assets 7.00 6.50 5.50 Rate of compensation increase – age-graded 4.31 3.30 3.21 SERP: Discount rate (1) 5.12 % 5.46 % 3.11 % Rate of compensation increase 5.00 5.00 5.00 (1) Settlement accounting was required due to lump sum payments made under the SERP in 2024. The discount rates in effect at the January 1, June 1, and September 1 measurement dates were 5.11%, 5.53%, and 5.12%, respectively.
Schedule of Funded Status of Pension Plans and Amounts Recognized in the Statements of Financial Position	The following table sets forth the funded status of the pension plans and the amounts recognized in the Consolidated Statements of Financial Position at December 31: (in thousands) 2024 2023 Funded status at end of year $ (11,718) $ 3,325 Pension asset $ 21,311 $ 34,320 Pension liabilities – due within one year (1) (4,959) (4,735) Pension liabilities – due after one year (28,070) (26,260) Net amount recognized $ (11,718) $ 3,325 (1) The current portion of pension liabilities for the unfunded plan is included in accounts payable and accrued liabilities.
Schedule of Reconciliation of Beginning and Ending Balances of the Projected Benefit Obligation, as well as the Accumulated Benefit Obligation	The following table sets forth a reconciliation of beginning and ending balances of the projected benefit obligation, as well as the accumulated benefit obligation at December 31: (in thousands) 2024 2023 Projected benefit obligation, beginning of year $ 993,554 $ 883,814 Service cost for benefits earned 34,554 28,763 Interest cost on benefit obligation 52,688 50,193 Plan amendments 1,146 583 Actuarial (gain) loss (28,250) 65,041 Benefits paid (35,924) (34,840) Settlements (4,001) — Projected benefit obligation, end of year $ 1,013,767 $ 993,554 Accumulated benefit obligation, end of year $ 860,855 $ 847,143
Schedule of Defined Benefit Pension Plans with Projected Benefit Obligations in Excess of Plan Assets	The SERP had a projected benefit obligation in excess of plan assets at December 31: (in thousands) 2024 2023 Projected benefit obligation $ 33,029 $ 30,995 Plan assets — —
Schedule of Defined Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets	The SERP had an accumulated benefit obligation in excess of plan assets at December 31: (in thousands) 2024 2023 Accumulated benefit obligation $ 22,761 $ 22,698 Plan assets — —
Schedule of Reconciliation of Beginning and Ending Balances of the Fair Value of Plan Assets	The following table sets forth a reconciliation of beginning and ending balances of the fair value of plan assets at December 31: (in thousands) 2024 2023 Fair value of plan assets, beginning of year $ 996,879 $ 829,866 Actual return on plan assets 8,034 105,631 Employer contributions 37,061 96,222 Benefits paid (35,924) (34,840) Settlements (4,001) — Fair value of plan assets, end of year $ 1,002,049 $ 996,879
Schedule of Amounts Included in Accumulated Other Comprehensive Income that were Not Yet Recognized as Components of Net Benefit Costs	Net actuarial loss (gain) and prior service cost included in accumulated other comprehensive loss (income) that were not yet recognized as components of net benefit costs were as follows at December 31: (in thousands) 2024 2023 Net actuarial loss (gain) $ 26,752 $ (25,954) Prior service cost 11,050 11,515 Net amount not yet recognized $ 37,802 $ (14,439)
Schedule of Amounts Recognized in Other Comprehensive Loss (Income) for Pension Plans	Amounts recognized in other comprehensive loss (income) for pension plans were as follows for the years ended December 31: (in thousands) 2024 2023 2022 Net actuarial loss (gain) arising during the year $ 44,509 $ 28,279 $ (89,768) Amortization of net actuarial gain (loss) 6,859 15,331 (7,320) Amortization of prior service cost (1,611) (1,446) (1,443) Plan amendments (1) 1,146 583 1,620 Settlement gain 1,338 — — Total recognized in other comprehensive loss (income) $ 52,241 $ 42,747 $ (96,911) (1) Plan amendments relate to new SERP participants.
Schedule of Target and Actual Asset Allocations for the Portfolio	The target and actual asset allocations for the portfolio are as follows for the years ended December 31: Target asset allocation (1) Target asset Actual asset Actual asset Asset allocation: 2024 2023 2024 2023 Equity securities: U.S. equity securities 21 % 27 % 21 % (2) 26 % Non-U.S. equity securities 14 18 14 (3) 19 Total equity securities 35 45 35 45 Debt securities 64 54 63 (4) 54 Other 1 1 2 (5) 1 Total 100 % 100 % 100 % 100 % (1) Changes to the target asset allocation in 2024 were made to reduce investment risk by shifting portfolio assets from equity securities to debt securities. (2) U.S. equity securities – 100% seek to achieve excess returns relative to the Russell 3000 Index. (3) Non-U.S. equity securities – 11% are allocated to international small cap investments, while another 20% are allocated to international emerging market investments. The remaining 69% of the Non-U.S. equity securities are allocated to investments seeking to achieve excess returns relative to an international market index. (4) Debt securities – 59% are allocated to long U.S. Treasury Strips, 41% are allocated to U.S. corporate bonds with an emphasis on long duration bonds rated A or better. (5) Institutional money market fund.
Schedule of Fair Value Measurements of Pension Plan Assets by Major Category and Level of Input	The following tables present fair value measurements for the pension plan assets by major category and level of input as of: December 31, 2024 (in thousands) Total Level 1 Level 2 Level 3 Net Asset Value (NAV) (1) Equity securities: U.S. equity securities $ 214,942 $ 204,588 $ 0 $ 0 $ 10,354 Non-U.S. equity securities 142,401 98,115 0 0 44,286 Total equity securities 357,343 302,703 0 0 54,640 Debt securities 628,961 0 0 0 628,961 Other 15,745 15,745 0 0 0 Total $ 1,002,049 $ 318,448 $ 0 $ 0 $ 683,601 (1) The increase in assets carried at NAV at December 31, 2024, compared to 2023, are due to the changes in the target allocation in 2024. December 31, 2023 (in thousands) Total Level 1 Level 2 Level 3 Net Asset Equity securities: U.S. equity securities $ 261,400 $ 244,979 $ 0 $ 0 $ 16,421 Non-U.S. equity securities 183,007 127,143 0 0 55,864 Total equity securities 444,407 372,122 0 0 72,285 Debt securities 540,762 0 0 0 540,762 Other 11,710 11,710 0 0 0 Total $ 996,879 $ 383,832 $ 0 $ 0 $ 613,047
Schedule of Benefits Expected to be Paid Over the Next 10 Years from Pension Plans	The following table sets forth amounts of benefits expected to be paid over the next 10 years from our pension plans as of: (in thousands) Year ending Expected future 2025 $ 43,777 2026 43,639 2027 46,965 2028 50,853 2029 54,430 2030 - 2034 324,250

Incentive and Deferred Compen_2

Incentive and Deferred Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Schedule of Deferred Executive Compensation Liability	The following table sets forth a reconciliation of beginning and ending balances of our deferred executive compensation liability as of December 31: (in thousands) 2024 2023 2022 Deferred executive compensation, beginning of the year $ 31,918 $ 25,760 $ 27,208 Annual incentive plan awards 8,574 7,401 6,305 Long-term incentive plan awards 1,786 7,332 3,417 Employer match and hypothetical earnings on deferred compensation 4,680 2,828 404 Total plan awards and earnings 15,040 17,561 10,126 Total plan awards paid (8,105) (10,211) (10,413) Compensation deferred 1,701 1,809 2,528 Distributions from the deferred compensation plans (2,372) (313) (742) Forfeitures (1) (244) — — Funding of rabbi trust for deferred stock compensation plan for outside directors (1,640) (1,407) (1,221) Funding of rabbi trust for incentive compensation deferral plan (2) (1,703) (1,281) (1,726) Deferred executive compensation, end of the year $ 34,595 $ 31,918 $ 25,760 (1) Forfeitures are the result of plan participants who separated from service and are recognized in the year they occur. (2) In 2024, 2023 and 2022, funding includes $1.7 million, $0.9 million and $0.5 million, respectively, representing shares held back to satisfy tax withholding on rabbi trust distributions that reduce funding requirements for performance award deferrals

