RLI CORP, 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 13, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2024    
Entity File Number 001-09463    
Entity Registrant Name RLI CORP    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 37-0889946    
Entity Address, Address Line One 9025 North Lindbergh Drive    
Entity Address, City or Town Peoria    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 61615    
City Area Code 309    
Local Phone Number 692-1000    
Title of 12(b) Security Common Stock $0.01 par value    
Trading Symbol RLI    
Security Exchange Name NYSE    
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 [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 6,006,400,931
Entity Common Stock, Shares Outstanding   91,764,132  
Documents Incorporated by Reference

Portions of the registrant’s definitive proxy statement for the 2025 annual meeting of shareholders are incorporated herein by reference into Part III of this document.

    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000084246    
Amendment Flag false    
Auditor Name Deloitte & Touche LLP    
Auditor Location Chicago, Illinois    
Auditor Firm ID 34    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale, at fair value (amortized cost of $3,391,159 and allowance for credit losses of $197 in 2024) (amortized cost of $3,054,391 and allowance for credit losses of $306 in 2023) $ 3,175,796 $ 2,855,849
Equity securities, at fair value (cost - $417,897 in 2024 and $354,022 in 2023) 736,191 590,041
Short-term investments, at cost which approximates fair value 74,915 134,923
Other invested assets 57,939 59,081
Cash 39,790 36,424
Total investments and cash 4,084,631 3,676,318
Accrued investment income 28,319 24,062
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $22,932 in 2024 and $21,438 in 2023 230,534 221,206
Ceded unearned premium 124,955 112,257
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $9,580 in 2024 and $10,608 in 2023 755,425 757,349
Deferred policy acquisition costs 166,214 146,566
Property and equipment, at cost, net of accumulated depreciation of $76,330 in 2024 and $74,279 in 2023 43,172 46,715
Investment in unconsolidated investees 56,477 56,966
Goodwill and intangibles 53,562 53,562
Income taxes-deferred 7,793 15,872
Other assets 77,720 69,348
TOTAL ASSETS 5,628,802 5,180,221
Liabilities    
Unpaid loss and settlement expenses 2,693,470 2,446,025
Unearned premiums 984,140 892,326
Reinsurance balances payable 44,681 71,507
Funds held 97,380 101,446
Income taxes-current 749 3,757
Short-term debt 100,000 100,000
Accrued expenses 124,242 108,880
Other liabilities 62,173 42,766
TOTAL LIABILITIES 4,106,835 3,766,707
Shareholders' Equity    
Common stock ($0.01 par value) (Shares authorized - 400,000,000) (137,598,560 shares issued and 91,738,132 shares outstanding in 2024) (137,140,522 shares issued and 91,280,094 shares outstanding in 2023) 1,376 1,371
Paid-in capital 367,645 361,660
Accumulated other comprehensive earnings (173,723) (166,303)
Retained earnings 1,719,668 1,609,785
Deferred compensation 13,498 13,539
Treasury stock, at cost (45,860,428 shares in 2024 and 2023) (406,497) (406,538)
TOTAL SHAREHOLDERS' EQUITY 1,521,967 1,413,514
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,628,802 $ 5,180,221
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement Of Financial Position [Abstract]    
Available-for-sale, amortized cost $ 3,391,159 $ 3,054,391
Available-for-sale, allowance for credit losses 197 306
Equity securities, cost 417,897 354,022
Premiums and reinsurance balances receivable, allowances for uncollectible amounts 22,932 21,438
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts 9,580 10,608
Property and equipment, accumulated depreciation $ 76,330 $ 74,279
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 137,598,560 137,140,522
Common stock, shares outstanding (in shares) 91,738,132 91,280,094
Treasury stock, shares (in shares) 45,860,428 45,860,428
v3.25.0.1
Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net premiums earned $ 1,526,406 $ 1,294,306 $ 1,144,436
Net investment income 142,278 120,383 86,078
Net realized gains 19,966 32,518 588,515
Net unrealized gains (losses) on equity securities 81,734 64,787 (121,037)
Consolidated revenue 1,770,384 1,511,994 1,697,992
Losses and settlement expenses 739,253 604,413 514,376
Policy acquisition costs 464,040 418,325 369,632
Insurance operating expenses 112,460 98,383 82,212
Interest expense on debt 6,331 7,301 8,047
General corporate expenses 15,880 15,917 12,900
Total expenses 1,337,964 1,144,339 987,167
Equity in earnings of unconsolidated investees (4,869) 9,610 9,853
Earnings before income taxes 427,551 377,265 720,678
Income tax expense (benefit):      
Current 71,720 64,944 186,906
Deferred 10,052 7,710 (49,639)
Income tax expense 81,772 72,654 137,267
Net income (loss) 345,779 304,611 583,411
Other comprehensive earnings (loss), net of tax (7,420) 62,773 (278,902)
Comprehensive earnings $ 338,359 $ 367,384 $ 304,509
Basic net earnings per share $ 3.78 $ 3.34 $ 6.43
Diluted net earnings per share $ 3.74 $ 3.31 $ 6.37
Weighted average number of common shares outstanding:      
Basic 91,529 91,191 90,735
Diluted 92,451 92,155 91,589
v3.25.0.1
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Common stock
Paid-in Capital
Accumulated Other Comprehensive Earnings (Loss)
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Deferred Compensation
Treasury Stock at Cost
Cumulative Effect, Period of Adoption, Adjustment
Total
Shareholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021 $ 1,364 $ 343,060 $ 49,826   $ 1,228,110 $ 9,642 $ (402,641)   $ 1,229,361
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 90,578,674                
Increase Decrease In Shareholders Equity Roll Forward                  
Net Income (Loss)         583,411       583,411
Other comprehensive earnings (loss), net of tax     (278,902)           (278,902)
Deferred compensation           2,373 (2,373)    
Share-based compensation $ 4 8,647             8,651
Share-based compensation (in shares) 360,830                
Dividends and dividend equivalents         (365,180)       (365,180)
Shareholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2022 $ 1,368 351,707 (229,076) $ (951) 1,446,341 12,015 (405,014) $ (951) 1,177,341
Shares, Outstanding, Ending Balance at Dec. 31, 2022 90,939,504                
Increase Decrease In Shareholders Equity Roll Forward                  
Net Income (Loss)         304,611       304,611
Other comprehensive earnings (loss), net of tax     62,773           62,773
Deferred compensation           1,524 (1,524)    
Share-based compensation $ 3 9,953             9,956
Share-based compensation (in shares) 340,590                
Dividends and dividend equivalents         (140,216)       (140,216)
Shareholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2023 $ 1,371 361,660 (166,303)   1,609,785 13,539 (406,538)   1,413,514
Shares, Outstanding, Ending Balance at Dec. 31, 2023 91,280,094                
Increase Decrease In Shareholders Equity Roll Forward                  
Net Income (Loss)         345,779       345,779
Other comprehensive earnings (loss), net of tax     (7,420)           (7,420)
Deferred compensation           (41) 41    
Share-based compensation $ 5 5,985             5,990
Share-based compensation (in shares) 458,038                
Dividends and dividend equivalents         (235,896)       (235,896)
Shareholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2024 $ 1,376 $ 367,645 $ (173,723)   $ 1,719,668 $ 13,498 $ (406,497)   $ 1,521,967
Shares, Outstanding, Ending Balance at Dec. 31, 2024 91,738,132                
v3.25.0.1
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement Of Shareholders Equity [Abstract]      
Cash dividends paid per common share $ 2.57 $ 1.54 $ 4.02
v3.25.0.1
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:      
Net earnings $ 345,779 $ 304,611 $ 583,411
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net realized gains (19,966) (32,518) (588,515)
Net unrealized (gains) losses on equity securities (81,734) (64,787) 121,037
Depreciation 7,664 8,545 7,981
Deferred income tax expense (benefit) 10,052 7,710 (49,639)
Other items, net 13,725 24,947 (20,467)
Change in:      
Accrued investment income (4,257) (2,803) (3,754)
Premiums and reinsurance balances receivable (net of direct write-offs and commutations) (9,328) (31,705) (22,222)
Reinsurance balances payable (26,826) 10,407 18,249
Funds held (4,066) 302 11,371
Ceded unearned premiums (12,698) 26,200 (7,541)
Reinsurance balances recoverable on unpaid losses and settlement expenses 1,924 (17,260) (132,003)
Deferred policy acquisition costs (19,648) (18,707) (24,306)
Accrued expenses 15,362 14,011 (3,405)
Unpaid losses and settlement expenses 247,445 130,388 272,082
Unearned premiums 91,814 107,241 104,641
Current income taxes payable (3,008) 7,285 (6,619)
Changes in investment in unconsolidated investees:      
Undistributed earnings 4,869 (9,610) (9,853)
Dividends received 3,116    
Net cash provided by operating activities 560,219 464,257 250,448
Purchase of:      
Fixed income securities, available-for-sale (811,926) (662,070) (2,053,359)
Equity securities (97,922) (55,652) (45,007)
Property and equipment (4,710) (5,913) (5,889)
Equity method investee     (3,819)
Other (10,956) (10,786) (5,704)
Proceeds from sale of:      
Fixed income securities - available-for-sale 149,939 50,135 53,300
Equity securities 64,839 51,881 62,212
Equity method investments   14,284 686,666
Property and equipment 13 27 375
Other 5,548 817 2,659
Proceeds from call or maturity of:      
Fixed income securities - available-for-sale 326,297 504,168 1,393,674
Net sale (purchase) of short-term investments 60,008 (98,694) (36,229)
Net cash provided by (used in) investing activities (318,870) (211,803) 48,879
Cash Flows from Financing Activities      
Proceeds from issuance of debt 73,000 100,000  
Repayment of debt (73,000) (200,000)  
Proceeds from stock option exercises (2,327) 1,245 (465)
Cash dividends paid (235,656) (140,093) (364,848)
Net cash used in financing activities (237,983) (238,848) (365,313)
Net increase (decrease) in cash 3,366 13,606 (65,986)
Cash at the beginning of year 36,424 22,818 88,804
Cash at end of year $ 39,790 $ 36,424 $ 22,818
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Notes to Consolidated Financial Statements

​

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

​

A.

DESCRIPTION OF BUSINESS

​

RLI Corp. is an insurance holding company. References to “the Company,” “we,” “our,” “us” or like terms refer to the business of RLI Corp. and its subsidiaries. We underwrite select property, casualty and surety products through major subsidiaries collectively known as RLI Insurance Group. We conduct operations principally through three insurance companies. RLI Insurance Company (RLI Ins.), a subsidiary of RLI Corp. and our principal insurance subsidiary, writes multiple lines of insurance on an admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Mt. Hawley Insurance Company (Mt. Hawley), a subsidiary of RLI Ins., writes excess and surplus lines insurance on a non-admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Contractors Bonding and Insurance Company (CBIC), a subsidiary of RLI Ins., writes multiple lines of insurance on an admitted basis in all 50 states and the District of Columbia.

​

B.

PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

​

The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States of America (GAAP), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements include the accounts of our holding company and our subsidiaries. Intercompany balances and transactions have been eliminated.

​

On January 15, 2025, RLI Corp. effected a two-for-one split of its common stock and a proportionate increase in the number of authorized shares. All share and per share information throughout this report has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from paid-in capital to common stock.

​

The Company has evaluated subsequent events through the date these consolidated financial statements were issued. There were no other subsequent events requiring adjustment to the financial statements or disclosure.

​

C.

ADOPTED ACCOUNTING STANDARDS

​

2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

​

The amendments in this Accounting Standards Update (ASU) require the disclosures of significant expenses that are regularly provided to the chief operating decision maker (CODM) and included within each segment’s reported measure of profit or loss. Additionally, the ASU requires the disclosure of the title of the CODM and an explanation of how the CODM uses the reported measure of a segment’s profit or loss in assessing performance and deciding how to allocate resources. We adopted ASU 2023-07 in 2024 using a retrospective approach, providing disclosures for all periods presented in the financial statements. The adoption of this ASU did not have a material impact on our consolidated financial statements.

​

D.

PROSPECTIVE ACCOUNTING STANDARDS

​

2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures

​

The guidance in ASU 2023-09 is designed to increase transparency about income tax information through improvements to the tax rate reconciliation and disclosure of income taxes paid, disaggregated by federal, state and foreign jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and should not have a material impact on our financial statements.

​

2024-03—Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

​

The guidance in ASU 2024-03 requires disaggregation of certain expenses into specified categories in the notes to the financial statements. Each relevant expense caption on the face of the statement of earnings that includes specific expenses, such as employee compensation, depreciation and intangible asset amortization, are required to be separately disclosed in a tabular presentation. Additionally, a separate total of selling expenses is required to be disclosed, along with a definition of what is included in selling expenses.

​

This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and should not have a material impact on our financial statements.

​

E.

INVESTMENTS

​

Equity securities are carried at fair value with unrealized gains and losses recorded within net earnings. Investments in fixed income securities are classified into one of three categories: trading, held-to-maturity or available-for-sale. All of our fixed income securities are classified as available-for-sale and reported at fair value. Unrealized gains and losses on these securities are excluded from net earnings but are recorded as a separate component of comprehensive earnings and shareholders’ equity, net of deferred income taxes.

​

Interest on fixed maturities and short-term investments is credited to earnings on an accrual basis. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities. Dividends on equity securities are credited to earnings on the ex-dividend date. Realized gains and losses on disposition of investments are based on the specific identification of the investments sold on the settlement date.

​

F.

CASH, SHORT-TERM INVESTMENTS AND OTHER INVESTED ASSETS

​

Cash consists of uninvested balances in bank accounts. Short-term investments consist of investments with original maturities of 90 days or less, primarily AAA-rated government money market funds. Short-term investments are carried at cost. Other invested assets include investments in low-income housing tax credit (LIHTC) and historic tax credit (HTC) partnerships, membership in the Federal Home Loan Bank of Chicago (FHLBC) and investments in private funds. Our LIHTC and HTC investments are carried at amortized cost, and our investment in FHLBC stock is carried at cost. Due to the nature of cash, the LIHTC and HTC partnerships, and our membership in the FHLBC, their carrying amounts approximate fair value. The private funds are carried at fair value, using each investment’s net asset value.

​

G.

REINSURANCE

​

Ceded unearned premiums and reinsurance balances recoverable on unpaid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of our liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. We continually monitor the financial condition of our reinsurers and actively follow up on any past due or disputed amounts. As part of our monitoring efforts, we review reinsurers’ annual financial statements and SEC filings for those that are publicly traded. We also review insurance industry developments that may impact the financial condition of our reinsurers. We analyze the credit risk associated with our reinsurance balances recoverable by monitoring the AM Best and S&P ratings of our reinsurers. In addition, we subject our reinsurance balances recoverable to detailed recoverability tests, including a segment-based analysis using the average default rating percentage by S&P rating, which assists the Company in assessing the sufficiency of its allowance. Additionally, we perform an in-depth reinsurer financial condition analysis prior to the renewal of our reinsurance placements.

​

Our policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that we may be unable to recover. Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through the use of our allowance for estimated unrecoverable amounts from reinsurers. When we write-off such a balance, it is done in full. We then re-evaluate the remaining allowance and determine whether the balance is sufficient and, if needed, an additional allowance is recognized.