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The provision for income taxes consists of the following for the years ended December 31: (in thousands) 2024 2023 2022 Current income tax expense $ 152,939 $ 116,877 $ 68,415 Deferred income tax expense (benefit) 4,026 (1,002) 9,468 Income tax expense $ 156,965 $ 115,875 $ 77,883
Schedule of Reconciliation of the Provision for Income Taxes	A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31: (in thousands) 2024 2023 2022 Income tax at statutory rate $ 159,029 $ 118,007 $ 79,055 Other, net (2,064) (2,132) (1,172) Income tax expense $ 156,965 $ 115,875 $ 77,883
Schedule of Deferred Tax Assets and Liabilities	Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31: (in thousands) 2024 2023 Deferred tax assets: Other employee benefits $ 18,409 $ 17,781 Allowance for management fee returned on cancelled policies 4,647 3,571 Deferred revenue 4,181 3,756 Unrealized losses on investments 3,827 7,164 Current expected credit loss allowance 2,966 2,661 Other 4,617 3,709 Total deferred tax assets 38,647 38,642 Deferred tax liabilities: Depreciation 27,089 31,126 Pension and other postretirement benefits 12,276 14,738 Prepaid expenses 2,013 2,001 Other 3,687 2,258 Total deferred tax liabilities 45,065 50,123 Net deferred tax liability $ (6,418) $ (11,481)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to Other Comprehensive Income (Loss) and the Related Line item in the Statements of Operations Where Net Income is Presented	Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Consolidated Statements of Operations where net income is presented, are as follows for the year ended December 31: (in thousands) 2024 2023 2022 Before Tax Income Tax Net Before Tax Income Tax Net Before Tax Income Tax Net Investment securities: AOCI (loss), beginning of year $ (31,402) $ (6,595) $ (24,807) $ (66,571) $ (13,980) $ (52,591) $ 7,722 $ 1,621 $ 6,101 OCI (loss) before reclassifications 6,557 1,377 5,180 26,021 5,464 20,557 (89,010) (18,692) (70,318) Realized investment losses 1,620 340 1,280 6,719 1,411 5,308 14,050 2,951 11,099 Impairment losses 783 164 619 2,429 510 1,919 667 140 527 OCI (loss) 8,960 1,881 7,079 35,169 7,385 27,784 (74,293) (15,601) (58,692) AOCI (loss), end of year $ (22,442) $ (4,714) $ (17,728) $ (31,402) $ (6,595) $ (24,807) $ (66,571) $ (13,980) $ (52,591) Pension and other postretirement plans: AOCI (loss), beginning of year $ 14,439 $ 3,032 $ 11,407 $ 57,186 $ 12,009 $ 45,177 $ (39,734) $ (8,345) $ (31,389) OCI (loss) before reclassifications (45,655) (9,588) (36,067) (28,862) (6,061) (22,801) 88,148 18,511 69,637 Amortization of prior service costs (1) 1,611 338 1,273 1,446 304 1,142 1,443 303 1,140 Amortization of net actuarial (gain) loss (1) (6,859) (1,440) (5,419) (15,331) (3,220) (12,111) 7,329 1,540 5,789 Settlement gain (1) (1,338) (281) (1,057) — — — — — — OCI (loss) (52,241) (10,971) (41,270) (42,747) (8,977) (33,770) 96,920 20,354 76,566 AOCI (loss), end of year $ (37,802) $ (7,939) $ (29,863) $ 14,439 $ 3,032 $ 11,407 $ 57,186 $ 12,009 $ 45,177 Total AOCI (loss), beginning of year $ (16,963) $ (3,563) $ (13,400) $ (9,385) $ (1,971) $ (7,414) $ (32,012) $ (6,724) $ (25,288) Investment securities 8,960 1,881 7,079 35,169 7,385 27,784 (74,293) (15,601) (58,692) Pension and other postretirement plans (52,241) (10,971) (41,270) (42,747) (8,977) (33,770) 96,920 20,354 76,566 OCI (loss) (43,281) (9,090) (34,191) (7,578) (1,592) (5,986) 22,627 4,753 17,874 AOCI (loss), end of year $ (60,244) $ (12,653) $ (47,591) $ (16,963) $ (3,563) $ (13,400) $ (9,385) $ (1,971) $ (7,414) (1) These components of AOCI (loss) are included in the computation of net periodic pension (income) cost. See Note 10, "Postretirement Benefits", for additional information.

Supplementary Data on Cash Fl_2

Supplementary Data on Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Reconciliation of Net Income to Net Cash Provided by Operating Activities as Presented in the Statements of Cash Flows	A reconciliation of net income to net cash provided by operating activities as presented in the Consolidated Statements of Cash Flows is as follows for the years ended December 31: (in thousands) 2024 2023 2022 Cash flows from operating activities: Net income $ 600,314 $ 446,061 $ 298,569 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 56,530 47,415 46,166 Deferred income tax expense (benefit) 4,026 (1,002) 9,468 Lease amortization expense 7,377 6,177 5,554 Losses (gains) and impairment losses on investments 895 15,604 27,953 Loss on disposal of fixed assets 3,874 1,607 172 Net investment (income) loss (874) 13,772 12,916 Increase (decrease) in deferred compensation 2,677 6,143 (1,463) Increase in receivables from affiliates (81,722) (100,401) (45,814) Increase in accrued investment income (1,611) (1,157) (1,998) Increase in pension asset (34,516) (101,250) — Increase in pension liability — — 15,647 (Increase) decrease in prepaid expenses and other assets (2,996) 7,729 (25,843) (Decrease) increase in accounts payable and accrued expenses (7,517) 7,237 18,993 Increase in commissions payable 54,600 53,681 29,282 Increase (decrease) in accrued agent incentive compensation 7,381 (27,089) (25,271) Increase in contract liability 2,811 6,678 1,821 Net cash provided by operating activities $ 611,249 $ 381,205 $ 366,152

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2024 obligation
Expense Classification [Line Items]
Performance obligations under subscriber's agreement	2
Agent compensation expense
Expense Classification [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	69%
Underwriting and policy processing expense
Expense Classification [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	9%
Information technology expense
Expense Classification [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	9%

Significant Accounting Polices

Significant Accounting Polices - Securities Lending (Details)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Requiring percentage, collateral	102%
Requiring collateral percentage, minimum	100%

Significant Accounting Polici_3

Significant Accounting Policies - Fixed Assets (Details)	Dec. 31, 2024
Software | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	3 years
Software | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	7 years
Buildings and building improvements | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	20 years
Buildings and building improvements | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	45 years
Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	3 years
Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	10 years
Furniture and fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life	7 years

Significant Accounting Polici_4

Significant Accounting Policies - Agent Incentive Compensation Liability (Details)	12 Months Ended
	Dec. 31, 2024
Primary Agent Incentive Compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent bonus performance period	36 months
Period of prior year actual underwriting data used to estimate agent incentive compensation	2 years
Secondary Agent Incentive Compensation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Agent bonus performance period	1 year

Significant Accounting Polici_5

Significant Accounting Policies - Recognition of management fee revenue (Details)	12 Months Ended
	Dec. 31, 2024 obligation
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange	25%
Performance obligations under subscriber's agreement	2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period of time over which management fee revenue allocated to administrative services will be recognized	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period of time over which management fee revenue allocated to administrative services will be recognized	4 years

Significant Accounting Polici_6

Significant Accounting Policies - Administrative services (Details) - Administrative services reimbursement revenue	12 Months Ended
	Dec. 31, 2024
Direct expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	70%
Allocated expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Nature of expense as a percentage of total policy issuance and renewal expenses	30%

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) obligation	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange	25%
Performance obligations under subscriber's agreement | obligation	2
Revenue recognized that was included in the contract liability at beginning of year | $	$ 41.2	$ 36.5	$ 34.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of time over which indemnity revenue will be recognized	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of time over which indemnity revenue will be recognized	4 years