​

H.

POLICY ACQUISITION COSTS

​

We defer incremental direct costs that relate to the successful acquisition of new or renewal insurance contracts, including commissions and premium taxes. Acquisition-related costs may be deemed ineligible for deferral when they are based on contingent or performance criteria beyond the basic acquisition of the insurance contract or when efforts to obtain or renew the insurance contract are unsuccessful. All eligible costs are capitalized and charged to expense in proportion to premium revenue recognized. The method followed in computing deferred policy acquisition costs limits the amount of such deferred costs to their estimated realizable value. This process contemplates the premiums to be earned, anticipated losses and settlement expenses and certain other costs expected to be incurred, but does not consider investment income. Judgments as to the ultimate recoverability of such deferred costs are reviewed

on a segment basis and are highly dependent upon estimated future loss costs associated with the premiums written. This deferral methodology applies to both gross and ceded premiums and acquisition costs.

​

I.

PROPERTY AND EQUIPMENT

​

Property and equipment are presented at cost less accumulated depreciation and are depreciated on a straight-line basis over periods ranging from 3 to 10 years for equipment and up to 30 years for buildings and improvements.

​

J.

INVESTMENTS IN UNCONSOLIDATED INVESTEES

​

Our investment in Prime Holdings Insurance Services, Inc. (Prime) is accounted for under the equity method. As of December 31, 2024, we had a 23 percent interest in the equity and earnings of Prime. Prime writes business through two Illinois domiciled insurance carriers, Prime Insurance Company, an excess and surplus lines company, and Prime Property and Casualty Insurance Inc., an admitted insurance company. Our investment in Prime was $56 million at December 31, 2024 and 2023. In 2024, we recorded $5 million in investee losses from Prime, compared to investee earnings of $10 million in 2023 and $13 million in 2022. The loss in 2024 is reflective of Prime strengthening reserves on a number of prior accident years. Additionally, we maintain a quota share reinsurance treaty with Prime, which contributed $9 million of gross premiums written and $8 million of net premiums earned during 2024, compared to $7 million of gross premiums written and $13 million of net premiums earned during 2023, and $21 million of gross premiums written and $23 million of net premiums earned during 2022. The decrease in gross premiums written and net premiums earned from 2022 was attributable to a reduction of our participation in the quota share reinsurance treaty in 2023, as well as the competitive market in which Prime operates.

​

Prime recorded a net loss of $36 million in 2024, compared to net income of $45 million in 2023 and $59 million in 2022. Additional summarized financial information for Prime as of 2024 and 2023 is outlined in the following table:

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​

​

​

​

​

​

​

(in millions)

 

2024

 

2023

Total assets

​

$

1,102

​

$

944

Total liabilities

​

​

844

​

​

691

Total equity

​

​

258

​

​

253

​

Approximately $54 million of undistributed earnings from our equity method investees were included in our retained earnings as of December 31, 2024. We received $3 million of dividends from Prime in 2024. We did not receive any dividends from our equity method investees during 2023 or 2022.

​

We perform annual impairment reviews of our investments in unconsolidated investees, which take into consideration current valuation and operating results. Based upon the most recent reviews, the assets were not impaired.

​

K.

GOODWILL AND INTANGIBLE ASSETS

​

The composition of goodwill and intangibles at December 31, 2024 and 2023, is detailed in the following table:

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

Goodwill

​

​

​

​

​

​

Surety

​

$

40,816

​

$

40,816

Casualty

​

​

5,246

​

​

5,246

Total goodwill

​

$

46,062

​

$

46,062

Indefinite-lived intangibles

​

$

7,500

​

$

7,500

Total goodwill and intangibles

​

$

53,562

​

$

53,562

​

As the amortization of goodwill and indefinite-lived intangible assets is not permitted, the assets are tested for impairment on an annual basis, or earlier if there is reason to suspect that their values may have been diminished or impaired. Annual impairment testing was performed on each of our goodwill and indefinite-lived intangible assets during 2024. Based upon these reviews, our goodwill and state insurance license indefinite-lived intangible assets were not impaired. In addition, as of December 31, 2024, there were no triggering events on goodwill and intangible assets that would suggest an updated review was necessary.

​

L.

UNPAID LOSSES AND SETTLEMENT EXPENSES

​

The liability for unpaid losses and settlement expenses represents estimates of amounts needed to pay reported and unreported claims and related expenses. The estimates are based on certain actuarial and other assumptions related to the ultimate cost to settle such claims. Such assumptions are subject to occasional changes due to evolving economic, social and political conditions. All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Furthermore, we may determine that recorded reserves are more than adequate to cover expected losses, which would lead to a reduction in our reserves.

​

M.

INSURANCE REVENUE RECOGNITION

​

Insurance premiums are recognized ratably over the term of the contracts, net of ceded reinsurance. Our policies are short-term in nature and premium is generally earned over a one-year period. Unearned premiums are calculated on a monthly pro rata basis.

​

N.

INCOME TAXES

​

We file a consolidated federal income tax return. Federal income taxes are accounted for using the asset and liability method under which deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, operating losses and tax credit carry forwards. The effect on deferred taxes for a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some of the deferred tax assets will not be realized.

​

We consider uncertainties in income taxes and recognize those in our financial statements as required. As it relates to uncertainties in income taxes, our unrecognized tax benefits, including interest and penalty accruals, are not considered material to the consolidated financial statements. Also, no tax uncertainties are expected to result in significant increases or decreases to unrecognized tax benefits within the next 12-month period. Penalties and interest related to income tax uncertainties, should they occur, would be included in income tax expense in the period in which they are incurred.

​

As an insurance company, we are subject to minimal state income tax liabilities. Since the majority of our income on a state basis is from insurance operations, we pay premium taxes, which are calculated as a percentage of gross premiums written in lieu of state income taxes. Premium taxes are a component of policy acquisition costs.

​

O.

EARNINGS PER SHARE

​

Basic earnings per share (EPS) is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock or common stock equivalents were exercised or converted into common stock. When inclusion of these items increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive. Under these circumstances, the diluted net earnings or net loss per share is computed excluding these items. The following represents a reconciliation of the numerator and denominator of the basic and diluted EPS computations contained in the consolidated financial statements:

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​

​

​

​

​

​

​

​

​

 

​

​

 

Weighted Average

 

​

​

​

​

Income

​

Shares

​

Per Share

(in thousands, except per share data)

 

(Numerator)

 

(Denominator)

 

Amount

For the year ended December 31, 2024

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

345,779

 

91,529

​

$

3.78

Stock options

​

​

—

 

922

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

345,779

 

92,451

​

$

3.74

Anti-dilutive options excluded from diluted EPS

​

​

​

​

48

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2023

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

304,611

 

91,191

​

$

3.34

Stock options

​

​

—

 

964

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

304,611

 

92,155

​

$

3.31

Anti-dilutive options excluded from diluted EPS

​

​

​

​

345

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2022

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

583,411

 

90,735

​

$

6.43

Stock options

​

​

—

 

854

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

583,411

 

91,589

​

$

6.37

Anti-dilutive options excluded from diluted EPS

​

​

​

​

590

​

​

​

​

P.

COMPREHENSIVE EARNINGS

​

Our comprehensive earnings include net earnings plus after-tax unrealized gains and losses on our available-for-sale fixed income portfolio. In reporting the components of comprehensive earnings, we used the federal statutory tax rate of 21 percent. Other comprehensive income (loss), as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense (benefit) of $(2) million, $17 million and $(74) million for 2024, 2023 and 2022, respectively.

​

The table below illustrates the changes in the balance of each component of accumulated other comprehensive earnings for each period presented in the consolidated financial statements.

​

​

​

​

​

​

​

​

​

​

​

Unrealized Gains/Losses on Available-for-Sale Securities

​

For the Year Ended December 31,

(in thousands)

 

2024

 

2023

 

2022

Beginning balance

​

$

(166,303)

 

$

(229,076)

 

$

49,826

Other comprehensive earnings before reclassifications

​

​

(11,501)

 

​

59,922

 

​

(281,189)

Amounts reclassified from accumulated other comprehensive earnings

​

​

4,081

 

​

2,851

 

​

2,287

Net current period other comprehensive earnings (loss)

​

$

(7,420)

 

$

62,773

 

$

(278,902)

Ending balance

​

$

(173,723)

 

$

(166,303)

 

$

(229,076)

Balance of securities for which an allowance for credit losses has not been recognized in net earnings

​

$

1,492

​

$

1,224

​

$

1,693

​

Credit losses or the sale of an available-for-sale security resulted in amounts being reclassified from accumulated other comprehensive earnings to current period net earnings. The effects of reclassifications out of accumulated other comprehensive earnings by the respective line items of net earnings are presented in the following table.

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount Reclassified from Accumulated Other Comprehensive Earnings

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

Component of Accumulated 

​

​

For the Year Ended December 31,

​

Affected line item in the

Other Comprehensive Earnings

 

2024

 

2023

 

2022

 

Consolidated Statement of Earnings

Unrealized gains and losses on available-for-sale securities

​

$

(5,276)

 

$

(3,641)

 

$

(2,997)

 

Net realized gains (losses)

​

​

​

110

​

​

32

​

​

102

​

Credit gains (losses) presented within net realized gains

​

​

$

(5,166)

 

$

(3,609)

 

$

(2,895)

 

Earnings (loss) before income taxes

​

​

​

1,085

 

​

758

 

​

608

 

Income tax (expense) benefit

​

​

$

(4,081)

 

$

(2,851)

 

$

(2,287)

 

Net earnings (loss)

​

Q.

FAIR VALUE DISCLOSURES

​

Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. We determined the fair value of certain financial instruments based on their underlying characteristics and relevant transactions in the marketplace. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

​

The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value.

​

Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets.

​

Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.

​

Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable.

​

As a part of management’s process to determine fair value, we utilize widely recognized, third-party pricing sources to determine our fair values. We have obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy.

​

Corporate, Agencies, Government and Municipal Bonds: The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in approximate order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All Corporate, Agencies, Government and Municipal securities are deemed Level 2.

​

Mortgage-backed Securities (MBS)/Collateralized Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS): The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (nonvolatile, volatile or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate MBS and CMBS volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates and recent trade activity. MBS/CMBS and ABS with corroborated, observable inputs are classified as Level 2. All of our MBS/CMBS and ABS are deemed Level 2.

​

Regulation D Private Placement Securities: All Regulation D privately placed bonds are classified as corporate or non-U.S. government securities and deemed Level 3. The pricing vendor evaluation methodology for these securities includes a combination of

observable and unobservable inputs. Observable inputs include public corporate spread matrices classified by sector, rating and average life, as well as investment and non-investment grade matrices created from fixed income indices. Unobservable inputs include a liquidity spread premium calculated based on public corporate spread and private corporate spread matrices. The quantitative detail of the liquidity spread premium is neither provided nor reasonably available to the Company.

​

For all of our fixed income securities classified as Level 2, we periodically conduct a review to assess the reasonableness of the fair values provided by our pricing services. Our review consists of a two-pronged approach. First, we compare prices provided by our pricing services to those provided by an additional source. In some cases, we obtain prices from securities brokers and compare them to the prices provided by our pricing services. If discrepancies are found in our comparisons, we compare our prices to actual reported trade data for like securities. No changes to the fair values supplied by our pricing services have occurred as a result of our reviews. Based on these assessments, we have determined that the fair values of our Level 2 fixed income securities provided by our pricing services are reasonable.

​

Equity Securities: As of December 31, 2024, nearly all of our equity holdings were traded on an exchange. Exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). Equity securities not traded on an exchange, for which pricing is provided by a third-party pricing source using observable inputs, are classified as Level 2. Equity securities not traded on an exchange and that rely on one or more unobservable inputs in pricing are classified as Level 3.

​

Due to the relatively short-term nature of cash, short-term investments, accounts receivable and accounts payable, their carrying amounts are reasonable estimates of fair value. Our investments in private funds, classified as other invested assets, are measured using the investments’ net asset value per share and are not categorized within the fair value hierarchy. The fair value of our debt is discussed further in note 3 to the consolidated financial statements.

​

R.

SHARE-BASED COMPENSATION

​

We expense the estimated fair value of employee stock options and similar awards. We measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The tax effects related to share-based payments are made through net earnings. See note 7 to the consolidated financial statements for further discussion and related disclosures regarding stock options.

​

S.

RISKS AND UNCERTAINTIES

​

Certain risks and uncertainties are inherent in our day-to-day operations and in the process of preparing our consolidated financial statements. The more significant risks and uncertainties, as well as our attempt to mitigate, quantify and minimize such risks, are presented below and throughout the notes to the consolidated financial statements.

​

Insurance Risks

​

We compete with a large number of other companies in our selected lines of business. During periods of intense competition for premium, we are vulnerable to the actions of other companies who may seek to write business without the appropriate regard for risk and profitability. The insurance industry is often highly competitive, which can make it difficult to grow or maintain premium volume without sacrificing underwriting discipline and income. Our profitability can be significantly affected by the ability of our underwriters to accurately select and price risk and our claim personnel to appropriately deliver fair outcomes. We attempt to mitigate this risk by incentivizing our underwriters to maximize underwriting profit and remain disciplined in pricing and selecting risks. If we are unable to compete effectively in the markets in which we operate or expand our operations into new markets, our underwriting revenues may decline, as well as overall business results.

​

Our loss reserves are based on estimates and may be inadequate to cover our actual insured losses, which would negatively impact our profitability. As of December 31, 2024, we had $2.7 billion of gross loss and LAE reserves. Significant periods of time often elapse between the occurrence of an insured loss, the reporting of the loss to the Company and our payment of that loss. As part of the reserving process, we review historical data and consider the impact of various factors such as trends in claim frequency and severity, emerging economic and social trends, inflation and changes in the regulatory and litigation environments. If the actual amount of insured losses is greater than the amount we have reserved for these losses, our profitability would suffer.

​

Catastrophe Exposures

​

Our insurance coverages include exposure to catastrophic events. We monitor catastrophe exposures by quantifying our exposed policy limits in each region and by using computer-assisted modeling techniques. Additionally, we limit our risk to such catastrophes by restraining the total policy limits written in each region and by purchasing reinsurance. Our major catastrophe exposure is to losses caused by windstorms, affecting commercial properties in coastal regions of the United States, and earthquakes, primarily on the West Coast. We are also exposed to convective storms, winter weather, wildfires, lava flows in Hawaii as well as terrorist events in the United States.

​

In 2024, our property catastrophe reinsurance treaty had limits of $850 million in excess of $25 million first-dollar retention for earthquakes in California, $850 million in excess of a $50 million first-dollar retention for earthquakes outside of California and $750 million in excess of a $50 million first-dollar retention for all other perils, including wind. In addition, we have coverages that may reduce first-dollar retentions for multiple events within an established period of time. All of these amounts were subject to certain co-participations by the Company on losses in excess of the first-dollar retentions.

​

The majority of our catastrophe reinsurance treaty renewed on January 1, 2025. We purchased the same limits over the same first-dollar retention amounts outlined above. The program was 100 percent placed with a portion of the first layer expiring on May 31, 2025. We actively manage our catastrophe program to keep our net retention in line with risk tolerances and to optimize the risk/return trade off.