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue by Performance Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenue by performance obligation
Revenue	$ 3,795,115	$ 3,268,940	$ 2,840,124
Management fee revenue - policy issuance and renewal services
Disaggregation of revenue by performance obligation
Revenue	2,894,074	2,442,073	2,087,846
Management fee revenue - policy issuance and renewal services | Transferred at point in time
Disaggregation of revenue by performance obligation
Revenue	2,894,074	2,442,073	2,087,846
Administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	874,691	800,808	726,591
Management fee revenue - administrative services
Disaggregation of revenue by performance obligation
Revenue	68,355	63,669	58,323
Management fee revenue - administrative services | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	68,355	63,669	58,323
Administrative services reimbursement revenue
Disaggregation of revenue by performance obligation
Revenue	806,336	737,139	668,268
Administrative services reimbursement revenue | Transferred over time
Disaggregation of revenue by performance obligation
Revenue	$ 806,336	$ 737,139	$ 668,268

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	$ 3,795,115	$ 3,268,940	$ 2,840,124
Total operating expenses	3,118,660	2,748,684	2,463,910
Operating income	676,455	520,256	376,214
Total investment income	69,260	28,968	632
Interest expense, net	0	0	2,009
Other income	11,564	12,712	1,615
Income tax expense	156,965	115,875	77,883
Net income	600,314	446,061	298,569
Management fee revenue - administrative services
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	68,355	63,669	58,323
Administrative services reimbursement revenue
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	806,336	737,139	668,268
Total operating expenses	806,336	737,139	668,268
Service agreement revenue
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	26,350	26,059	25,687
Management fee revenue - policy issuance and renewal services
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	2,894,074	2,442,073	2,087,846
Total operating expenses	2,312,324	2,011,545	1,795,642
Management Operations
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	3,795,115	3,268,940	2,840,124
Commissions	1,601,401	1,348,530	1,179,569
Underwriting and policy processing	199,485	181,003	171,625
Information technology	215,488	216,746	198,157
Sales and advertising	66,480	58,905	60,000
Customer service	43,045	34,391	34,333
Administrative and other	186,425	171,970	151,958
Total operating expenses	3,118,660	2,748,684	2,463,910
Operating income	676,455	520,256	376,214
Total investment income	69,260	28,968	632
Interest expense, net	0	0	2,009
Other income	11,564	12,712	1,615
Income tax expense	156,965	115,875	77,883
Net income	600,314	446,061	298,569
Management Operations | Administrative services reimbursement revenue
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	806,336	737,139	668,268
Total operating expenses	806,336	737,139	668,268
Management Operations | Service agreement revenue
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	26,350	26,059	25,687
Management Operations | Management fee revenue - policy issuance and renewal services
Schedule of Segment Reporting Information, by Segment [Table]
Total operating expenses	2,312,324	2,011,545	1,795,642
Management Operations | Management fee revenue
Schedule of Segment Reporting Information, by Segment [Table]
Total operating revenue	$ 2,962,429	$ 2,505,742	$ 2,146,169

Earnings Per Share (Details)

Earnings Per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Class A common stock
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) | $	$ 595,399	$ 442,409	$ 296,125
Weighted shares (denominator) (in shares) | shares	46,189,044	46,188,981	46,188,916
Per-share amount (in dollars per share) | $ / shares	$ 12.89	$ 9.58	$ 6.41
Dilutive effect of stock-based awards
Allocated net income (numerator) | $	$ 0	$ 0	$ 0
Weighted shares (denominator) (in shares) | shares	16,422	9,630	8,274
Assumed conversion of Class B shares
Allocated net income (numerator) | $	$ 4,915	$ 3,652	$ 2,444
Weighted shares (denominator) (in shares) | shares	6,100,800	6,100,800	6,100,800
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) | $	$ 600,314	$ 446,061	$ 298,569
Weighted shares (denominator) (in shares) | shares	52,306,266	52,299,411	52,297,990
Per-share amount (in dollars per share) | $ / shares	$ 11.48	$ 8.53	$ 5.71
Class B common stock
Reconciliation of the numerators and denominators used in the basic and diluted per-share computations
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400
Income available to stockholders (Basic EPS:)
Allocated net income (numerator) | $	$ 4,915	$ 3,652	$ 2,444
Weighted shares (denominator) (in shares) | shares	2,542	2,542	2,542
Per-share amount (in dollars per share) | $ / shares	$ 1,934	$ 1,437	$ 962
Income available to stockholders on equivalent shares (Diluted EPS:)
Allocated net income (numerator) | $	$ 4,914	$ 3,652	$ 2,444
Weighted shares (denominator) (in shares) | shares	2,542	2,542	2,542
Per-share amount (in dollars per share) | $ / shares	$ 1,933	$ 1,437	$ 962

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	$ 1,043,615
Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,043,615	$ 961,241
Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	643,943	588,688
Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	114,127	112,468
Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	124,982	102,720
Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	133,812	140,055
Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	26,751	17,310
Fair Value, Measurements, Recurring Basis
Fair value measurements on a recurring basis by asset class and level of input
Total	1,129,506	1,045,494
Fair Value, Measurements, Recurring Basis | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,043,615	961,241
Fair Value, Measurements, Recurring Basis | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	643,943	588,688
Fair Value, Measurements, Recurring Basis | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	114,127	112,468
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	124,982	102,720
Fair Value, Measurements, Recurring Basis | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	133,812	140,055
Fair Value, Measurements, Recurring Basis | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	26,751	17,310
Fair Value, Measurements, Recurring Basis | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	85,891	84,253
Fair Value, Measurements, Recurring Basis | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	69,930	69,900
Fair Value, Measurements, Recurring Basis | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	5,629	5,810
Fair Value, Measurements, Recurring Basis | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	4,117	3,901
Fair Value, Measurements, Recurring Basis | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,341	3,915
Fair Value, Measurements, Recurring Basis | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	1,974	500
Fair Value, Measurements, Recurring Basis | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		180
Fair Value, Measurements, Recurring Basis | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	900	47
Fair Value, Measurements, Recurring Basis | Level 1
Fair value measurements on a recurring basis by asset class and level of input
Total	1,106	863
Fair Value, Measurements, Recurring Basis | Level 1 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	1,106	863
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	1,052	816
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	54	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		0
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	47
Fair Value, Measurements, Recurring Basis | Level 2
Fair value measurements on a recurring basis by asset class and level of input
Total	1,091,069	1,020,263
Fair Value, Measurements, Recurring Basis | Level 2 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	1,013,258	944,207
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	637,675	584,182
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	114,127	112,468
Fair Value, Measurements, Recurring Basis | Level 2 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	100,893	91,726
Fair Value, Measurements, Recurring Basis | Level 2 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	133,812	138,521
Fair Value, Measurements, Recurring Basis | Level 2 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	26,751	17,310
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	77,811	76,056
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	65,378	63,750
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	5,629	5,810
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	4,117	3,901
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	1,787	2,415
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		180
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	900	0
Fair Value, Measurements, Recurring Basis | Level 3
Fair value measurements on a recurring basis by asset class and level of input
Total	37,331	24,368
Fair Value, Measurements, Recurring Basis | Level 3 | Available-for-sale securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	30,357	17,034
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	6,268	4,506
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized debt obligations
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Commercial mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	24,089	10,994
Fair Value, Measurements, Recurring Basis | Level 3 | Residential mortgage-backed securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	1,534
Fair Value, Measurements, Recurring Basis | Level 3 | Other debt securities
Fair value measurements on a recurring basis by asset class and level of input
Total available-for-sale securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	6,974	7,334
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Financial services sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	3,500	5,334
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Utilities sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Energy sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	0	0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Consumer sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	1,500	1,500
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Technology sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	1,974	500
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Industrial sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities		0
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Communications sector
Fair value measurements on a recurring basis by asset class and level of input
Total equity securities	$ 0	$ 0

Fair Value - Level 3 Assets (De

Fair Value - Level 3 Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Roll forward of level 3 fair value measurements on a recurring basis
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other comprehensive income (loss)	Other comprehensive income (loss)
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income	Net investment income
Level 3
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	$ 24,368	$ 22,559
Included in earnings	(983)	(732)
Included in other comprehensive income (loss)	766	721
Purchases	12,553	10,349
Sales	(3,516)	(2,277)
Transfers into Level 3	39,272	14,408
Transfers out of Level 3	(35,129)	(20,660)
Ending balance	37,331	24,368
Available-for-sale securities | Level 3
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	17,034	18,780
Included in earnings	(1,653)	(779)
Included in other comprehensive income (loss)	766	721
Purchases	10,534	6,891
Sales	(3,432)	(2,277)
Transfers into Level 3	38,719	12,551
Transfers out of Level 3	(31,611)	(18,853)
Ending balance	30,357	17,034
Available-for-sale securities | Level 3 | Corporate debt securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	4,506	3,686
Included in earnings	(129)	4
Included in other comprehensive income (loss)	126	314
Purchases	6,708	4,316
Sales	(1,821)	(1,536)
Transfers into Level 3	8,379	5,611
Transfers out of Level 3	(11,501)	(7,889)
Ending balance	6,268	4,506
Available-for-sale securities | Level 3 | Commercial mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	10,994	10,910
Included in earnings	(1,519)	(778)
Included in other comprehensive income (loss)	664	311
Purchases	3,826	2,575
Sales	(1,571)	(621)
Transfers into Level 3	30,340	5,373
Transfers out of Level 3	(18,645)	(6,776)
Ending balance	24,089	10,994
Available-for-sale securities | Level 3 | Residential mortgage-backed securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	1,534	4,184
Included in earnings	(5)	(5)
Included in other comprehensive income (loss)	(24)	96
Purchases	0	0
Sales	(40)	(120)
Transfers into Level 3	0	1,567
Transfers out of Level 3	(1,465)	(4,188)
Ending balance	0	1,534
Equity securities | Level 3 | Equity securities
Roll forward of level 3 fair value measurements on a recurring basis
Beginning balance	7,334	3,779
Included in earnings	670	47
Included in other comprehensive income (loss)	0	0
Purchases	2,019	3,458
Sales	(84)	0
Transfers into Level 3	553	1,857
Transfers out of Level 3	(3,518)	(1,807)
Ending balance	$ 6,974	$ 7,334

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Held-to-maturity securities, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	$ 4,833
Fair Value	4,934
Carrying Value | Agent loans, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	92,731	$ 67,787
Carrying Value | Other loans receivable, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	11,555	10,713
Carrying Value | Held-to-maturity securities, net
Carrying values and fair value measurements of financial instruments not carried at fair value
Carrying Value	4,833	0
Fair Value | Agent loans, net | Level 3 Fair Value
Carrying values and fair value measurements of financial instruments not carried at fair value
Fair Value	90,713	66,445
Fair Value | Other loans receivable, net | Level 3 Fair Value
Carrying values and fair value measurements of financial instruments not carried at fair value
Fair Value	11,555	10,713
Fair Value | Held-to-maturity securities, net | Level 3 Fair Value
Carrying values and fair value measurements of financial instruments not carried at fair value
Fair Value	$ 4,934	$ 0

Investments - Cost and Fair Val

Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Available-for-sale securities:
Amortized cost	$ 1,065,956
Total available-for-sale securities	1,043,615
Held-to-maturity securities:
Total fixed maturity securities, net	1,070,789
Gross unrealized gains	6,907
Gross unrealized losses	29,147
Estimated fair value	1,048,549
Fair value of loaned securities	7,285	$ 0
Corporate debt securities
Available-for-sale securities:
Amortized cost	647,861	600,639
Gross unrealized gains	4,767	4,594
Gross unrealized losses	8,685	16,545
Total available-for-sale securities	643,943	588,688
Collateralized debt obligations
Available-for-sale securities:
Amortized cost	114,142	114,400
Gross unrealized gains	372	156
Gross unrealized losses	387	2,088
Total available-for-sale securities	114,127	112,468
Commercial mortgage-backed securities
Available-for-sale securities:
Amortized cost	126,509	106,019
Gross unrealized gains	1,458	1,410
Gross unrealized losses	2,985	4,709
Total available-for-sale securities	124,982	102,720
Residential mortgage-backed securities
Available-for-sale securities:
Amortized cost	150,212	153,633
Gross unrealized gains	62	69
Gross unrealized losses	16,462	13,647
Total available-for-sale securities	133,812	140,055
Other debt securities
Available-for-sale securities:
Amortized cost	27,232	17,862
Gross unrealized gains	147	136
Gross unrealized losses	628	688
Total available-for-sale securities	26,751	17,310
Debt securities
Available-for-sale securities:
Amortized cost	1,065,956	992,553
Gross unrealized gains	6,806	6,365
Gross unrealized losses	29,147	37,677
Total available-for-sale securities	1,043,615	$ 961,241
Held-to-maturity securities
Held-to-maturity securities:
Amortized cost	4,833
Gross unrealized gains	101
Gross unrealized losses	0
Fair Value	$ 4,934

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 45,052
Due after one year through five years	454,563
Due after five years through ten years	186,208
Due after ten years	380,133
Amortized cost	1,065,956
Held-to-maturity securities - due after ten years	4,833
Total fixed maturity securities, net	1,070,789
Estimated fair value
Due in one year or less	44,430
Due after one year through five years	451,762
Due after five years through ten years	185,333
Due after ten years	362,090
Total available-for-sale securities, net	1,043,615
Held-to-maturity securities - due after ten years	4,934
Total fixed maturity securities, net	1,048,549
Fair value of loaned securities	$ 7,285	$ 0

Investments - Available-for-sal

Investments - Available-for-sale Securities in a Gross Unrealized Loss Position by Length of Time (Details) $ in Thousands	Dec. 31, 2024 USD ($) holding	Dec. 31, 2023 USD ($) holding
Investment grade
Fair value
Less than 12 months	$ 280,332	$ 87,774
12 months or longer	260,480	517,090
Total	540,812	604,864
Unrealized losses
Less than 12 months	3,701	807
12 months or longer	22,664	32,511
Total	$ 26,365	$ 33,318
No. of holdings | holding	616	651
Non-investment grade
Fair value
Less than 12 months	$ 28,972	$ 8,493
12 months or longer	27,561	47,618
Total	56,533	56,111
Unrealized losses
Less than 12 months	702	270
12 months or longer	2,080	4,089
Total	$ 2,782	$ 4,359
No. of holdings | holding	370	385
Corporate debt securities
Fair value
Less than 12 months	$ 197,619	$ 50,853
12 months or longer	156,059	338,322
Total	353,678	389,175
Unrealized losses
Less than 12 months	2,486	546
12 months or longer	6,199	15,999
Total	$ 8,685	$ 16,545
No. of holdings | holding	567	590
Collateralized debt obligations
Fair value
Less than 12 months	$ 33,686	$ 3,911
12 months or longer	11,762	87,005
Total	45,448	90,916
Unrealized losses
Less than 12 months	71	15
12 months or longer	316	2,073
Total	$ 387	$ 2,088
No. of holdings | holding	77	142
Commercial mortgage-backed securities
Fair value
Less than 12 months	$ 28,333	$ 9,148
12 months or longer	24,966	30,145
Total	53,299	39,293
Unrealized losses
Less than 12 months	407	157
12 months or longer	2,578	4,552
Total	$ 2,985	$ 4,709
No. of holdings | holding	131	108
Residential mortgage-backed securities
Fair value
Less than 12 months	$ 38,003	$ 30,271
12 months or longer	90,209	101,761
Total	128,212	132,032
Unrealized losses
Less than 12 months	1,289	297
12 months or longer	15,173	13,350
Total	$ 16,462	$ 13,647
No. of holdings | holding	169	164
Other debt securities
Fair value
Less than 12 months	$ 11,663	$ 2,084
12 months or longer	5,045	7,475
Total	16,708	9,559
Unrealized losses
Less than 12 months	150	62
12 months or longer	478	626
Total	$ 628	$ 688
No. of holdings | holding	42	32
Available-for-sale securities
Fair value
Less than 12 months	$ 309,304	$ 96,267
12 months or longer	288,041	564,708
Total	597,345	660,975
Unrealized losses
Less than 12 months	4,403	1,077
12 months or longer	24,744	36,600
Total	$ 29,147	$ 37,677
No. of holdings | holding	986	1,036