​

Environmental Liability Exposures

​

We are subject to environmental liability claims and exposures primarily through our commercial excess, general liability and discontinued assumed casualty reinsurance lines of business. Although exposure to environmental claims exists in these lines of business, we seek to mitigate or control the extent of this exposure on the vast majority of this business. Our policies include pollution exclusions that have been continually updated to further strengthen them and our policies primarily cover moderate hazard risks.

​

We offer coverage for low to moderate environmental liability exposures for small contractors and asbestos and mold remediation specialists. We also provide limited coverage for individually underwritten underground storage tanks. The overall exposure is mitigated by focusing on smaller risks with low to moderate exposures. Risks that have large-scale exposures are avoided including petrochemical, chemical, mining, manufacturers and other risks that might be exposed to superfund sites. This business is covered under our casualty ceded reinsurance treaties.

​

We made loss and settlement expense payments on environmental liability claims and have loss and settlement expense reserves for others. We include this historical environmental loss experience with the remaining loss experience in the applicable line of business to project ultimate incurred losses and settlement expenses as well as related incurred but not reported (IBNR) loss and settlement expense reserves.

​

Although historical experience on environmental liability claims may not accurately reflect future environmental exposures, we used this experience to record loss and settlement expense reserves in the exposed lines of business. See further discussion of environmental exposures in note 5 to the consolidated financial statements.

​

Reinsurance

​

Reinsurance does not discharge the Company from our primary liability to policyholders, and to the extent that a reinsurer is unable to meet its obligations, we would be liable. We continuously monitor the financial condition of prospective and existing reinsurers. As a result, we purchase reinsurance from a number of financially strong reinsurers. We provide an allowance for reinsurance balances deemed uncollectible. See further discussion of reinsurance exposures in note 4 to the consolidated financial statements.

​

Investment Risk

​

Our investment portfolio is subject to market, credit and interest rate risks. The equity portfolio will fluctuate with movements in the overall stock market. While the equity portfolio has been constructed to have lower downside risk than the market, the portfolio is positively correlated with movements in domestic stocks. The bond portfolio is affected by interest rate changes and movement in credit spreads. We attempt to mitigate our interest rate and credit risks by constructing a well-diversified portfolio with high-quality securities with varied maturities. Downturns in the financial markets could have a negative effect on our portfolio. However, we attempt to manage this risk through asset allocation, duration and security selection.

​

Liquidity Risk

​

Liquidity is essential to our business and a key component of our concept of asset-liability matching. Our liquidity may be impaired by an inability to collect premium receivable or reinsurance balances recoverable in a timely manner, an inability to sell assets or redeem our investments, an inability to access funds from our insurance subsidiaries, unforeseen outflows of cash or large claim payments or an inability to access debt or equity capital markets. This situation may arise due to circumstances that we may be unable to control, such as a general market disruption, an operational problem that affects third parties or the Company, or even by the perception among market participants that we, or other market participants, are experiencing greater liquidity risk.

​

Our credit ratings are important to our liquidity. A reduction in our credit ratings could adversely affect our liquidity and competitive position by increasing our borrowing costs or limiting our access to the capital markets.

​

Financial Statements

​

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. The most significant of these amounts is the liability for unpaid losses and settlement expenses. Other estimates include investment valuation, the allowance for credit losses on fixed income securities, the collectability of reinsurance balances, recoverability of deferred tax assets and deferred policy acquisition costs. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Although recorded estimates are supported by actuarial computations and other supportive data, the estimates are ultimately based on our expectations of future events. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.

​

External Factors

​

Our insurance subsidiaries are highly regulated by the state in which they are incorporated and by the states in which they do business. Such regulations, among other things, limit the amount of dividends, impose restrictions on the amount and types of investments, impose regulations on forms and regulate rates insurers may charge for various coverages. We are also subject to insolvency and guaranty fund assessments for various programs designed to ensure policyholder indemnification. We generally accrue an assessment during the period in which it becomes probable that a liability has been incurred from an insolvency and the amount of the related assessment can be reasonably estimated.

​

The National Association of Insurance Commissioners (NAIC) has developed Property and Casualty Risk-Based Capital (RBC) standards that relate an insurer’s reported statutory surplus to the risks inherent in its overall operations. The RBC formula uses the statutory annual statement to calculate the minimum indicated capital level to support investment and underwriting risk. The NAIC model law calls for various levels of regulatory action based on the magnitude of an indicated RBC capital deficiency, if any. We regularly monitor our subsidiaries’ internal capital requirements and the NAIC’s RBC developments. As of December 31, 2024, we determined that our capital levels are well in excess of the minimum capital requirements for all RBC action levels and that our capital levels are sufficient to support the level of risk inherent in our operations. See note 8 to the consolidated financial statements for further discussion of statutory information and related insurance regulatory restrictions.

​

In addition, ratings are a critical factor in establishing the competitive position of insurance companies. Our insurance companies are rated by AM Best, S&P and Moody’s. Their ratings reflect their opinions of an insurance company’s and an insurance holding company’s financial strength, operating performance, strategic position and ability to meet its obligations to policyholders.

v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments Debt And Equity Securities [Abstract]  
Investments

2.

INVESTMENTS

​

Our investments are primarily composed of fixed income debt securities and common stock equity securities. All of our debt securities are classified as available-for-sale, which are carried at fair value. Our equity portfolio consists of common stocks and exchange traded funds (ETF), which are carried at fair value.

​

A summary of net investment income for the years ended December 31 are summarized below.

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Interest on fixed income securities

 

$

120,561

 

$

103,446

 

$

77,164

Dividends on equity securities

​

​

13,276

​

​

12,238

​

​

11,912

Interest on cash, short-term investments and other invested assets

​

​

16,017

​

​

10,940

​

​

2,467

Gross investment income

​

$

149,854

​

$

126,624

​

$

91,543

Less investment expenses

​

​

(7,576)

​

​

(6,241)

​

​

(5,465)

Net investment income

 

$

142,278

​

$

120,383

​

$

86,078

​

Pretax net realized gains (losses) and net changes in unrealized gains (losses) on investments for the years ended December 31 are summarized below.

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Net realized gains (losses):

​

​

​

​

​

​

​

​

​

Fixed income:

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

(5,276)

​

$

(3,641)

​

$

(2,997)

Equity securities

​

​

30,792

​

​

22,232

​

​

20,287

Investment in unconsolidated investees

​

​

(42)

​

​

14,084

​

​

570,952

Other

​

​

(5,508)

​

​

(157)

​

​

273

Total net realized gains (losses)

​

$

19,966

​

$

32,518

​

$

588,515

​

​

​

​

​

​

​

​

​

​

Net changes in unrealized gains (losses) on investments:

​

​

​

​

​

​

​

​

​

Equity securities

​

$

82,275

​

$

65,655

​

$

(118,912)

Other invested assets

​

​

(541)

​

​

(868)

​

​

(2,125)

Total unrealized gains (losses) on equity securities recognized in net earnings

​

$

81,734

​

$

64,787

​

$

(121,037)

​

​

​

​

​

​

​

​

​

​

Fixed income:

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

(16,822)

​

$

79,782

​

$

(341,944)

Investment in unconsolidated investees

​

​

7,539

​

​

(290)

​

​

(10,994)

Other

​

​

(109)

​

​

(33)

​

​

(102)

Total unrealized gains (losses) recognized in other comprehensive earnings

​

$

(9,392)

​

$

79,459

​

$

(353,040)

Net realized gains (losses) and changes in unrealized gains (losses) on investments

​

$

92,308

​

$

176,764

​

$

114,438

​

The change in the portfolio’s unrealized gain (loss) position was due to strong equity market returns during the year, which were partially offset by a decrease in the unrealized value of fixed income securities.

​

The following is a summary of the disposition of fixed income securities and equities for the years ended December 31, with separate presentations for sales and calls/maturities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SALES

​

​

​

​

Gross Realized

​

Net Realized

(in thousands)

 

Proceeds

 

Gains

 

Losses

 

Gain (Loss)

2024

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

150,884

​

$

630

​

$

(4,386)

​

$

(3,756)

Equities

​

​

64,839

​

​

31,148

​

​

(356)

​

​

30,792

2023

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

49,960

​

$

451

​

$

(2,174)

​

$

(1,723)

Equities

​

​

51,881

​

​

23,482

​

​

(1,250)

​

​

22,232

2022

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

51,355

​

$

287

​

$

(2,849)

​

$

(2,562)

Equities

​

​

62,212

​

​

21,623

​

​

(1,336)

​

​

20,287

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CALLS/MATURITIES

​

​

​

​

Gross Realized

​

Net Realized

(in thousands)

 

Proceeds

 

Gains

 

Losses

 

Gain (Loss)

2024

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

323,533

​

$

134

​

$

(1,400)

​

$

(1,266)

2023

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

506,910

​

$

39

​

$

(162)

​

$

(123)

2022

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

1,393,704

​

$

196

​

$

(55)

​

$

141

​

FAIR VALUE MEASUREMENTS

​

Assets measured at fair value on a recurring basis as of December 31, 2024 and 2023, are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

Quoted in Active

​

Significant Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

(in thousands)

 

 (Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Fixed income securities - available-for-sale

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government

​

$

—

​

$

515,635

​

$

—

​

$

515,635

U.S. agency

​

​

—

​

​

54,338

​

​

—

​

​

54,338

Non-U.S. government & agency

​

​

—

​

​

6,898

​

​

973

​

​

7,871

Agency MBS

​

​

—

​

​

396,223

​

​

—

​

​

396,223

ABS/CMBS/MBS*

​

​

—

​

​

410,248

​

​

—

​

​

410,248

Corporate

​

​

—

​

​

1,256,991

​

​

89,530

​

​

1,346,521

Municipal

​

​

—

​

​

444,960

​

​

—

​

​

444,960

Total fixed income securities - available-for-sale

​

$

—

​

$

3,085,293

​

$

90,503

​

$

3,175,796

Equity securities

​

​

731,569

​

​

—

​

​

4,622

​

​

736,191

Total

​

$

731,569

​

$

3,085,293

​

$

95,125

​

$

3,911,987

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

Quoted in Active

​

Significant Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

(in thousands)

 

 (Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Fixed income securities - available-for-sale

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government

​

$

—

​

$

308,031

​

$

—

​

$

308,031

U.S. agency

​

​

—

​

​

59,826

​

​

—

​

​

59,826

Non-U.S. government & agency

​

​

—

​

​

3,882

​

​

—

​

​

3,882

Agency MBS

​

​

—

​

​

425,285

​

​

—

​

​

425,285

ABS/CMBS/MBS*

​

​

—

​

​

281,182

​

​

—

​

​

281,182

Corporate

​

​

—

​

​

1,164,548

​

​

60,471

​

​

1,225,019

Municipal

​

​

—

​

​

552,624

​

​

—

​

​

552,624

Total fixed income securities - available-for-sale

​

$

—

​

$

2,795,378

​

$

60,471

​

$

2,855,849

Equity securities

​

​

588,416

​

​

—

​

​

1,625

​

​

590,041

Total

​

$

588,416

​

$

2,795,378

​

$

62,096

​

$

3,445,890

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

​

The following table summarizes changes in the balance of securities whose fair value was measured using significant unobservable inputs (Level 3).

​

​

​

​

​

(in thousands)

 

Level 3 Securities

Balance as of January 1, 2024

​

$

62,096

Net realized and unrealized gains

​

​

​

Included in other comprehensive earnings

​

​

1,075

Purchases

​

​

34,859

Sales

​

​

(2,905)

Balance as of December 31, 2024

​

$

95,125

Change in unrealized gains during the period for Level 3 assets held at period-end - included in other comprehensive earnings

​

$

1,075

​

The amortized cost and estimated fair value of fixed income securities at December 31, 2024, by contractual maturity, are shown as follows:

​

​

​

​

​

​

​

​

(in thousands)

 

Amortized Cost

 

Fair Value

Due in one year or less 

​

$

256,711

​

$

255,017

Due after one year through five years

​

​

742,187

​

​

723,476

Due after five years through 10 years

​

​

948,340

​

​

914,770

Due after 10 years

​

​

574,403

​

​

476,062

ABS/CMBS/MBS*

​

​

869,518

​

​

806,471

Total available-for-sale

​

$

3,391,159

​

$

3,175,796

*Asset-backed, commercial mortgage-backed and mortgage-backed securities

​

Expected maturities may differ from contractual maturities due to call provisions on some existing securities.

​

The amortized cost and fair value of available-for-sale securities at December 31, 2024 and 2023 are presented in the tables below. Amortized cost does not include the $27 million and $23 million of accrued interest receivable as of December 31, 2024 and 2023, respectively.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

​

​

​

Allowance

 

Gross

 

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

​

​

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Fair Value

U.S. government

​

$

525,608

​

$

—

​

$

309

​

$

(10,282)

​

$

515,635

U.S. agency

​

​

55,921

​

​

—

​

​

261

​

​

(1,844)

​

​

54,338

Non-U.S. government & agency

​

​

8,959

​

​

—

​

​

—

​

​

(1,088)

​

​

7,871

Agency MBS

​

​

438,545

​

​

—

​

​

927

​

​

(43,249)

​

​

396,223

ABS/CMBS/MBS*

​

​

430,973

​

​

(8)

​

​

2,208

​

​

(22,925)

​

​

410,248

Corporate

​

​

1,397,676

​

​

(189)

​

​

4,737

​

​

(55,703)

​

​

1,346,521

Municipal

​

​

533,477

​

​

—

​

​

1,003

​

​

(89,520)

​

​

444,960

Total fixed income

​

$

3,391,159

​

$

(197)

​

$

9,445

​

$

(224,611)

​

$

3,175,796

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

​

​

Allowance

 

Gross

 

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

​

​

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Fair Value

U.S. government

​

$

312,632

​

$

—

​

$

1,257

​

$

(5,858)

​

$

308,031

U.S. agency

​

​

60,763

​

​

—

​

​

652

​

​

(1,589)

​

​

59,826

Non-U.S. government & agency

​

​

4,800

​

​

—

​

​

—

​

​

(918)

​

​

3,882

Agency MBS

​

​

460,551

​

​

—

​

​

2,636

​

​

(37,902)

​

​

425,285

ABS/CMBS/MBS*

​

​

308,458

​

​

(3)

​

​

611

​

​

(27,884)

​

​

281,182

Corporate

​

​

1,273,187

​

​

(303)

​

​

8,766

​

​

(56,631)

​

​

1,225,019

Municipal

​

​

634,000

​

​

—

​

​

2,238

​

​

(83,614)

​

​

552,624

Total fixed income

​

$

3,054,391

​

$

(306)

​

$

16,160

​

$

(214,396)

​

$

2,855,849

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

​

ALLOWANCE FOR CREDIT LOSSES AND UNREALIZED LOSSES ON FIXED INCOME SECURITIES

​

A reversible allowance for credit losses is required to be recognized on available-for-sale fixed income securities. Available-for-sale securities in the fixed income portfolio are subjected to several criteria to determine if those securities should be included in the allowance for expected credit loss evaluation, including:

​

●Significant or recurring operating losses, poor cash flows and/or deteriorating liquidity ratios,

​

●Changes in technology that may impair the earnings potential of the investment,

​

●The discontinuance of a segment of business that may affect future earnings potential,

​

●Specific concerns related to the issuer’s industry or geographic area of operation,

​

●Reduction of or non-payment of interest and/or principal and

​

●Downgrades in credit quality by a major rating agency.