Investments - Allowance for Cre

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 597	$ 249
Provision and recoveries	484	670
Sales/collections and write-offs	(568)	(322)
Allowance for credit losses, end of period	513	597
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	0
Provision and recoveries	2,167	0
Sales/collections and write-offs	0	0
Allowance for credit losses, end of period	2,167	0
Other loans receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	11,081	3,775
Provision and recoveries	1,117	7,404
Sales/collections and write-offs	0	(98)
Allowance for credit losses, end of period	12,198	11,081
Agent loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	957	957
Provision and recoveries	355	0
Sales/collections and write-offs	0	0
Allowance for credit losses, end of period	$ 1,312	$ 957

Investments - Net Investment In

Investments - Net Investment Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment income (loss) from portfolios
Total investment income	$ 71,795	$ 44,927	$ 29,881
Less: investment expenses	1,640	355	1,296
Net investment income	70,155	44,572	28,585
Available-for-sale securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	49,605	42,563	31,913
Equity securities
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	4,758	4,493	3,904
Limited partnerships
Investment income (loss) from portfolios
Limited partnerships	1,971	(11,308)	(10,446)
Cash equivalents and other
Investment income (loss) from portfolios
Available-for-sale, equity securities, cash equivalents, and other	$ 15,461	$ 9,179	$ 4,510

Investments - Net Realized and

Investments - Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity securities:
Equity securities	$ 4,848	$ 871	$ (13,238)
Net realized and unrealized investment gains (losses)
Net realized and unrealized investment gains (losses)	3,229	(5,838)	(27,286)
Available-for-sale securities
Available-for-sale securities:
Gross realized gains	3,415	804	1,169
Gross realized losses	(5,035)	(7,523)	(15,219)
Net realized losses on available-for-sale securities	(1,620)	(6,719)	(14,050)
Equity securities
Equity securities:
Equity securities	4,848	871	(13,238)
Miscellaneous
Net realized and unrealized investment gains (losses)
Miscellaneous	$ 1	$ 10	$ 2

Investments - Portion of Net Un

Investments - Portion of Net Unrealized Gains (Losses) Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity securities:
Net gains (losses) recognized during the period	$ 4,848	$ 871	$ (13,238)
Less: net gains (losses) recognized on securities sold	1,213	(2,328)	(1,866)
Net unrealized gains (losses) recognized on securities held at reporting date	$ 3,635	$ 3,199	$ (11,372)

Investments - Impairments on In

Investments - Impairments on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Impairments [Line Items]
Credit impaired	$ (484)	$ (670)
Expected credit losses:
Held-to-maturity securities	(2,167)	0
Net impairment losses recognized in earnings	(4,124)	(9,766)	$ (667)
Available-for-sale securities
Schedule of Impairments [Line Items]
Intent to sell	(299)	(1,759)	(167)
Credit impaired	(484)	(670)	(500)
Total available-for-sale securities	(783)	(2,429)	(667)
Held-to-maturity securities
Expected credit losses:
Held-to-maturity securities	(2,167)	0	0
Agent loans
Expected credit losses:
Net impairment losses recognized in earnings	(355)	0	0
Other loans receivable
Expected credit losses:
Net impairment losses recognized in earnings	$ (819)	$ (7,337)	$ 0

Investments - Securities Lendin

Investments - Securities Lending Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Fair value of loaned securities	$ 7,285	$ 0
Fair value of cash collateral	7,500
Collateral that is not permitted to be sold or repledged	$ 0

Fixed Assets - Fixed Assets by

Fixed Assets - Fixed Assets by Category (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fixed assets
Total fixed assets, gross	$ 789,823	$ 678,064
Less: Accumulated depreciation and amortization	(276,329)	(235,454)
Fixed assets, net	513,494	442,610
Software
Fixed assets
Intangible assets, gross	351,814	304,452
Land, buildings, and building improvements
Fixed assets
Tangible fixed assets, gross	233,647	216,578
Equipment
Fixed assets
Tangible fixed assets, gross	52,122	46,588
Furniture and fixtures
Fixed assets
Tangible fixed assets, gross	22,944	21,800
Leasehold improvements
Fixed assets
Tangible fixed assets, gross	1,378	1,378
Construction in progress
Fixed assets
Tangible fixed assets, gross	46,302	22,683
Projects in progress
Fixed assets
Projects in progress	$ 81,616	$ 64,585

Fixed Assets - Narrative (Detai

Fixed Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation, depletion and amortization	$ 56.5	$ 47.4	$ 45.9
Insurance Subsidiaries Reimbursed, Percentage	28%	27%	20%

Bank Line of Credit (Details)

Bank Line of Credit (Details) - Revolving Line of Credit - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Bank line of credit
Maximum borrowing capacity under the bank revolving line of credit	$ 100,000,000
Maximum letter of credit sublimit under the bank revolving line of credit	25,000,000
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit	99,200,000
Outstanding amount of letters of credit sublimit under the bank revolving line of credit	800,000
Available amount of letters of credit sublimit under the bank revolving line of credit	24,200,000
Borrowings outstanding under the bank revolving line of credit		$ 0
Security owned and pledged as collateral, associated liabilities, fair value	$ 118,600,000

Postretirement Benefits - Pensi

Postretirement Benefits - Pension Plan (Income) Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cost of pension plans:
Service cost for benefits earned	$ 34,554	$ 28,763	$ 50,242
Interest cost on benefit obligation	52,688	50,193	39,764
Expected return on plan assets	(80,793)	(68,869)	(54,557)
Prior service cost amortization	1,611	1,446	1,443
Net actuarial (gain) loss amortization	(6,859)	(15,331)	7,320
Settlements	(1,338)	0	0
Pension plan (income) cost	$ (137)	$ (3,798)	$ 44,212
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income	Other income
Erie Insurance Exchange (EIE) | Employee Pension Plan
Postretirement benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)	60%
Erie Insurance Exchange (EIE) | Supplemental Employee Retirement Plan (SERP)
Postretirement benefits
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent)	34%

Postretirement Benefits - Actua

Postretirement Benefits - Actuarial Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 01, 2024	Jun. 01, 2024	Jan. 01, 2024
Employee Pension Plan
Actuarial assumptions used to determine benefit obligations:
Discount rate	5.87%	5.34%
Rate of compensation increase	5.01%	3.25%		5.12%	5.53%	5.11%
Actuarial assumptions used to determine net periodic benefit costs:
Discount rate	5.34%	5.67%	3.16%
Expected return on assets	7%	6.50%	5.50%
Rate of compensation increase	4.31%	3.30%	3.21%
Supplemental Employee Retirement Plan (SERP)
Actuarial assumptions used to determine benefit obligations:
Discount rate	5.65%	5.11%
Rate of compensation increase	7%	5%
Actuarial assumptions used to determine net periodic benefit costs:
Discount rate	5.12%	5.46%	3.11%
Rate of compensation increase	5%	5%	5%

Postretirement Benefits - Fundi

Postretirement Benefits - Funding Policy/Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Postretirement benefits
Employer contributions during fiscal year	$ 37,061	$ 96,222
Net amount recognized in the Statements of Financial Position:
Funded status at end of year	(11,718)	3,325
Pension asset	21,311	34,320
Pension liabilities – due within one year	(4,959)	(4,735)
Pension liabilities – due after one year	(28,070)	(26,260)
Net amount recognized	$ (11,718)	3,325
Employee Pension Plan
Postretirement benefits
Funding target (as a percentage of the funding target liability)	100%
Employer contributions during fiscal year	$ 33,000	$ 95,000
Employer contributions, 2024	$ 39,000