​

If changes in interest rates and credit spreads do not reasonably explain the unrealized loss for an available-for-sale security, or if any of the criteria above indicate a potential credit loss, the security is subjected to a discounted cash flow analysis. Inputs into the discounted cash flow analysis include prepayment assumptions for structured securities, default rates and recoverability rates based on credit rating. The allowance for any security is limited to the amount that the fair value is below amortized cost. As of December 31, 2024, the discounted cash flow analysis resulted in an allowance for credit losses on eight securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities:

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

Beginning balance

​

$

306

​

$

339

Increase to allowance from securities for which credit losses were not previously recorded

​

​

55

​

​

71

Reduction from securities sold during the period

​

​

(89)

​

​

(154)

Reductions from intent to sell securities

​

​

(47)

​

​

—

Net increase (decrease) from securities that had an allowance at the beginning of the period

​

​

(28)

​

​

50

Ending balance

​

$

197

​

$

306

​

Net realized gains included less than $1 million of losses on fixed income securities for which the cost basis was written down to fair value due to a credit event, restructurings and losses on securities for which we no longer had the intent to hold until recovery. In 2023, $2 million in such losses were recognized. We believe we will recover the amortized cost basis of available-for-sale securities that remain in an unrealized loss position.

​

As of December 31, 2024, in addition to the securities included in the allowance for credit losses, the fixed income portfolio contained 1,333 securities with an unrealized loss position for which an allowance for credit losses had not been recorded. The $225 million in associated unrealized losses represents 7 percent of the fixed income portfolio’s cost basis and 5 percent of total invested

assets. Isolated to these securities, unrealized losses at the end of 2024 increased compared to the previous year due to interest rates, beyond two years to maturity, rising over the course of the year. Of the total 1,333 securities, 1,009 have been in an unrealized loss position for 12 consecutive months or longer. The following table illustrates the total value of fixed income securities that were in an unrealized loss position as of December 31, 2024 and 2023. We believe we will recover the amortized cost basis of available-for-sale securities that remain in an unrealized loss position.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

 

​

​

 

​

12 Mos.

 

​

​

 

​

​

 

​

12 Mos.

 

​

​

(in thousands)

 

< 12 Mos.

 

& Greater

 

Total

 

< 12 Mos.

 

& Greater

 

Total

U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

303,226

​

$

157,418

​

$

460,644

​

$

37,718

​

$

204,556

​

$

242,274

Amortized cost

​

​

309,836

​

​

161,090

​

​

470,926

​

​

37,950

​

​

210,182

​

​

248,132

Unrealized loss

​

$

(6,610)

​

$

(3,672)

​

$

(10,282)

​

$

(232)

​

$

(5,626)

​

$

(5,858)

U.S. agency

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

24,024

​

$

18,330

​

$

42,354

​

$

8,736

​

$

29,632

​

$

38,368

Amortized cost

​

​

24,910

​

​

19,288

​

​

44,198

​

​

8,790

​

​

31,167

​

​

39,957

Unrealized loss

​

$

(886)

​

$

(958)

​

$

(1,844)

​

$

(54)

​

$

(1,535)

​

$

(1,589)

Non-U.S. government & agency

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

4,075

​

$

3,796

​

$

7,871

​

$

—

​

$

3,882

​

$

3,882

Amortized cost

​

​

4,158

​

​

4,801

​

​

8,959

​

​

—

​

​

4,800

​

​

4,800

Unrealized loss

​

$

(83)

​

$

(1,005)

​

$

(1,088)

​

$

—

​

$

(918)

​

$

(918)

Agency MBS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

108,772

​

$

233,625

​

$

342,397

​

$

61,196

​

$

275,707

​

$

336,903

Amortized cost

​

​

111,674

​

​

273,972

​

​

385,646

​

​

61,714

​

​

313,091

​

​

374,805

Unrealized loss

​

$

(2,902)

​

$

(40,347)

​

$

(43,249)

​

$

(518)

​

$

(37,384)

​

$

(37,902)

ABS/CMBS/MBS*

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

43,027

​

$

164,433

​

$

207,460

​

$

12,240

​

$

211,436

​

$

223,676

Amortized cost

​

​

43,395

​

​

186,990

​

​

230,385

​

​

12,367

​

​

239,193

​

​

251,560

Unrealized loss

​

$

(368)

​

$

(22,557)

​

$

(22,925)

​

$

(127)

​

$

(27,757)

​

$

(27,884)

Corporate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

378,305

​

$

700,574

​

$

1,078,879

​

$

67,402

​

$

822,731

​

$

890,133

Amortized cost

​

​

389,299

​

​

745,283

​

​

1,134,582

​

​

68,345

​

​

878,419

​

​

946,764

Unrealized loss

​

$

(10,994)

​

$

(44,709)

​

$

(55,703)

​

$

(943)

​

$

(55,688)

​

$

(56,631)

Municipal

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

48,514

​

$

355,475

​

$

403,989

​

$

61,218

​

$

391,361

​

$

452,579

Amortized cost

​

​

49,491

​

​

444,018

​

​

493,509

​

​

61,697

​

​

474,496

​

​

536,193

Unrealized loss

​

$

(977)

​

$

(88,543)

​

$

(89,520)

​

$

(479)

​

$

(83,135)

​

$

(83,614)

Total fixed income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

909,943

​

$

1,633,651

​

$

2,543,594

​

$

248,510

​

$

1,939,305

​

$

2,187,815

Amortized cost

​

​

932,763

​

​

1,835,442

​

​

2,768,205

​

​

250,863

​

​

2,151,348

​

​

2,402,211

Unrealized loss

​

$

(22,820)

​

$

(201,791)

​

$

(224,611)

​

$

(2,353)

​

$

(212,043)

​

$

(214,396)

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

​

OTHER INVESTED ASSETS

​

We had $58 million of other invested assets at December 31, 2024, compared to $59 million at the end of 2023. Other invested assets include investments in low-income housing tax credit partnerships (LIHTC) and historic tax credit partnerships (HTC), membership stock in the Federal Home Loan Bank of Chicago (FHLBC) and investments in private funds. Our LIHTC and HTC investments are carried at amortized cost and our investment in FHLBC stock is carried at cost. Due to the nature of the LIHTC, HTC and our membership in the FHLBC, their carrying amounts approximate fair value. The private funds are carried at fair value, using each investments’ net asset value.

​

Our LIHTC interests had a balance of $7 million at December 31, 2024, compared to $10 million at December 31, 2023. Our LIHTC interests recognized amortization of $3 million as a component of income tax expense in 2024, 2023 and 2022 and was included in the net earnings line item of the statement of cash flows. Additionally, our LIHTC recognized a total tax benefit of $3

million during 2024, 2023 and 2022. Our unfunded commitment for our LIHTC investments was less than $1 million at December 31, 2024 and will be paid out in installments through 2035.

​

Our HTC investment had a balance of $15 million at December 31, 2024, compared to $13 million at December 31, 2023. Through 2022, the investment was accounted for as an investment in unconsolidated investee. Due to the adoption of ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, the investment was reclassified as an other invested asset during 2023. A total tax benefit of $6 million was recognized from our HTC investment during 2024, compared to $6 million during 2023 and $5 million during 2022. Our HTC recognized $4 million of amortization as a component of income tax expense during 2024 and 2023 and was included in the net earnings line item of the statement of cash flows.

​

Our investments in private funds totaled $24 million at December 31, 2024 and $28 million at December 31, 2023. We had $4 million of associated unfunded commitments at December 31, 2024. Our interest in private funds is generally restricted from being transferred or otherwise redeemed without prior consent by the respective entities and the timed dissolution of the partnerships would trigger redemption.

​

Restricted Assets

​

As of December 31, 2024, $53 million of investments were pledged as collateral with the FHLBC to ensure timely access to the secured lending facility that ownership of the FHLBC stock provides. On November 12, 2024, RLI Insurance Company borrowed $50 million from the FHLBC, which was outstanding as of December 31, 2024.

​

As of December 31, 2024, fixed income securities with a carrying value of $93 million were on deposit with regulatory authorities as required by law.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt

3.

DEBT

​

As of December 31, 2024, outstanding debt balances totaled $100 million.

​

On September 15, 2023, we accessed $50 million from our revolving line of credit with PNC Bank, N.A. (PNC). The borrowing may be repaid at any time and carries an adjustable interest rate of 5.98 percent as of the end of 2024. The credit facility with PNC was entered into during the first quarter of 2023 and replaced the previous $60 million facility with Bank of Montreal, Chicago Branch, which expired on March 27, 2023. The line of credit permits us to borrow up to an aggregate principal amount of $100 million, but may be increased up to an aggregate principal amount of $130 million under certain conditions. The facility has a three-year term that expires on May 29, 2026.

​

On November 12, 2024, we repaid $50 million that was borrowed from the Federal Home Loan Bank of Chicago (FHLBC) in 2023 and paid interest monthly at an annualized rate of 5.44 percent. Additionally, on November 12, 2024 we borrowed $50 million from the FHLBC. The borrowing matures on November 12, 2025 and monthly interest is paid at an annualized rate of 4.44 percent.

​

Due to the lack of marketability and short tenor of our borrowings, the fair value of our debt approximates the carrying value. We paid $6 million of interest on our debt in 2024, compared to $9 million in 2023 and $8 million in 2022. The average rate on debt was 6.05 percent in 2024, 4.07 percent in 2023 and 3.89 percent in 2022. The weighted average interest rate on debt outstanding was 5.21 percent as of December 31, 2024.
v3.25.0.1
Reinsurance
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance

4.

REINSURANCE

​

In the ordinary course of business, our insurance subsidiaries assume and cede premiums and selected insured risks with other insurance companies, known as reinsurance. There are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one occurrence or event. The arrangements allow the Company to pursue greater diversification of business and serve to limit the maximum net loss to a single event, such as a catastrophe. Through the quantification of exposed policy limits in each region and the extensive use of computer-assisted modeling techniques, we monitor the concentration of risks exposed to catastrophic events.

​

Through the purchase of reinsurance, we also limit our net loss on any individual risk to a maximum of $12 million, although retentions can vary.

​

Premiums written and earned along with losses and settlement expenses incurred for the years ended December 31 are summarized as follows:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

WRITTEN

​

​

​

​

​

​

​

​

​

Direct

 

$

1,986,046

 

$

1,783,862

 

$

1,531,656

Reinsurance assumed

 

​

27,002

 

​

22,798

 

​

33,830

Reinsurance ceded

 

​

(407,527)

 

​

(378,913)

 

​

(323,950)

Net

​

$

1,605,521

​

$

1,427,747

​

$

1,241,536

​

​

​

​

​

​

​

​

​

​

EARNED

​

​

​

​

​

​

​

​

​

Direct

​

$

1,895,065

​

$

1,671,044

​

$

1,425,165

Reinsurance assumed

​

​

26,170

​

​

28,375

​

​

35,680

Reinsurance ceded

​

​

(394,829)

​

​

(405,113)

​

​

(316,409)

Net

​

$

1,526,406

​

$

1,294,306

​

$

1,144,436

​

​

​

​

​

​

​

​

​

​

LOSSES AND SETTLEMENT EXPENSES INCURRED

​

​

​

​

​

​

​

​

​

Direct

​

$

954,952

​

$

840,255

​

$

776,448

Reinsurance assumed

​

​

7,945

​

​

10,228

​

​

22,813

Reinsurance ceded

​

​

(223,644)

​

​

(246,070)

​

​

(284,885)

Net

​

$

739,253

​

$

604,413

​

$

514,376

​

More than 93 percent of our reinsurance balances recoverable are due from companies with financial strength ratings of A or better by AM Best and S&P rating services. The following table displays net reinsurance balances recoverable, after consideration of collateral, from our top reinsurers as of December 31, 2024. These reinsurers all have financial strength ratings of A or better by AM Best and S&P’s ratings services. Also shown are the amounts of written premium ceded to these reinsurers during the calendar year 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

 

​

 

Net Reinsurer

 

​

 

Ceded

 

​

 

​

​

AM Best

​

S&P

​

Exposure as of

​

Percent of

​

Premiums

​

Percent of

​

(dollars in thousands)

 

Rating

 

Rating

 

12/31/2024

 

Total

 

Written

 

Total

​

Munich Re / HSB

 

A+, Superior

 

AA, Very Strong

​

$

110,302

 

13.2

%

$

31,258

 

7.7

%

Renaissance Re

​

A+, Superior

 

A+, Strong

​

​

82,385

 

9.9

%

​

31,467

 

7.7

%

Nationwide Mutual

 

A, Excellent

 

A+, Strong

​

​

62,278

 

7.5

%

​

24,028

 

5.9

%

Partner Re

​

A+, Superior

​

A+, Strong

​

​

60,818

​

7.3

%

​

37,581

​

9.2

%

Safety National

 

A++, Superior

 

A+, Strong

​

​

36,475

 

4.4

%

​

6,303

 

1.6

%

Everest Re

​

A+, Superior

​

A+, Strong

​

​

36,252

 

4.3

%

​

29,454

 

7.2

%

Odyssey America Re

​

A+, Superior

​

A+, Strong

​

​

33,730

 

4.0

%

​

8,916

 

2.2

%

Berkley Insurance Co.

 

A+, Superior

 

A+, Strong

​

​

32,754

​

3.9

%

​

7,626

​

1.9

%

General Re

​

A++, Superior

​

AA+, Very Strong

​

​

32,120

 

3.8

%

​

14,809

 

3.6

%

Aspen UK Ltd.

 

A, Excellent

 

A-, Strong

​

​

31,240

 

3.7

%

​

9,116

 

2.2

%

Toa Re

​

A, Excellent

​

A, Strong

​

​

30,800

​

3.7

%

​

13,882

​

3.4

%

All other reinsurers*

​

​

​

​

​

​

287,139

 

34.3

%

​

193,087

 

47.4

%

Total ceded exposure

​

​

​

​

​

$

836,293

 

100.0

%

$

407,527

 

100.0

%

*

All other reinsurance balances recoverable, when considered by individual reinsurer, are less than 2 percent of shareholders’ equity.

​

The allowances for uncollectible amounts on paid and unpaid recoverables were $17 million and $10 million, respectively, at December 31, 2024 and $16 million and $11 million, respectively, at December 31, 2023. Changes in the allowances during 2024 were due to changes in the amount of reinsurance balances outstanding, the composition of reinsurers from whom the balances were recoverable and their associated S&P default ratings. Less than $1 million of write-offs were applied to the allowances in 2024 and less than $1 million was recovered.
v3.25.0.1
Historical Loss And LAE Development
 12 Months Ended
Dec. 31, 2024
Historical Loss And L A E Development Disclosure [Abstract]  
Historical Loss And LAE Development

5.