Postretirement Benefits - Benef

Postretirement Benefits - Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Projected benefit obligation:
Projected benefit obligation, beginning of year	$ 993,554	$ 883,814
Service cost for benefits earned	34,554	28,763	$ 50,242
Interest cost on benefit obligation	52,688	50,193	39,764
Plan amendments	1,146	583
Actuarial (gain) loss	(28,250)	65,041
Benefits paid	(35,924)	(34,840)
Settlements	(4,001)	0
Projected benefit obligation, end of year	1,013,767	993,554	$ 883,814
Accumulated benefit obligation, end of year	$ 860,855	$ 847,143

Postretirement Benefits - Proje

Postretirement Benefits - Projected and Accumulated Benefit Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Plans with Projected Benefit Obligation in Excess of Plan Assets
Projected benefit obligation	$ 33,029	$ 30,995
Plan assets	0	0
Supplemental Employee Retirement Plan (SERP)
Plan with Accumulated Benefit Obligation in Excess of Plan Assets
Accumulated benefit obligation	22,761	22,698
Plan assets	$ 0	$ 0

Postretirement Benefits - Plan

Postretirement Benefits - Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair value of plan assets:
Fair value of plan assets, beginning of year	$ 996,879	$ 829,866
Actual return on plan assets	8,034	105,631
Employer contributions	37,061	96,222
Benefits paid	(35,924)	(34,840)
Settlements	(4,001)	0
Fair value of plan assets, end of year	$ 1,002,049	$ 996,879

Postretirement Benefits - Accum

Postretirement Benefits - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amounts included in accumulated other comprehensive income
Net actuarial loss (gain)	$ 26,752	$ (25,954)
Prior service cost	11,050	11,515
Net amount not yet recognized	$ 37,802	$ (14,439)

Postretirement Benefits - Other

Postretirement Benefits - Other Comprehensive Loss (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amounts recognized in other comprehensive loss (income)
Net actuarial loss (gain) arising during the year	$ 44,509	$ 28,279	$ (89,768)
Amortization of net actuarial gain (loss)	6,859	15,331	(7,320)
Amortization of prior service cost	(1,611)	(1,446)	(1,443)
Plan amendments	1,146	583	1,620
Settlement gain	1,338	0	0
Total recognized in other comprehensive loss (income)	$ 52,241	$ 42,747	$ (96,911)

Postretirement Benefits - Asset

Postretirement Benefits - Asset Allocation (Details) - Employee Pension Plan	Dec. 31, 2024	Dec. 31, 2023
Target asset allocation for the portfolio:
Total plan assets	100%	100%
Actual asset allocation for the portfolio:
Total plan assets	100%	100%
Total equity securities
Target asset allocation for the portfolio:
Total plan assets	35%	45%
Actual asset allocation for the portfolio:
Total plan assets	35%	45%
U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets	21%	27%
Actual asset allocation for the portfolio:
Total plan assets	21%	26%
U.S. small capitalization core equity
Target asset allocation for the portfolio:
Total plan assets	100%
Non-U.S. equity securities
Target asset allocation for the portfolio:
Total plan assets	14%	18%
Actual asset allocation for the portfolio:
Total plan assets	14%	19%
International small capitalization risk controlled equity
Target asset allocation for the portfolio:
Total plan assets	11%
International emerging markets equity
Target asset allocation for the portfolio:
Total plan assets	20%
International risk controlled equity
Target asset allocation for the portfolio:
Total plan assets	69%
Debt securities
Target asset allocation for the portfolio:
Total plan assets	64%	54%
Actual asset allocation for the portfolio:
Total plan assets	63%	54%
U.S. Treasury Strips
Target asset allocation for the portfolio:
Total plan assets	59%
U.S. corporate bonds with an emphasis on long duration bonds rated A or better
Target asset allocation for the portfolio:
Total plan assets	41%
Other
Target asset allocation for the portfolio:
Total plan assets	1%	1%
Actual asset allocation for the portfolio:
Total plan assets	2%	1%

Postretirement Benefits - Fair

Postretirement Benefits - Fair Value Measurement for Pension Plan Assets by Major Category and Level of Input (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair value measurements of pension plan assets:
Total	$ 1,002,049	$ 996,879	$ 829,866
Employee Pension Plan
Fair value measurements of pension plan assets:
Total	1,002,049	996,879
Employee Pension Plan | Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	318,448	383,832
Employee Pension Plan | Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Employee Pension Plan | Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Employee Pension Plan | Net Asset Value (NAV) (1)
Fair value measurements of pension plan assets:
Total	683,601	613,047
Total equity securities | Employee Pension Plan
Fair value measurements of pension plan assets:
Total	357,343	444,407
Total equity securities | Employee Pension Plan | Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	302,703	372,122
Total equity securities | Employee Pension Plan | Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Total equity securities | Employee Pension Plan | Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Total equity securities | Employee Pension Plan | Net Asset Value (NAV) (1)
Fair value measurements of pension plan assets:
Total	54,640	72,285
U.S. equity securities | Employee Pension Plan
Fair value measurements of pension plan assets:
Total	214,942	261,400
U.S. equity securities | Employee Pension Plan | Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	204,588	244,979
U.S. equity securities | Employee Pension Plan | Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
U.S. equity securities | Employee Pension Plan | Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
U.S. equity securities | Employee Pension Plan | Net Asset Value (NAV) (1)
Fair value measurements of pension plan assets:
Total	10,354	16,421
Non-U.S. equity securities | Employee Pension Plan
Fair value measurements of pension plan assets:
Total	142,401	183,007
Non-U.S. equity securities | Employee Pension Plan | Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	98,115	127,143
Non-U.S. equity securities | Employee Pension Plan | Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Non-U.S. equity securities | Employee Pension Plan | Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Non-U.S. equity securities | Employee Pension Plan | Net Asset Value (NAV) (1)
Fair value measurements of pension plan assets:
Total	44,286	55,864
Debt securities | Employee Pension Plan
Fair value measurements of pension plan assets:
Total	628,961	540,762
Debt securities | Employee Pension Plan | Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Debt securities | Employee Pension Plan | Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Debt securities | Employee Pension Plan | Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Debt securities | Employee Pension Plan | Net Asset Value (NAV) (1)
Fair value measurements of pension plan assets:
Total	628,961	540,762
Other | Employee Pension Plan
Fair value measurements of pension plan assets:
Total	15,745	11,710
Other | Employee Pension Plan | Level 1 Fair Value
Fair value measurements of pension plan assets:
Total	15,745	11,710
Other | Employee Pension Plan | Level 2 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Other | Employee Pension Plan | Level 3 Fair Value
Fair value measurements of pension plan assets:
Total	0	0
Other | Employee Pension Plan | Net Asset Value (NAV) (1)
Fair value measurements of pension plan assets:
Total	$ 0	$ 0

Postretirement Benefits - Estim

Postretirement Benefits - Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Benefits expected to be paid over the next 10 years from pension plans:
2025	$ 43,777
2026	43,639
2027	46,965
2028	50,853
2029	54,430
2030 - 2034	$ 324,250

Postretirement Benefits - Emplo

Postretirement Benefits - Employee Savings Plan (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee savings plan
Employer matching contribution paid to the plan	$ 21	$ 18.4	$ 16.7
Class A common stock held by plan participants (in shares)	0.1	0.1
Erie Insurance Exchange (EIE)
Employee savings plan
Matching contributions reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)	61%
100% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions	100%
100% employer matching contribution | Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	3%
50% employer matching contribution
Employee savings plan
Percentage of employer matching contribution of employee contributions	50%
50% employer matching contribution | Maximum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	5%
50% employer matching contribution | Minimum
Employee savings plan
Percentage of eligible employee compensation, matched by employer	3%