HISTORICAL LOSS AND LAE DEVELOPMENT

​

The following table is a reconciliation of our unpaid losses and settlement expenses (LAE) for the years 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Unpaid losses and LAE at beginning of year:

​

​

​

​

​

​

​

​

​

Gross

​

$

2,446,025

​

$

2,315,637

​

$

2,043,555

Ceded

​

​

(757,349)

​

​

(740,089)

​

​

(608,086)

Net

​

$

1,688,676

​

$

1,575,548

​

$

1,435,469

​

​

​

​

​

​

​

​

​

​

Increase (decrease) in incurred losses and LAE:

​

​

​

​

​

​

​

​

​

Current accident year

​

$

834,562

​

$

712,960

​

$

636,955

Prior accident years

​

​

(95,309)

​

​

(108,547)

​

​

(122,579)

Total incurred

​

$

739,253

​

$

604,413

​

$

514,376

​

​

​

​

​

​

​

​

​

​

Loss and LAE payments for claims incurred:

​

​

​

​

​

​

​

​

​

Current accident year

​

$

(121,314)

​

$

(165,364)

​

$

(97,525)

Prior accident year

​

​

(368,570)

​

​

(325,921)

​

​

(276,772)

Total paid

​

$

(489,884)

​

$

(491,285)

​

$

(374,297)

​

​

​

​

​

​

​

​

​

​

Net unpaid losses and LAE at end of year

​

$

1,938,045

​

$

1,688,676

​

$

1,575,548

​

​

​

​

​

​

​

​

​

​

Unpaid losses and LAE at end of year:

​

​

​

​

​

​

​

​

​

Gross

​

$

2,693,470

​

$

2,446,025

​

$

2,315,637

Ceded

​

​

(755,425)

​

​

(757,349)

​

​

(740,089)

Net

​

$

1,938,045

​

$

1,688,676

​

$

1,575,548

​

Loss development occurs when our current estimate of ultimate losses, established through our reserve analysis processes, differs from the initial reserve estimate. The recognition of the changes in initial reserve estimates occurred over time as claims were reported, initial case reserves were established, initial reserves were reviewed in light of additional information and ultimate payments were made on the collective set of claims incurred as of that evaluation date. The new information on the ultimate settlement value of claims is continually updated until all claims in a defined set are settled. As a specialty insurer with a diversified product portfolio, our experience will ordinarily exhibit fluctuations from period to period. While we attempt to identify and react to changes in the loss environment, we also must consider the volume of claim experience directly available to the Company and interpret any particular period’s indications with a realistic technical understanding of the reliability of those observations.

​

The following is information about incurred and paid loss development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency, the total of IBNR liabilities included within the net incurred loss amounts and average historical claims duration as of December 31, 2024. The loss information has been disaggregated so that only losses that are expected to develop in a similar manner are grouped together. This has resulted in the presentation of loss information for our property and surety segments at the segment level, while information for our casualty segment has been separated in four groupings: primary occurrence, excess occurrence, claims made and transportation. Primary occurrence includes select lines within the professional services product along with general liability, small commercial and other casualty products. Excess occurrence encompasses commercial excess and personal umbrella, while claims made includes select lines within the professional services product, executive products and other casualty. Reported claim counts represent claim events on a specified policy rather than individual claimants and includes claims that did not or are not expected to result in an incurred loss. The information about incurred and paid claims development for the years ended December 31, 2015 to 2023 is presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Primary Occurrence

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

94,835

​

$

84,975

​

$

83,579

​

$

78,675

​

$

76,398

​

$

75,470

​

$

75,438

​

$

77,110

​

$

75,958

​

$

75,821

​

$

2,433

​

4,425

2016

​

​

​

​

​

101,950

​

​

96,753

​

​

90,611

​

​

85,449

​

​

83,374

​

​

79,440

​

​

77,729

​

​

78,358

​

​

77,669

​

​

4,246

​

4,356

2017

​

​

​

​

​

​

​

​

119,741

​

​

111,391

​

​

102,583

​

​

95,513

​

​

90,759

​

​

90,344

​

​

90,744

​

​

91,238

​

​

5,299

​

4,572

2018

​

​

​

​

​

​

​

​

​

​

​

141,513

​

​

130,281

​

​

125,731

​

​

115,076

​

​

114,414

​

​

115,793

​

​

118,084

​

​

10,810

​

4,923

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

146,011

​

​

135,209

​

​

120,570

​

​

109,051

​

​

111,156

​

​

112,638

​

​

16,585

​

5,369

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

145,171

​

​

137,439

​

​

122,785

​

​

117,962

​

​

114,336

​

​

27,988

​

4,749

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

142,797

​

​

128,483

​

​

125,672

​

​

123,363

​

​

39,997

​

4,683

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

155,203

​

​

144,861

​

​

143,518

​

​

65,353

​

4,751

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

152,443

​

​

147,366

​

​

89,241

​

4,483

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

160,008

​

​

123,161

​

3,561

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,164,041

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

10,157

​

$

19,902

​

$

33,020

​

$

45,056

​

$

54,270

​

$

58,866

​

$

62,997

​

$

68,650

​

$

69,635

​

$

72,138

​

​

​

​

​

2016

​

​

​

​

​

10,142

​

​

24,186

​

​

35,764

​

​

48,042

​

​

56,152

​

​

60,349

​

​

65,517

​

​

69,968

​

​

71,519

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

13,154

​

​

25,933

​

​

38,783

​

​

52,823

​

​

62,236

​

​

71,419

​

​

76,283

​

​

79,374

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

15,066

​

​

32,365

​

​

48,424

​

​

63,980

​

​

78,103

​

​

93,504

​

​

101,748

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

15,698

​

​

30,673

​

​

41,911

​

​

57,750

​

​

74,380

​

​

87,092

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17,096

​

​

30,596

​

​

45,267

​

​

60,764

​

​

76,345

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

14,428

​

​

29,633

​

​

43,951

​

​

65,454

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17,714

​

​

38,712

​

​

56,998

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17,707

​

​

35,634

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

16,950

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

663,252

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

10,970

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

511,759

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

12.9%

​

​

13.8%

​

​

13.4%

​

​

15.0%

​

​

12.2%

​

​

9.2%

​

​

6.1%

​

​

5.5%

​

​

1.6%

​

​

3.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Excess Occurrence

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

53,672

​

$

50,857

​

$

47,392

​

$

42,840

​

$

43,328

​

$

42,446

​

$

41,690

​

$

41,471

​

$

40,580

​

$

41,268

​

$

1,684

​

709

2016

​

​

​

​

​

56,341

​

​

49,385

​

​

37,676

​

​

33,125

​

​

30,251

​

​

29,671

​

​

29,940

​

​

27,733

​

​

27,015

​

​

1,939

​

659

2017

​

​

​

​

​

​

​

​

62,863

​

​

55,868

​

​

48,363

​

​

44,737

​

​

43,249

​

​

41,620

​

​

39,600

​

​

37,828

​

​

4,173

​

661

2018

​

​

​

​

​

​

​

​

​

​

​

69,362

​

​

62,646

​

​

54,626

​

​

51,023

​

​

49,861

​

​

47,949

​

​

45,580

​

​

12,439

​

635

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

88,078

​

​

89,691

​

​

79,083

​

​

80,147

​

​

77,185

​

​

70,850

​

​

21,981

​

711

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

107,579

​

​

98,409

​

​

90,274

​

​

81,284

​

​

75,351

​

​

38,495

​

667

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

136,433

​

​

136,354

​

​

125,028

​

​

120,830

​

​

51,922

​

904

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

153,895

​

​

156,822

​

​

157,626

​

​

77,373

​

1,057

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

178,887

​

​

176,607

​

​

98,709

​

1,067

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

225,747

​

​

136,830

​

582

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

978,702

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

2,048

​

$

10,127

​

$

19,571

​

$

23,184

​

$

28,756

​

$

31,352

​

$

32,752

​

$

35,958

​

$

36,559

​

$

39,194

​

​

​

​

​

2016

​

​

​

​

​

1,068

​

​

3,396

​

​

7,441

​

​

10,054

​

​

12,703

​

​

14,400

​

​

17,807

​

​

20,603

​

​

21,176

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

17

​

​

5,679

​

​

9,275

​

​

15,441

​

​

18,470

​

​

22,835

​

​

25,328

​

​

27,840

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

2,506

​

​

5,823

​

​

10,801

​

​

17,294

​

​

22,016

​

​

23,958

​

​

28,272

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4,213

​

​

19,044

​

​

25,389

​

​

33,375

​

​

38,291

​

​

41,794

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,901

​

​

13,856

​

​

20,988

​

​

24,657

​

​

31,299

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5,317

​

​

23,841

​

​

38,977

​

​

59,901

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,479

​

​

28,764

​

​

57,202

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,091

​

​

31,867

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6,048

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

344,593

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

22,873

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

656,982

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

4.0%

​

​

14.3%

​

​

13.4%

​

​

11.8%

​

​

9.6%

​

​

6.7%

​

​

8.0%

​

​

8.3%

​

​

1.8%

​

​

6.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Claims Made

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

55,006

​

$

47,831

​

$

42,206

​

$

39,906

​

$

39,653

​

$

39,619

​

$

38,609

​

$

37,578

​

$

37,332

​

$

37,674

​

$

617

​

1,338

2016

​

​

​

​

​

59,992

​

​

67,760

​

​

69,493

​

​

67,728

​

​

64,730

​

​

65,078

​

​

61,876

​

​

61,881

​

​

60,639

​

​

1,407

​

1,507

2017

​

​

​

​

​

​

​

​

60,572

​

​

62,450

​

​

62,714

​

​

57,450

​

​

59,907

​

​

61,546

​

​

60,340

​

​

60,057

​

​

2,321

​

1,648

2018

​

​

​

​

​

​

​

​

​

​

​

66,128

​

​

62,416

​

​

56,468

​

​

48,457

​

​

47,692

​

​

43,912

​

​

45,331

​

​

3,971

​

1,400

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

62,918

​

​

61,712

​

​

52,224

​

​

46,500

​

​

43,969

​

​

42,236

​

​

7,144

​

1,516

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

60,278

​

​

56,785

​

​

46,853

​

​

40,878

​

​

41,658

​

​

11,640

​

1,297

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

51,219

​

​

45,854

​

​

38,946

​

​

35,485

​

​

13,192

​

1,229

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

58,289

​

​

55,316

​

​

46,276

​

​

21,839

​

1,156

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

54,679

​

​

47,848

​

​

29,547

​

1,195

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

58,153

​

​

38,622

​

1,149

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

475,357

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

2,215

​

$

10,738

​

$

16,774

​

$

20,920

​

$

28,795

​

$

32,241

​

$

33,529

​

$

34,671

​

$

35,408

$

​

35,779

​

​

​

​

​

2016

​

​

​

​

​

2,060

​

​

14,558

​

​

27,465

​

​

39,370

​

​

47,999

​

​

52,846

​

​

53,737

​

​

56,342

​

​

57,976

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

2,455

​

​

11,350

​

​

22,728

​

​

36,522

​

​

42,918

​

​

47,087

​

​

50,623

​

​

55,321

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

1,964

​

​

11,965

​

​

18,840

​

​

24,918

​

​

27,351

​

​

31,002

​

​

38,188

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,839

​

​

8,123

​

​

14,117

​

​

19,930

​

​

27,133

​

​

32,622

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,488

​

​

5,687

​

​

10,412

​

​

16,537

​

​

26,511

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

999

​

​

5,615

​

​

8,661

​

​

11,856

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,088

​

​

8,836

​

​

14,672

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,421

​

​

5,336

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,524

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

279,785

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

4,407

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

199,979

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

3.9%

​

​

15.6%

​

​

14.8%

​

​

14.9%

​

​

15.4%

​

​

9.0%

​

​

6.7%

​

​

5.0%

​

​

2.3%

​

​

1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Transportation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

38,561

​

$

46,258

​

$

47,021

​

$

46,395

​

$

45,162

​

$

45,525

​

$

45,807

​

$

46,685

​

$

47,466

​

$

47,998

​

$

429

​

3,188

2016

​

​

​

​

​

50,430

​

​

53,519

​

​

54,105

​

​

52,277

​

​

52,818

​

​

53,915

​

​

55,718

​

​

56,515

​

​

56,736

​

​

724

​

3,945

2017

​

​

​

​

​

​

​

​

55,640

​

​

53,641

​

​

45,017

​

​

43,764

​

​

45,351

​

​

46,742

​

​

47,619

​

​

47,228

​

​

786

​

3,640

2018

​

​

​

​

​

​

​

​

​

​

​

57,597

​

​

54,592

​

​

38,719

​

​

36,468

​

​

35,442

​

​

35,776

​

​

36,212

​

​

887

​

3,405

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

58,297

​

​

56,129

​

​

43,976

​

​

41,925

​

​

44,236

​

​

47,296

​

​

2,035

​

3,319

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

43,573

​

​

35,524

​

​

27,665

​

​

28,856

​

​

29,532

​

​

3,209

​

1,648

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

51,322

​

​

51,581

​

​

47,913

​

​

54,599

​

​

6,396

​

2,324

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

60,862

​

​

53,680

​

​

55,851

​

​

11,881

​

2,725

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

66,863

​

​

60,930

​

​

14,259

​

2,634

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

86,321

​

​

23,003

​

2,678

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

522,703

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

6,984

​

$

20,709

​

$

29,554

​

$

37,222

​

$

39,339

​

$

41,345

​

$

42,626

​

$

45,002

​

$

46,159

​

$

47,452

​

​

​

​

​

2016

​

​

​

​

​

8,923

​

​

18,354

​

​

30,354

​

​

38,001

​

​

43,564

​

​

47,488

​

​

52,555

​

​

54,245

​

​

55,250

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

7,979

​

​

17,070

​

​

24,090

​

​

30,260

​

​

36,141

​

​

41,064

​

​

43,891

​

​

45,061

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

6,980

​

​

12,827

​

​

19,216

​

​

24,503

​

​

28,844

​

​

30,916

​

​

33,296

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,148

​

​

15,852

​

​

21,120

​

​

26,422

​

​

35,546

​

​

42,409

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

3,986

​

​

7,876

​

​

12,035

​

​

20,749

​

​

23,077

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5,341

​

​

15,345

​

​

25,886

​

​

37,702

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6,442

​

​

18,296

​

​

27,146

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,407

​

​

18,350

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

9,431

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

339,174

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

1,494

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

185,023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

13.9%

​

​

18.9%

​

​

16.6%

​

​

17.1%

​

​

11.0%

​

​

8.4%

​

​

6.0%

​

​

3.5%

​

​

2.1%

​

​

2.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Property

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

59,863

​

$

56,103

​

$

53,958

​

$

52,720

​

$

53,111

​

$

52,781

​

$

52,878

​

$

53,359

​

$

54,065

​

$

54,122

​

$

6

​

4,077

2016

​

​

​

​

​

62,900

​

​

55,594

​

​

55,384

​

​

55,930

​

​

55,424

​

​

55,383

​

​

55,536

​

​

55,385

​

​

55,316

​

​

14

​

3,379

2017

​

​

​

​

​

​

​

​

90,803

​

​

83,273

​

​

84,961

​

​

82,671

​

​

82,319

​

​

81,912

​

​

81,677

​

​

81,194

​

​

39

​

2,893

2018

​

​

​

​

​

​

​

​

​

​

​

89,091

​

​

83,457

​

​

79,961

​

​

80,470

​

​

79,093

​

​

79,234

​

​

78,482

​

​

184

​

2,339

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

71,232

​

​

65,189

​

​

61,116

​

​

59,901

​

​

61,185

​

​

60,549

​

​

293

​

2,458

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

118,247

​

​

110,466

​

​

108,546

​

​

108,363

​

​

110,562

​

​

7,466

​

2,865

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

135,447

​

​

116,424

​

​

115,587

​

​

114,178

​

​

4,587

​

3,116

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

138,756

​

​

119,877

​

​

115,228

​

​

11,876

​

2,972

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

184,252

​

​

159,846

​

​

20,501

​

3,250

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

221,358

​

​

90,728

​

2,750

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,050,835

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

32,184

​

$

49,348

​

$

50,197

​

$

51,290

​

$

52,078

​

$

52,342

​

$

52,400

​

$

53,208

​

$

53,369

​

$

54,116

​

​

​

​

​

2016

​

​

​

​

​

33,134

​

​

46,921

​

​

51,371

​

​

53,006

​

​

54,328

​

​

54,747

​

​

55,215

​

​

55,247

​

​

55,263

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

41,314

​

​

66,818

​

​

74,415

​

​

78,360

​

​

80,581

​

​

80,958

​

​

80,965

​

​

81,132

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

37,048

​

​

68,264

​

​

72,357

​

​

75,253

​

​

76,378

​

​

77,696

​

​

78,198

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

30,703

​

​

51,740

​

​

55,092

​

​

57,038

​

​

59,015

​

​

59,808

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

43,192

​

​

79,660

​

​

88,401

​

​

96,350

​

​

99,809

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

57,272

​

​

89,174

​

​

99,671

​

​

103,826

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

44,667

​

​

84,235

​

​

95,542

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

111,137

​

​

130,919

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

64,846

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

823,459

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

854

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

228,230

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

49.5%

​

​

30.0%

​

​

7.1%

​

​

3.9%

​

​

2.4%

​

​

0.9%

​

​

0.4%

​

​

0.6%

​

​

0.2%

​

​

1.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Surety

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

 

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

16,958

​

$

12,957

​

$

11,113

​

$

10,456

​

$

9,792

​

$

9,521

​

$

9,275

​

$

8,580

​

$

8,586

​

$

8,275

​

$

9

​

1,260

2016

​

​

​

​

​

18,928

​

​

11,062

​

​

9,351

​

​

8,895

​

​

8,391

​

​

7,948

​

​

8,134

​

​

7,963

​

​

8,206

​

​

17

​

1,401

2017

​

​

​

​

​

​

​

​

16,127

​

​

8,641

​

​

8,798

​

​

8,116

​

​

8,034

​

​

7,769

​

​

7,644

​

​

7,696

​

​

40

​

1,931

2018

​

​

​

​

​

​

​

​

​

​

​

16,765

​

​

7,227

​

​

4,564

​

​

3,947

​

​

3,996

​

​

3,760

​

​

3,894

​

​

53

​

1,362

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

14,785

​

​

7,205

​

​

5,053

​

​

4,062

​

​

3,453

​

​

2,866

​

​

156

​

1,213

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

19,241

​

​

14,840

​

​

12,378

​

​

11,516

​

​

9,935

​

​

1,255

​

987

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

18,540

​

​

11,724

​

​

12,127

​

​

16,521

​

​

9,208

​

962

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

20,185

​

​

11,490

​

​

10,686

​

​

2,565

​

1,080

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

21,242

​

​

9,024

​

​

6,886

​

869

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

23,284

​

​

22,503

​

572

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

100,387

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

3,192

​

$

6,719

​

$

7,695

​

$

9,436

​

$

9,183

​

$

9,186

​

$

9,168

​

$

8,462

​

$

8,575

​

$

8,299

​

​

​

​

​

2016

​

​

​

​

​

3,087

​

​

5,817

​

​

6,299

​

​

7,640

​

​

8,086

​

​

7,673

​

​

7,946

​

​

7,795

​

​

7,918

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

979

​

​

2,862

​

​

7,062

​

​

7,221

​

​

7,362

​

​

7,372

​

​

7,342

​

​

7,500

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

1,835

​

​

2,588

​

​

2,368

​

​

2,536

​

​

3,020

​

​

2,079

​

​

3,220

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

336

​

​

2,433

​

​

2,765

​

​

3,039

​

​

3,093

​

​

3,236

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

835

​

​

2,719

​

​

3,828

​

​

3,907

​

​

7,896

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,197

​

​

3,229

​

​

3,075

​

​

4,264

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(241)

​

​

4,161

​

​

5,737

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

841

​

​

1,883

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

412

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

50,365

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

(83)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

49,939

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

17.2%

​

​

30.8%

​

​

12.9%

​

​

8.8%

​

​

9.8%

​

​

(4.8)%

​

​

8.0%

​

​

(2.8)%

​

​

1.4%

​

​

(3.3)%

​

​

​

​

​

​

The following is a reconciliation of the net incurred and paid loss development tables to the liability for unpaid losses and settlement expenses in the consolidated balance sheet:

​

​

​

​

​

​

​

​

(in thousands)

 

December 31, 2024

 

December 31, 2023

Net outstanding liabilities:

​

​

​

​

​

​

Casualty - Primary Occurrence

​

$

511,759

​

$

482,569

Casualty - Excess Occurrence

​

​

656,982

​

​

556,978

Casualty - Claims Made

​

​

199,979

​

​

207,564

Casualty - Transportation

​

​

185,023

​

​

148,226

Property

​

​

228,230

​

​

142,876

Surety

​

​

49,939

​

​

46,813

Unallocated loss adjustment expenses

​

​

73,613

​

​

66,111

Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses

​

​

9,580

​

​

10,608

Other

​

​

22,940

​

​

26,931

Liabilities for unpaid loss and settlement expenses, net of reinsurance

​

$

1,938,045

​

$

1,688,676

​

​

​

​

​

​

​

Reinsurance balances recoverable on unpaid claims:

​

​

​

​

​

​

Casualty - Primary Occurrence

​

$

47,773

​

$

53,177

Casualty - Excess Occurrence

​

​

164,721

​

​

149,502

Casualty - Claims Made

​

​

283,560

​

​

292,803

Casualty - Transportation

​

​

76,089

​

​

68,126

Property

​

​

102,120

​

​

152,714

Surety

​

​

90,610

​

​

51,526

Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses

​

​

(9,580)

​

​

(10,608)

Other

​

​

132

​

​

109

Total reinsurance balances recoverable on unpaid losses and settlement expenses

​

$

755,425

​

$

757,349

​

​

​

​

​

​

​

Total gross liability for unpaid loss and settlement expenses

​

$

2,693,470

​

$

2,446,025

​

DETERMINATION OF IBNR

​

Initial carried IBNR reserves are determined through a reserve estimation process. For most casualty and surety products, this process involves the use of an initial loss and allocated loss adjustment expense (ALAE) ratio that is applied to the earned premium for a given period. Payments and case reserves are subtracted from this initial estimate of ultimate loss and ALAE to determine a carried IBNR reserve. For most property products, the IBNR reserves are determined by IBNR percentages applied to premium earned. The percentages are determined based on historical reporting patterns and are updated periodically. No deductions for paid or case reserves are made. Shortly after natural or man-made catastrophes, we review insured locations exposed to the event and estimate losses based on our exposures. We also consider our knowledge of frequency and severity from early claim reports to determine an appropriate reserve for the catastrophe. Adjustments to the initial loss ratio by product and segment are made where necessary and reflect updated assumptions regarding loss experience, loss trends, price changes and prevailing risk factors.

​

Actuaries perform a ground-up reserve study of the expected value of the unpaid loss and LAE derived using multiple standard actuarial methodologies on a quarterly basis. Each method produces an estimate of ultimate loss by accident year. We review all of these various estimates and assign weights to each based on the characteristics of the product being reviewed. These estimates are then compared to the carried loss reserves to determine the appropriateness of the current reserve balance. In addition, an emergence analysis is completed quarterly to determine if further adjustments are necessary.

​

Upon completion of our loss and LAE estimation analysis, a review of the resulting variance between the indicated reserves and the carried reserves takes place. Our actuaries make a recommendation to management in regards to booked reserves that reflect their analytical assessment and view of estimation risk. After discussion of these analyses and all relevant risk factors, the Loss Reserve Committee, a panel of management including the lead reserving actuary, chief executive officer, chief operating officer, chief financial officer and other executives, confirms the appropriateness of the reserve balances.

​

DEVELOPMENT OF IBNR RESERVES

​

The following table summarizes our prior accident years’ loss reserve development by segment for 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Casualty

​

$

(52,878)

​

$

(78,498)

​

$

(87,225)

Property

​

 

(33,143)

​

 

(21,196)

​

 

(24,927)

Surety

​

 

(9,288)

​

 

(8,853)

​

 

(10,427)

Total

​

$

(95,309)

​

$

(108,547)

​

$

(122,579)

​

A discussion of significant components of reserve development for the three most recent calendar years follows:

​

2024. We experienced favorable emergence relative to prior years’ loss reserve estimates in all of our segments during 2024. Development from the casualty segment totaled $53 million. The majority of our favorable development was experienced across accident years 2019 through 2023. We continued to experience emergence that was generally better than previously estimated. We attribute the favorable emergence to loss trends in select lines outperforming our long-term expectations, our underwriters’ ability to select risk and an increasing rate environment. Within the primary occurrence grouping, the general liability product contributed $13 million to our favorable development, while small commercial developed adversely by $9 million. Within the excess occurrence grouping, commercial excess was favorable by $18 million and personal umbrella developed favorably by $3 million. Within the claims made grouping, professional services coverages developed favorably by $10 million and executive products developed favorably by $11 million. Transportation had $8 million of adverse development.

​

Our marine product was the predominant driver of the favorable development in the property segment, accounting for $18 million of the $33 million total favorable development for the segment. Accident years 2021 through 2023 made the largest contribution. Commercial property was favorable by $10 million.

​

The surety segment experienced $9 million of favorable development. The majority of the favorable development came from the 2020, 2022 and 2023 accident years. Commercial and contract surety were the main contributors with favorable development of $5 million and $5 million, respectively.

​

2023. We experienced favorable emergence relative to prior years’ reserve estimates in all of our segments during 2023. The casualty segment contributed $78 million in favorable development. Accident years 2015 through 2022 contributed significantly to the favorable development. This was predominantly driven by favorable frequency and severity trends that were better than our long-term expectations. In addition, we believe this was the result of our underwriters’ ability to select risk, as well as the favorable rate environment within many of our casualty sublines. Nearly all of our casualty products contributed to the favorable development. Within the primary occurrence grouping, the general liability product contributed $13 million to our favorable development. Within the excess occurrence grouping, commercial excess developed favorably by $15 million and our personal umbrella product developed favorably by $11 million. Within the claims made grouping, professional services coverages developed favorably by $10 million and executive products developed favorably by $12 million. Transportation contributed $4 million for the year.

​

Marine contributed $4 million of the $21 million total favorable property development, primarily in accident years 2020 through 2022. Commercial property was favorable by $11 million.

​

The surety segment experienced favorable development of $9 million. The majority of the favorable development was from accident year 2022. Commercial and contract surety products were the main contributors, with favorable development of $6 million and $3 million, respectively.

​

2022. We experienced favorable emergence relative to prior years’ reserve estimates in all of our segments during 2022. The casualty segment contributed $87 million in favorable development. Accident years 2016 and 2018 through 2021 contributed the majority of the favorable development, with earlier years developing favorably in aggregate to a lesser extent. Risk selection by our underwriters continued to provide better results than estimated in our reserving process. Within the primary occurrence grouping, the general liability product contributed $28 million to our favorable development. Small commercial products were favorable by $5 million. Within the excess occurrence grouping, commercial excess was favorable by $6 million and our personal umbrella product developed favorably by $4 million. Within the claims made grouping, professional services coverages developed favorably by $19 million and executive products developed favorably by $4 million. Transportation experienced favorable development of $6 million.

​

Marine contributed $17 million of the $25 million total favorable property development. Accident years 2019 through 2021 contributed to the marine products’ favorable development. Hawaii homeowners contributed $2 million of favorable development.

​

The surety segment experienced favorable development of $10 million. The majority of the favorable development was from accident years 2019 through 2021. Contract surety had favorable development of $5 million and commercial surety had favorable development of $4 million.

​

ENVIRONMENTAL, ASBESTOS AND MASS TORT EXPOSURES

​

We are subject to environmental site cleanup, asbestos removal and mass tort claims and exposures through our commercial excess, general liability and discontinued assumed casualty reinsurance lines of business. The majority of the exposure is in the excess layers of our commercial excess and assumed reinsurance books of business.

​

The following table represents paid and unpaid environmental, asbestos and mass tort claims data (including incurred but not reported losses) as of December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Loss and LAE Payments (Cumulative):

​

​

​

​

​

​

​

​

​

Gross

​

$

149,130

​

$

144,882

​

$

142,377

Ceded

​

 

(70,773)

​

 

(70,130)

​

 

(69,696)

Net

​

$

78,357

​

$

74,752

​

$

72,681

​

​

​

​

​

​

​

​

​

​

Unpaid Losses and LAE at End of Year:

​

​

​

​

​

​

​

​

​

Gross

​

$

22,658

​

$

25,180

​

$

26,871

Ceded

​

 

(5,899)

​

 

(5,490)

​

 

(5,786)

Net

​

$

16,759

​

$

19,690

​

$

21,085

​

Our environmental, asbestos and mass tort exposure is limited, relative to other insurers, as a result of entering the affected liability lines after the insurance industry had already recognized environmental and asbestos exposure as a problem and adopted appropriate coverage exclusions. The majority of our reserves are associated with products that went into runoff at least three decades ago.

​

While our environmental exposure is limited, the ultimate liability for this exposure is difficult to assess because of the extensive and complicated litigation involved in the settlement of claims and evolving legislation on issues such as joint and several liability, retroactive liability and standards of cleanup. Additionally, we participate primarily in the excess layers of coverage, where accurate estimates of ultimate loss are more difficult to derive than for primary coverage.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure  
Income Taxes

6.

INCOME TAXES

​

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are summarized below.