Incentive and Deferred Compen_3

Incentive and Deferred Compensation Plans - Narrative (Details) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Apr. 23, 2024 shares	Apr. 22, 2024 shares
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Number of incentive plans for executives, senior vice presidents and other selected officers | plan		2
Number of deferred compensation plans for executives, senior vice presidents and other selected officers | plan		2
Number of deferred compensation plans for outside directors | plan		2
Annual Incentive Plan
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum percentage of employee compensation that can be deferred (as a percent)		100%
Long-Term Incentive Plan
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum percentage of employee compensation that can be deferred (as a percent)		100%
Vesting period of performance and/or service condition(s)		3 years
Compensation cost related to share-based compensation plan awards		$ 1.5	$ 7.3	$ 3.4
Tax benefits recognized in income related to award expense		0.3	1.5	0.7
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods		$ 9.4
Expected period of recognition related to unrecognized compensation cost (in years)		2 years
Long-Term Incentive Plan | Phantom performance share
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Vesting percent of the grant in Class A common stock (as a percent)		75%
Long-Term Incentive Plan | Time-vesting phantom share
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Vesting percent of the grant in Class A common stock (as a percent)		25%
Long-Term Incentive Plan | Erie Insurance Exchange (EIE)
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Incentive plan compensation cost reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)		39%
Long-Term Incentive Plan | Performance Period Long-Term Incentive Plan 2021-2023
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Estimated plan award for non-vested awards	$ 5.5
Long-Term Incentive Plan | Performance Period Long-Term Incentive Plan 2020-2022
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, share-based liabilities paid			0.2
Long-Term Incentive Plan | Performance Period Long-Term Incentive Plan 2019-2021
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, share-based liabilities paid				3.8
Long-Term Incentive Plan | Performance Period Long-Term Incentive Plan 2018-2020
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, share-based liabilities paid					$ 3.8
Long-Term Incentive Plan | Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum number of shares authorized for grant (in shares) | shares		1,500,000
Stock Compensation Plan for Outside Directors
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Compensation cost related to share-based compensation plan awards		$ 1.1	0.9	0.8
Maximum period shares may be credited		10 years
Stock Compensation Plan for Outside Directors | Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum number of shares authorized for grant (in shares) | shares		250,000
Share-based compensation arrangement by share-based payment award, share-based liabilities paid		$ 1.6	$ 1.4	$ 1.2
Average price per share for shares purchased (in dollars per share) | $ / shares		$ 405.60	$ 238.73	$ 201.93
Stock Compensation Plan for Outside Directors | Class A common stock | Three Month Vesting Period
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Vesting period of performance and/or service condition(s)		3 months
Vesting percent of the grant in Class A common stock (as a percent)		25%
Stock Compensation Plan for Outside Directors | Class A common stock | Performance Shares
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Shares purchased for share-based compensation awards (in shares) | shares		4,044	5,894	6,048
Incentive Compensation Deferral Plan | Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, share-based liabilities paid			$ 0.4	$ 1.2
Vesting percent of the grant in Class A common stock (as a percent)		100%
Payment period for vested share credits (in years)		3 years
Average price per share for shares purchased (in dollars per share) | $ / shares			$ 230.71	$ 176.44
Incentive Compensation Deferral Plan | Class A common stock | Performance Shares
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Shares purchased for share-based compensation awards (in shares) | shares			1,608	7,046
Equity Compensation Plan
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Compensation cost related to share-based compensation plan awards		$ 6.9	$ 4	$ 0.8
Total unrecognized compensation cost related to share-based compensation plan awards pertaining to open performance periods		$ 2.6
Expected period of recognition related to unrecognized compensation cost (in years)		2 years
Equity Compensation Plan | Erie Insurance Exchange (EIE)
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Incentive plan compensation cost reimbursed to Indemnity from the Exchange and its subsidiaries (as a percent)		35%	35%	3%
Equity Compensation Plan | Class A common stock
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Maximum number of shares authorized for grant (in shares) | shares						250,000	100,000
Maximum number of shares which may be received by any single participant during any specified period (in shares) | shares		10,000
Equity Compensation Plan | Class A common stock | Performance Period Equity Compensation Plan 2019
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, share-based liabilities paid			$ 0.4
Average price per share for shares purchased (in dollars per share) | $ / shares			$ 252.32
Equity Compensation Plan | Class A common stock | Performance Period Equity Compensation Plan 2019 | Performance Shares
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Shares purchased for share-based compensation awards (in shares) | shares			1,610
Equity Compensation Plan | Class A common stock | Performance Period Equity Compensation Plan 2018
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Share-based compensation arrangement by share-based payment award, share-based liabilities paid		$ 3.2		$ 0.3
Average price per share for shares purchased (in dollars per share) | $ / shares				$ 190.68
Equity Compensation Plan | Class A common stock | Performance Period Equity Compensation Plan 2018 | Performance Shares
Schedule of Incentive Plans and Deferred Compensation [Line Items]
Shares purchased for share-based compensation awards (in shares) | shares				1,786

Incentive and Deferred Compen_4

Incentive and Deferred Compensation Plans - Deferred Executive Compensation Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred executive compensation liability
Deferred executive compensation, beginning of the year	$ 31,918	$ 25,760	$ 27,208
Total plan awards and earnings	15,040	17,561	10,126
Total plan awards paid	(8,105)	(10,211)	(10,413)
Deferred executive compensation, end of the year	34,595	31,918	25,760
Annual Incentive Plan
Deferred executive compensation liability
Annual incentive plan awards	8,574	7,401	6,305
Long-Term Incentive Plan
Deferred executive compensation liability
Long-term incentive plan awards	1,786	7,332	3,417
Forfeitures	(244)	0	0
Deferred Compensation Plans and Stock Compensation Plan for Outside Directors
Deferred executive compensation liability
Employer match and hypothetical earnings on deferred compensation	4,680	2,828	404
Compensation deferred	1,701	1,809	2,528
Distributions from the deferred compensation plans	(2,372)	(313)	(742)
Stock Compensation Plan for Outside Directors
Deferred executive compensation liability
Funding of rabbi trust	(1,640)	(1,407)	(1,221)
Incentive Compensation Deferral Plan
Deferred executive compensation liability
Funding of rabbi trust	(1,703)	(1,281)	(1,726)
Shares held back to satisfy tax withholding on rabbi trust distributions	$ 1,700	$ 900	$ 500

Income Taxes - Provision for In

Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of provision for income taxes
Current income tax expense	$ 152,939	$ 116,877	$ 68,415
Deferred income tax expense (benefit)	4,026	(1,002)	9,468
Income tax expense	$ 156,965	$ 115,875	$ 77,883

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income
Income tax at statutory rate	$ 159,029	$ 118,007	$ 79,055
Other, net	(2,064)	(2,132)	(1,172)
Income tax expense	$ 156,965	$ 115,875	$ 77,883

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Other employee benefits	$ 18,409	$ 17,781
Allowance for management fee returned on cancelled policies	4,647	3,571
Deferred revenue	4,181	3,756
Unrealized losses on investments	3,827	7,164
Current expected credit loss allowance	2,966	2,661
Other	4,617	3,709
Total deferred tax assets	38,647	38,642
Deferred tax liabilities:
Depreciation	27,089	31,126
Pension and other postretirement benefits	12,276	14,738
Prepaid expenses	2,013	2,001
Other	3,687	2,258
Total deferred tax liabilities	45,065	50,123
Net deferred tax liability	$ (6,418)	$ (11,481)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax asset valuation allowance	$ 0	$ 0

Capital Stock - Class A and B C

Capital Stock - Class A and B Common Stock (Details)	12 Months Ended
	Dec. 31, 2024 classOfStock shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Common stock
Number of classes of common stock | classOfStock	2
Class A common stock
Common stock
Minimum multiplier for dividend payable on Class A common stock per dividend declared on Class B common stock	0.67%
Class B common stock
Common stock
Ratio for converting shares of Class B common stock into shares of Class A common stock	2,400	2,400
Class B common stock shares converted into Class A common stock shares (in shares) | shares	0	0	0
Percentage of dividend declared on Class B common stock used to determine dividend payable on Class A common stock	0.67%