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

Deferred tax assets:

​

​

​

​

​

​

Tax discounting of unpaid losses and settlement expenses

​

$

29,524

​

$

25,491

Unearned premium offset

​

 

36,086

​

 

32,763

Deferred compensation

​

 

4,630

​

 

4,170

Share-based compensation expense

​

 

3,685

​

 

3,556

Capitalized research and development costs

​

​

6,350

​

​

4,970

Lease liability

​

 

3,288

​

 

3,113

Other

​

 

3,864

​

 

2,949

Deferred tax assets before allowance

​

$

87,427

​

$

77,012

Less valuation allowance

​

 

—

​

 

—

Total deferred tax assets

​

$

87,427

​

$

77,012

​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

​

Net unrealized appreciation of securities

​

$

25,898

​

$

10,981

Deferred policy acquisition costs

​

 

34,905

​

 

30,779

Lease asset

​

​

2,943

​

​

2,870

Discounting of unpaid losses and settlement expenses - Tax Cuts and Jobs Act (TCJA) implementation offset

​

​

636

​

​

1,272

Fixed assets

​

 

2,908

​

 

2,745

Intangible assets

​

 

1,561

​

 

1,552

Undistributed earnings of unconsolidated investees

​

 

10,265

​

 

10,351

Other

​

 

518

​

 

590

Total deferred tax liabilities

​

$

79,634

​

$

61,140

Net deferred tax asset

​

$

7,793

​

$

15,872

​

Income tax expense (benefit) attributable to income from operations for the years ended December 31, 2024, 2023 and 2022, differed from the amounts computed by applying the U.S. federal tax rate of 21 percent to pretax income from continuing operations as demonstrated in the following table:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

​

2023

 

​

2022

​

Provision for income taxes at the statutory federal tax rates

​

$

89,786

​

21.0

%

​

$

79,226

​

21.0

%

​

$

151,342

​

21.0

%

Increase (reduction) in taxes resulting from:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Excess tax benefit on share-based compensation

​

​

(5,580)

​

(1.3)

%

​

​

(3,774)

​

(1.0)

%

​

​

(4,491)

​

(0.6)

%

Tax-exempt interest income

​

​

(905)

​

(0.2)

%

​

​

(1,092)

​

(0.3)

%

​

​

(1,143)

​

(0.2)

%

Dividends received deduction

​

​

(1,326)

​

(0.3)

%

​

​

(938)

​

(0.2)

%

​

​

(912)

​

(0.1)

%

Tax credit

​

​

(3,539)

​

(0.8)

%

​

​

(3,644)

​

(1.0)

%

​

​

(6,204)

​

(0.9)

%

ESOP dividends paid deduction

​

​

(2,545)

​

(0.6)

%

​

​

(1,591)

​

(0.4)

%

​

​

(4,171)

​

(0.6)

%

Nondeductible expenses

​

​

3,726

​

0.9

%

​

​

3,351

​

0.9

%

​

​

1,263

​

0.2

%

Other items, net

​

​

2,155

​

0.4

%

​

​

1,116

​

0.3

%

​

​

1,583

​

0.2

%

Total

​

$

81,772

  ​

19.1

%

​

$

72,654

  ​

19.3

%

​

$

137,267

  ​

19.0

%

​

Effective rates are dependent upon components of pretax earnings and the related tax effects. The effective rate was slightly lower in 2024 due to higher levels of tax-favored adjustments.

​

Our net earnings include equity in earnings of unconsolidated investees. The investees do not have a policy or pattern of paying dividends. As a result, we record a deferred tax liability on the earnings at the corporate capital gains rate of 21 percent in anticipation of recovering our investments through means other than through the receipt of dividends, such as a sale. We received a $3 million dividend from Prime in 2024 and recognized less than $1 million of tax benefit from applying the lower tax rate applicable to affiliated dividends paid to insurance companies (10.8 percent), as compared to the corporate capital gains rate on which the deferred tax liabilities were based. No dividends were declared from Prime in 2023 or 2022, therefore having no impact to their respective effective tax rates.

​

Dividends paid to our Employee Stock Ownership Plan (ESOP) also result in a tax deduction. Dividends paid to the ESOP in 2024, 2023 and 2022 resulted in tax benefits of $3 million, $2 million and $4 million, respectively. These tax benefits reduced the effective tax rate for 2024, 2023 and 2022 by 0.6 percent, 0.4 percent and 0.6 percent, respectively.

​

We have recorded our deferred tax assets and liabilities using the statutory federal tax rate of 21 percent. We believe it is more likely than not that all deferred tax assets will be recovered, given the carry back availability as well as the projected results of future operations, which we believe will generate sufficient taxable income to realize the deferred tax asset. In addition, we believe when these deferred items reverse in future years, our taxable income will be taxed at an effective rate of 21 percent.

​

Federal and state income taxes paid in 2024, 2023 and 2022 amounted to $68 million, $50 million and $190 million, respectively. The larger amount paid in 2022 was the result of taxes paid on the sale of our investment in Maui Jim. See note 12 to the consolidated financial statements for more information on the sale.

​

Although we are not currently under audit by the IRS, tax years 2021 through 2024 remain open and are subject to examination.
v3.25.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2024
Compensation And Retirement Disclosure [Abstract]  
Employee Benefits

7.

EMPLOYEE BENEFITS

​

EMPLOYEE STOCK OWNERSHIP, 401(K) AND INCENTIVE PLANS

​

We maintain ESOP, 401(k) and incentive plans covering executives, managers and associates. Funding of these plans is primarily dependent upon reaching predetermined levels of operating return on equity, combined ratio and Market Value Potential (MVP). MVP is a compensation model that measures components of comprehensive earnings against a minimum required return on our capital. Bonuses are earned as we generate earnings in excess of this required return. While some management incentive plans may be affected somewhat by other performance factors, the larger influence of corporate performance ensures that the interests of our executives, managers and associates align with those of our shareholders.

​

Our 401(k) plan allows voluntary contributions by employees and permits ESOP diversification transfers for employees meeting certain age and service requirements. We provide a basic 401(k) contribution of 3 percent of eligible compensation. Participants are 100 percent vested in both voluntary and basic contributions. Additionally, an annual discretionary profit-sharing contribution may be made to the ESOP and 401(k), subject to the achievement of certain overall financial goals and board approval. Profit-sharing contributions vest after three years of plan service.

​

Our ESOP and 401(k) cover all employees meeting eligibility requirements. ESOP and 401(k) profit-sharing contributions are approved annually by our board of directors and are expensed in the year earned. ESOP and 401(k)-related expenses (basic and profit-sharing) were $25 million, $23 million and $18 million for 2024, 2023 and 2022, respectively.

​

During 2024, the ESOP purchased 149,696 shares of RLI Corp. stock on the open market at an average price of $73.62 ($11 million) relating to the contribution for plan year 2023. Shares held by the ESOP as of December 31, 2024, totaled 4,749,542 and are treated as outstanding in computing our earnings per share. During 2023, the ESOP purchased 131,546 shares of RLI Corp. stock on the open market at an average price of $68.21 ($9 million) relating to the contribution for plan year 2022. During 2022, the ESOP purchased 174,734 shares of RLI Corp. stock on the open market at an average price of $51.51 ($9 million) relating to the contribution for plan year 2021. The above-mentioned ESOP purchases relate only to our annual contributions to the plan and do not include amounts or shares resulting from the reinvestment of dividends.

​

Annual awards are provided to executives, managers and associates through our incentive plans, provided certain strategic and financial goals are met. Annual expenses for these incentive plans totaled $44 million, $38 million and $24 million for 2024, 2023 and 2022, respectively. Incentive-based compensation received by current or former executive officers is subject to clawback in the event of an accounting restatement.

​

DEFERRED COMPENSATION

​

We maintain rabbi trusts for deferred compensation plans for directors, key employees and executive officers through which contributions can be invested in RLI Corp. stock or mutual funds. The employer stock in the plan cannot be diversified and is accounted for as equity, in a manner consistent with the accounting for treasury stock. At December 31, 2024, the trusts’ assets were valued at $69 million.

​

STOCK PLANS

​

Our RLI Corp. Long-Term Incentive Plan (2015 LTIP) was in place from 2015 to 2023. The 2015 LTIP provided for equity-based compensation, including stock options and restricted stock units, up to a maximum of 8,000,000 shares of common stock

(subject to adjustment for changes in our capitalization and other events). Between 2015 and 2023, we granted 6,582,776 stock options under the 2015 LTIP. The 2015 LTIP was replaced in 2023.

​

In 2023, our shareholders approved the 2023 RLI Corp. Long-Term Incentive Plan (2023 LTIP), which provides for equity-based compensation. In conjunction with the adoption of the 2023 LTIP, effective May 4, 2023, awards were no longer granted under the 2015 LTIP. Awards under the 2023 LTIP may be in the form of restricted stock, restricted stock units, stock options (incentive or non-qualified), stock appreciation rights, performance units as well as other stock-based awards. Eligibility under the 2023 LTIP is limited to employees, directors, consultants and independent contractors of the Company or any affiliate. The granting of awards under the 2023 LTIP is solely at the discretion of the Human Capital and Compensation Committee of the board of directors or its delegate. The maximum number of shares of common stock available for distribution under the 2023 LTIP is 8,009,782 shares (subject to adjustment for changes in our capitalization and other events). Since the plan’s approval in 2023, we have granted 813,182 awards under the 2023 LTIP.

​

Compensation expense is based on the probable number of awards expected to vest. The total compensation expense related to equity awards was $8 million, $9 million and $9 million for 2024, 2023 and 2022, respectively. The total income tax benefit was $1 million for 2024, 2023 and 2022. Total unrecognized compensation expense relating to outstanding and unvested awards was $7 million, which will be recognized over the weighted average vesting period of 2.60 years.

​

Stock Options

​

Under the 2023 LTIP, as under the 2015 LTIP, we grant stock options for shares with an exercise price equal to the fair market value of the shares at the date of grant (subject to adjustments for changes in our capitalization, including special dividends and other events as set forth in such plans). Options generally vest and become exercisable ratably over a five-year period and expire eight years after grant.

​

For most participants, the requisite service period and vesting period will be the same. For participants who are retirement eligible, defined by the plan as those individuals whose age and years of service equals 75 or more, the requisite service period is deemed to be met and options are immediately expensed on the date of grant. For participants who will become retirement eligible during the vesting period, the requisite service period over which expense is recognized is the period between the grant date and the attainment of retirement eligibility. Shares issued upon option exercise are newly issued shares.

​

The following table summarizes option activity in 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

Aggregate

​

​

​

​

Weighted

​

Average

​

Intrinsic

​

​

​

​

Average

​

Remaining

​

Value

​

 

Options

 

Exercise Price

 

Contractual Life

 

(in 000’s)

Outstanding as of January 1, 2024

​

3,283,420

​

$

46.31

​

​

​

​

​

Granted

​

379,344

​

​

72.30

​

​

​

​

​

Exercised

​

(807,026)

​

​

35.45

​

​

​

​

​

Forfeited or expired

​

(17,800)

​

​

56.64

​

​

​

​

​

Outstanding as of December 31, 2024

​

2,837,938

​

$

52.80

 

4.51

​

$

84,046

Exercisable at December 31, 2024

​

1,522,274

​

$

45.49

 

3.32

​

$

57,319

​

The intrinsic value of options exercised, which is the difference between the fair value and the exercise price, was $35 million, $19 million and $22 million during 2024, 2023 and 2022, respectively.

​

The fair values of options were estimated using a Black-Scholes based option pricing model with the following weighted-average grant-date assumptions and weighted-average fair values as of December 31:

​

​

​

​

​

​

​

​

​

​

​

​

​

 

2024

 

2023

 

2022

 

Weighted-average fair value of grants

​

$

15.81

​

$

13.62

​

$

10.71

​

Risk-free interest rates

​

​

4.83

%

​

3.59

%

​

2.95

%

Dividend yield

​

​

2.30

%

​

2.28

%

​

2.50

%

Expected volatility

​

​

23.09

%

​

22.97

%

​

22.89

%

Expected option life

​

​

5.02

years

​

4.96

years

​

5.05

years

​

The risk-free rate was determined based on U.S. treasury yields that most closely approximated the option’s expected life. The dividend yield was determined based on the average annualized quarterly dividends paid during the most recent five-year period and incorporated a consideration for special dividends paid in recent history. The expected volatility was calculated based on the median of the rolling volatilities for the expected life of the options. The expected option life was determined based on historical exercise behavior and the assumption that all outstanding options will be exercised at the midpoint of the current date and remaining contractual term, adjusted for the demographics of the current year’s grant.

​

Restricted Stock Units

​

In addition to stock options, restricted stock units (RSUs) are granted with a value equal to the closing stock price of the Company’s stock on the dates the units are granted. For employees, these units generally have a three-year cliff vesting, but have an accelerated vesting feature for participants who are retirement eligible, defined by the plan as those individuals whose age and years of service equals 75 or more. For directors, these units vest on the earlier of one year from the date of grant or the next annual shareholders meeting. In addition, the RSUs have dividend participation, which accrue as additional units and are settled with granted stock units at the end of the vesting period. The total fair value of restricted stock units that vested was $2 million, $3 million and $2 million during 2024, 2023 and 2022, respectively.

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

​

​

Grant Date

​

 

RSUs

 

Fair Value

Nonvested at January 1, 2024

​

90,187

​

$

62.58

Granted

​

42,762

​

​

72.11

Reinvested

​

3,004

​

​

81.53

Vested

​

(34,396)

​

​

61.48

Forfeited

​

(2,462)

​

​

67.18

Nonvested at December 31, 2024

​

99,095

​

$

66.89

​
v3.25.0.1
Statutory Information and Dividend Restrictions
 12 Months Ended
Dec. 31, 2024
Statutory Information And Dividend Restrictions Disclosure [Abstract]  
Statutory Information And Dividend Restrictions

8.

STATUTORY INFORMATION AND DIVIDEND RESTRICTIONS

​

The statutory financial statements of our three insurance companies are presented on the basis of accounting practices prescribed or permitted by the Illinois Department of Insurance (IDOI), which has adopted the NAIC’s statutory accounting principles (SAP). We do not use any permitted SAP that differ from NAIC prescribed SAP. In converting from SAP to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of statutory non-admitted assets and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to fixed income securities.

​

The NAIC has risk-based capital (RBC) requirements for insurance companies to calculate and report information under a risk-based formula, which measures statutory capital and surplus needs based upon a regulatory definition of risk relative to the company’s balance sheet and mix of products. As of December 31, 2024, each of our insurance subsidiaries had an RBC amount in excess of the authorized control level RBC, as defined by the NAIC. RLI Insurance Company (RLI Ins.), our principal insurance company subsidiary, had an authorized control level RBC of $296 million, $273 million and $250 million as of December 31, 2024, 2023 and 2022, respectively, compared to actual statutory capital and surplus of $1.8 billion, $1.5 billion and $1.4 billion, respectively, for these same periods.

​

Year-end statutory surplus for 2024 presented in the table below includes $352 million of RLI Corp. stock (cost basis of $65 million) held by Mt. Hawley Insurance Company, compared to $294 million and $327 million in 2023 and 2022, respectively. The Securities Valuation Office provides specific guidance for valuing this investment, which is eliminated in our GAAP consolidated financial statements.