Capital Stock - Stock Repurchas

Capital Stock - Stock Repurchases (Details) - Class A common stock - Stock repurchase program - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock repurchases
Amount of authorized stock repurchases approved for continuation under the current program				$ 150
Shares repurchased under stock repurchase program (in shares)	0	0	0
Approximate amount of repurchase authority remaining under the current stock repurchase program	$ 17.8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated other comprehensive income (loss), before tax
Amortization of prior service costs	$ 1,611	$ 1,446	$ 1,443
Amortization of net actuarial (gain) loss	(6,859)	(15,331)	7,320
Settlement gain	(1,338)	0	0
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	(13,400)
Investment securities, OCI (loss)	7,079	27,784	(58,692)
Pension and other postretirement plans, OCI (loss)	(41,270)	(33,770)	76,566
OCI (loss)	(34,191)	(5,986)	17,874
AOCI (loss), end of year	(47,591)	(13,400)
Total
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of year	(16,963)	(9,385)	(32,012)
Investment securities, OCI (loss)	8,960	35,169	(74,293)
Pension and other postretirement plans, OCI (loss)	(52,241)	(42,747)	96,920
OCI (loss)	(43,281)	(7,578)	22,627
AOCI (loss), end of year	(60,244)	(16,963)	(9,385)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of year	(3,563)	(1,971)	(6,724)
Investment securities, OCI (loss)	1,881	7,385	(15,601)
Pension and other postretirement plans, OCI (loss)	(10,971)	(8,977)	20,354
OCI (loss)	(9,090)	(1,592)	4,753
AOCI (loss), end of year	(12,653)	(3,563)	(1,971)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	(13,400)	(7,414)	(25,288)
Investment securities, OCI (loss)	7,079	27,784	(58,692)
Pension and other postretirement plans, OCI (loss)	(41,270)	(33,770)	76,566
OCI (loss)	(34,191)	(5,986)	17,874
AOCI (loss), end of year	(47,591)	(13,400)	(7,414)
Investment securities:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of year	(31,402)	(66,571)	7,722
OCI (loss) before reclassifications	6,557	26,021	(89,010)
Realized investment losses	1,620	6,719	14,050
Impairment losses	783	2,429	667
Investment securities, OCI (loss)	8,960	35,169	(74,293)
AOCI (loss), end of year	(22,442)	(31,402)	(66,571)
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of year	(6,595)	(13,980)	1,621
OCI (loss) before reclassifications	1,377	5,464	(18,692)
Realized investment losses	340	1,411	2,951
Impairment losses	164	510	140
Investment securities, OCI (loss)	1,881	7,385	(15,601)
AOCI (loss), end of year	(4,714)	(6,595)	(13,980)
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	(24,807)	(52,591)	6,101
OCI (loss) before reclassifications	5,180	20,557	(70,318)
Realized investment losses	1,280	5,308	11,099
Impairment losses	619	1,919	527
Investment securities, OCI (loss)	7,079	27,784	(58,692)
AOCI (loss), end of year	(17,728)	(24,807)	(52,591)
Pension and other postretirement plans:
Accumulated other comprehensive income (loss), before tax
AOCI (loss), beginning of year	14,439	57,186	(39,734)
OCI (loss) before reclassifications	(45,655)	(28,862)	88,148
Amortization of prior service costs	1,611	1,446	1,443
Amortization of net actuarial (gain) loss	(6,859)	(15,331)	7,329
Settlement gain	(1,338)	0	0
Pension and other postretirement plans, OCI (loss)	(52,241)	(42,747)	96,920
AOCI (loss), end of year	(37,802)	14,439	57,186
Accumulated other comprehensive income (loss), tax
AOCI (loss), beginning of year	3,032	12,009	(8,345)
OCI (loss) before reclassifications	(9,588)	(6,061)	18,511
Amortization of prior service costs	338	304	303
Amortization of net actuarial (gain) loss	(1,440)	(3,220)	1,540
Settlement gain	(281)	0	0
Pension and other postretirement plans, OCI (loss)	(10,971)	(8,977)	20,354
AOCI (loss), end of year	(7,939)	3,032	12,009
Accumulated other comprehensive income (loss), net of tax
AOCI (loss), beginning of year	11,407	45,177	(31,389)
OCI (loss) before reclassifications	(36,067)	(22,801)	69,637
Amortization of prior service costs	1,273	1,142	1,140
Amortization of net actuarial (gain) loss	(5,419)	(12,111)	5,789
Settlement gain	(1,057)	0	0
Pension and other postretirement plans, OCI (loss)	(41,270)	(33,770)	76,566
AOCI (loss), end of year	$ (29,863)	$ 11,407	$ 45,177

Related Party (Details)

Related Party (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023 loan	Dec. 31, 2024 USD ($) affiliate insurer	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related party transactions
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange		25%
Minimum number of affiliates to be classified as an insurance holding company system | affiliate		2
Minimum number of insurer affiliates to be classified as an insurance holding company system | insurer		1
Total operating revenue		$ 3,795,115	$ 3,268,940	$ 2,840,124
Rental Income
Related party transactions
Total operating revenue		$ 26,350	$ 26,059	$ 25,687
Erie Insurance Exchange (EIE)
Related party transactions
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange		25%	25%	25%
Erie Insurance Exchange (EIE) | 2021 Lease (Indemnity as Lessor)
Related party transactions
Operating expenses on shared facilities		$ 21,900	$ 20,000	$ 19,500
Reimbursements from the Exchange for shared facilities		5,900	5,200	4,100
Erie Insurance Exchange (EIE) | Rental Income | 2021 Lease (Indemnity as Lessor)
Related party transactions
Total operating revenue		2,900	2,600	$ 2,200
Other Affiliates | Other loans receivable
Related party transactions
Number of loans issued | loan	2
Loan amount issued		13,600
Allowance for credit loss		8,000	$ 7,300
Other Affiliates | Senior secured first loan
Related party transactions
Loan amount issued		$ 4,600
Fixed interest rate		5%
Other Affiliates | Senior secured second loan
Related party transactions
Loan amount issued		$ 9,000
Fixed interest rate		5%

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 707,060	$ 625,338
Receivables from Erie Insurance Exchange, allowance for credit loss	700	600
Affiliated Entity
Concentration Risk [Line Items]
Receivables from Erie Insurance Exchange and affiliates, net	$ 707,100	$ 625,300

Commitments and Contingencies (

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Agent loans
Other Commitments [Line Items]
Minimum funding percentage of each loan	30%
Participation amount in loan program	$ 41,500,000
Payment Guarantee | Agent loans
Other Commitments [Line Items]
Maximum potential obligation	13,200,000
Payment Guarantee | Other loans receivable
Other Commitments [Line Items]
Maximum potential obligation	10,500,000
Third-Party Bank | Agent loans
Other Commitments [Line Items]
Amount of loan participation program	110,300,000
Maximum | Third-Party Bank | Agent loans
Other Commitments [Line Items]
Amount of loan participation program	$ 150,000,000

Supplementary Data on Cash Fl_3

Supplementary Data on Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 600,314	$ 446,061	$ 298,569
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	56,530	47,415	46,166
Deferred income tax expense (benefit)	4,026	(1,002)	9,468
Lease amortization expense	7,377	6,177	5,554
Losses (gains) and impairment losses on investments	895	15,604	27,953
Loss on disposal of fixed assets	3,874	1,607	172
Net investment (income) loss	(874)	13,772	12,916
Increase (decrease) in deferred compensation	2,677	6,143	(1,463)
Increase in receivables from affiliates	(81,722)	(100,401)	(45,814)
Increase in accrued investment income	(1,611)	(1,157)	(1,998)
Increase in pension asset	(34,516)	(101,250)	0
Increase in pension liability	0	0	15,647
(Increase) decrease in prepaid expenses and other assets	(2,996)	7,729	(25,843)
(Decrease) increase in accounts payable and accrued expenses	(7,517)	7,237	18,993
Increase in commissions payable	54,600	53,681	29,282
Increase (decrease) in accrued agent incentive compensation	7,381	(27,089)	(25,271)
Increase in contract liability	2,811	6,678	1,821
Net cash provided by operating activities	$ 611,249	$ 381,205	$ 366,152