​

The following table includes selected information for our insurance subsidiaries for the year ended and as of December 31:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Consolidated net income, statutory basis

​

$

295,917

​

$

231,321

​

$

229,111

Consolidated surplus, statutory basis

​

$

1,787,312

​

$

1,520,135

​

$

1,407,925

​

As discussed in note 1.A., our three insurance companies are subsidiaries of RLI Corp., with RLI Ins. as the first-level, or principal, insurance subsidiary. At the holding company (RLI Corp.) level, we rely largely on dividends from our insurance company subsidiaries to meet our obligations for paying principal and interest on outstanding debt, corporate expenses and dividends to RLI

Corp. shareholders. As discussed further below, dividend payments to RLI Corp. from RLI Ins. are restricted by state insurance laws as to the amount that may be paid without prior approval of the insurance regulatory authorities of Illinois. As a result, we may not be able to receive dividends from such subsidiary at times and in amounts necessary to pay desired dividends to RLI Corp. shareholders. On a GAAP basis, as of December 31, 2024, our holding company had $1.5 billion in equity. This includes amounts related to the equity of our insurance subsidiaries, which is subject to regulatory restrictions under state insurance laws. The unrestricted portion of holding company net assets is comprised primarily of investments and cash, including $39 million in liquid assets, which approximates two-thirds of our normal annual holding company expenditures. Unrestricted funds at the holding company are available to fund debt interest, general corporate obligations and regular dividend payments to our shareholders. If necessary, the holding company also has other potential sources of liquidity that could provide for additional funding to meet corporate obligations or pay shareholder dividends, which include a revolving line of credit, as well as access to capital markets.

​

Ordinary dividends, which may be paid by our principal insurance subsidiary without prior regulatory approval, are subject to certain limitations based upon statutory income, surplus and earned surplus. The maximum ordinary dividend distribution from our principal insurance subsidiary in a rolling 12-month period is limited by Illinois law to the greater of 10 percent of RLI Ins. policyholder surplus, as of December 31 of the preceding year, or the net income of RLI Ins. for the 12-month period ending December 31 of the preceding year. Ordinary dividends are further restricted by the requirement that they be paid from earned surplus. In 2024, 2023 and 2022, RLI Ins. paid ordinary dividends totaling $152 million, $145 million and $13 million, respectively, to RLI Corp. Any dividend distribution in excess of the ordinary dividend limits is deemed extraordinary and requires prior approval from the IDOI. No extraordinary dividends were paid in 2024, 2023 or 2022. Although RLI Ins. was restricted from distributing ordinary dividends to RLI Corp. as of December 31, 2024, the rolling 12-month limitations reset as of January 1st. A total of $241 million in ordinary dividend capacity will be available over the course of 2025. In addition to restrictions from our principal subsidiary’s insurance regulator, we also consider internal models and how capital adequacy is defined by our rating agencies in determining amounts available for distribution.
v3.25.0.1
Commitments And Contingent Liabilities
 12 Months Ended
Dec. 31, 2024
Commitments And Contingencies Disclosure [Abstract]  
Commitments And Contingent Liabilities

9.

COMMITMENTS AND CONTINGENT LIABILITIES

​

COMMITMENTS

​

As of December 31, 2024, we had $8 million of unfunded commitments related to our investments in private funds and tax credits. See note 2 to the consolidated financial statements for more information on our investments in private funds and low-income housing tax credits.

​

LITIGATION

​

We are party to numerous claims, loss and litigation matters that arise in the normal course of our business. Many of such claims, loss or litigation matters involve claims under policies that we underwrite as an insurer. We believe that the resolution of these claims and losses is not reasonably likely to have a material adverse effect on our financial condition, results of operations or cash flows. From time to time, we are also involved in various other legal proceedings and litigation unrelated to our insurance business that arise in the ordinary course of business operations. Management believes that any liabilities that may arise as a result of these legal matters is not reasonably likely to have a material adverse effect on our financial condition, results of operations or cash flows.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

10.

LEASES

​

Right-of-use (ROU) assets are included in the other assets line item and lease liabilities are included in the other liabilities line item of the consolidated balance sheet. We determine if a contract contains a lease at inception and recognize operating lease ROU assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements may include options to extend or terminate. The options are exercised at our discretion and are included in operating lease liabilities if it is reasonably certain the option will be exercised. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Operating lease costs for future minimum lease payments are recognized on a straight-line basis over the lease terms. Variable lease costs are expensed in the period in which the obligations are incurred. Sublease income is recognized on a straight-line basis over the sublease term.

​

The components of lease expense and other lease information as of and during the years ended December 31, 2024, 2023 and 2022 were as follows:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Operating lease cost

​

$

4,631

​

$

4,935

​

$

4,957

Variable lease cost

​

​

1,103

​

​

1,469

​

​

1,423

Sublease income

​

​

(170)

​

​

(469)

​

​

(555)

Total lease cost

​

$

5,564

​

$

5,935

​

$

5,825

​

​

​

​

​

​

​

​

​

​

Cash paid for amounts included in measurement of lease liabilities

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

4,083

​

$

5,407

​

$

5,435

​

​

​

​

​

​

​

​

​

​

ROU assets obtained in exchange for new operating lease liabilities

​

$

4,392

​

$

5,805

​

$

2,694

​

​

​

​

​

​

​

​

​

​

Reduction to ROU assets resulting from reduction to lease liabilities

​

$

—

​

$

300

​

$

2

​

​

​

​

​

​

​

​

​

​

Other non-cash reductions to ROU assets

​

$

—

​

$

—

​

$

73

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

​

Operating lease ROU assets

​

$

14,016

​

$

13,666

​

Operating lease liabilities

​

$

15,711

​

$

14,880

​

Weighted-average remaining lease term - operating leases

​

​

6.01

years

​

6.08

years

Weighted-average discount rate - operating leases

​

​

3.63

%

​

3.21

%

​

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:

​

​

​

​

​

(in thousands)

 

2024

2025

​

$

4,373

2026

​

​

3,713

2027

​

​

2,288

2028

​

​

1,617

2029

​

​

1,443

Thereafter

​

​

4,489

Total future minimum lease payments

​

$

17,923

Less imputed interest

​

​

(2,212)

Total operating lease liability

​

$

15,711

​
v3.25.0.1
Operating Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Operating Segment Information

11.

OPERATING SEGMENT INFORMATION

​

The Company’s insurance operations are managed and reported in three operating segments: property, casualty and surety. The casualty portion of our business consists largely of commercial excess, personal umbrella, general liability, transportation and management liability coverages, as well as package business and other specialty coverages, such as professional liability and workers’ compensation for office-based professionals. We also assume a limited amount of risks through quota share and excess of loss reinsurance agreements. The casualty business is subject to a higher level of risk when estimating losses and related loss reserves because the ultimate settlement of a casualty claim may take several years to fully develop.

​

Our property segment is comprised primarily of commercial fire, hurricane, earthquake, difference in conditions and marine coverages. We also offer homeowners’ coverages in Hawaii. Property insurance results are subject to the variability introduced by perils such as earthquakes, fires, hurricanes and other storms. Our major catastrophe exposure is to losses caused by windstorms, affecting commercial properties in coastal regions of the United States, and earthquakes, primarily on the West Coast. We limit our net aggregate exposure to a catastrophic event by managing the total policy limits written in a particular region, purchasing reinsurance and maintaining policy terms and conditions throughout all insurance cycles. We also use computer-assisted modeling techniques to provide estimates that help the Company carefully manage the concentration of risks exposed to catastrophic events.

​

The surety segment specializes in writing small to medium-sized contract surety coverages, including payment and performance bonds. We offer a variety of commercial surety bonds for medium to large-sized businesses across a broad spectrum of industries, including the financial, healthcare, energy and renewable energy industries. We also offer a variety of transactional bonds including, but not limited to license and permit, notary and court bonds. Often, our surety coverages involve a statutory requirement for bonds. While these bonds typically maintain a relatively low loss ratio, losses may fluctuate due to adverse economic conditions affecting the

financial viability of our insureds. The contract surety product guarantees commercial contractors’ contractual obligations for a specific construction project. Generally, losses occur due to the deterioration of a contractor’s financial condition.

​

The Company’s chief operating decision maker (CODM) is the chief executive officer. The Company’s CODM assesses the segments’ performance by using earnings before income taxes (underwriting income) and the combined ratio. Underwriting income and combined ratio are analyzed at the segment level and influence how resources are allocated. Decisions are made based on what is likely to provide the best long-term return to the Company.

​

The accounting policies of the reporting segments are the same as those described in note 1 to the consolidated financial statements. Expense allocations are based on assumptions primarily related to direct costs, net premiums earned, as well as the level of support required for the products within each segment. Amortization of deferred acquisition costs represents the recognition of commission and premium taxes over the life of insurance polices, in proportion to premium revenue recognized. The other policy acquisition costs line item includes other expenses associated with underwriting, but that cannot be specifically associated with the successful acquisition of a policy, including, but not limited to, employment costs for underwriters and underwriting support as well as costs for policy acquisition systems. Insurance operating expenses reflect allocated costs from various support departments, such as corporate technology, accounting, human resources and facilities, among others.

​

Net investment income consists of the interest and dividend income streams from our investments in fixed income and equity securities. Interest expense represents the cost of debt and lines of credit. General corporate expenses include director and shareholder relation costs and other compensation-related expenses incurred for the benefit of the corporation, but not attributable to the operations of our insurance segments. Investee earnings primarily represents our 23 percent share in earnings of Prime Holdings Insurance Services, Inc., a privately held insurance company which specializes in hard-to-place risks. Assets, and the revenues and expenses associated with investing and financing activities, are not managed at the segment level and therefore are not allocated to segments.

​

All segment revenues are from external customers and all long-lived assets are held domestically. We have no material foreign operations or customer concentrations and have no intersegment revenues.

​

The following tables presents our operating results by segment, as evaluated by the CODM.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

Casualty

​

​

Property

​

​

Surety

​

​

Total

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Net premiums earned

​

$

852,837

​

$

531,384

​

$

142,185

​

$

1,526,406

Net investment income

​

​

-

​

​

-

​

​

-

​

​

142,278

Net realized gains

​

​

-

​

​

-

​

​

-

​

​

19,966

Net unrealized gains (losses) on equity securities

​

​

-

​

​

-

​

​

-

​

​

81,734

Consolidated revenue

​

$

852,837

​

$

531,384

​

$

142,185

​

$

1,770,384

​

​

​

​

​

​

​

​

​

​

​

​

​

Less: Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Losses and settlement expenses

​

$

524,490

​

$

198,806

​

$

15,957

​

​

​

Amortization of deferred acquisition costs

​

​

161,532

​

​

108,235

​

​

48,254

​

​

​

Other policy acquisition costs

​

​

83,987

​

​

22,936

​

​

39,096

​

​

​

Insurance operating expenses

​

​

65,040

​

​

33,871

​

​

13,549

​

​

​

Segment earnings before income taxes

​

$

17,788

​

$

167,536

​

$

25,329

​

$

210,653

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Segment earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

210,653

Net investment income

​

​

​

​

​

​

​

​

​

​

​

142,278

Net realized gains

​

​

​

​

​

​

​

​

​

​

​

19,966

Net unrealized gains (losses) on equity securities

​

​

​

​

​

​

​

​

​

​

​

81,734

Interest expense on debt

​

​

​

​

​

​

​

​

​

​

​

(6,331)

General corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(15,880)

Equity in earnings of unconsolidated investees

​

​

​

​

​

​

​

​

​

​

​

(4,869)

Earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

427,551

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization expense

​

$

5,705

​

$

1,924

​

$

991

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

Casualty

​

​

Property

​

​

Surety

​

​

Total

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Net premiums earned

​

$

758,346

​

$

401,530

​

$

134,430

​

$

1,294,306

Net investment income

​

​

-

​

​

-

​

​

-

​

​

120,383

Net realized gains

​

​

-

​

​

-

​

​

-

​

​

32,518

Net unrealized gains (losses) on equity securities

​

​

-

​

​

-

​

​

-

​

​

64,787

Consolidated revenue

​

$

758,346

​

$

401,530

​

$

134,430

​

$

1,511,994

​

​

​

​

​

​

​

​

​

​

​

​

​

Less: Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Losses and settlement expenses

​

$

418,032

​

$

172,062

​

$

14,319

​

​

​

Amortization of deferred acquisition costs

​

​

138,968

​

​

94,173

​

​

42,754

​

​

​

Other policy acquisition costs

​

​

82,621

​

​

22,171

​

​

37,638

​

​

​

Insurance operating expenses

​

​

59,246

​

​

26,808

​

​

12,329

​

​

​

Segment earnings before income taxes

​

$

59,479

​

$

86,316

​

$

27,390

​

$

173,185

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Segment earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

173,185

Net investment income

​

​

​

​

​

​

​

​

​

​

​

120,383

Net realized gains

​

​

​

​

​

​

​

​

​

​

​

32,518

Net unrealized gains (losses) on equity securities

​

​

​

​

​

​

​

​

​

​

​

64,787

Interest expense on debt

​

​

​

​

​

​

​

​

​

​

​

(7,301)

General corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(15,917)

Equity in earnings of unconsolidated investees

​

​

​

​

​

​

​

​

​

​

​

9,610

Earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

377,265

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization expense

​

$

5,991

​

$

1,807

​

$

1,648

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

Casualty

​

​

Property

​

​

Surety

​

​

Total

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Net premiums earned

​

$

711,832

​

$

307,886

​

$

124,718

​

$

1,144,436

Net investment income

​

​

-

​

​

-

​

​

-

​

​

86,078

Net realized gains

​

​

-

​

​

-

​

​

-

​

​

588,515

Net unrealized gains (losses) on equity securities

​

​

-

​

​

-

​

​

-

​

​

(121,037)

Consolidated revenue

​

$

711,832

​

$

307,886

​

$

124,718

​

$

1,697,992

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Losses and settlement expenses

​

$

381,436

​

$

120,745

​

$

12,195

​

​

​

Amortization of deferred acquisition costs

​

​

126,048

​

​

67,450

​

​

38,907

​

​

​

Other policy acquisition costs

​

​

78,349

​

​

27,753

​

​

31,125

​

​

​

Insurance operating expenses

​

​

52,210

​

​

19,416

​

​

10,586

​

​

​

Segment earnings before income taxes

​

$

73,789

​

$

72,522

​

$

31,905

​

$

178,216

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Segment earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

178,216

Net investment income

​

​

​

​

​

​

​

​

​

​

​

86,078

Net realized gains

​

​

​

​

​

​

​

​

​

​

​

588,515

Net unrealized gains (losses) on equity securities

​

​

​

​

​

​

​

​

​

​

​

(121,037)

Interest expense on debt

​

​

​

​

​

​

​

​

​

​

​

(8,047)

General corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(12,900)

Equity in earnings of unconsolidated investees

​

​

​

​

​

​

​

​

​

​

​

9,853

Earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

720,678

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization expense

​

$

4,961

​

$

1,653

​

$

1,705

​

​

​

​

The following table further summarizes revenues by major product type within each segment:

​

NET PREMIUMS EARNED

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

(in thousands)

 

2024

 

2023

 

2022

CASUALTY

​

​

​

​

​

​

​

​

​

Commercial excess and personal umbrella

​

$

354,847

​

$

286,178

​

$

253,921

Commercial transportation

​

​

120,650

​

​

103,719

​

​

96,992

General liability

​

​

104,423

​

​

103,066

​

​

100,374

Professional services

​

​

103,794

​

​

99,596

​

​

95,187

Small commercial

​

​

78,308

​

​

72,920

​

​

67,673

Executive products

​

​

23,555

​

​

24,687

​

​

26,606

Other casualty

​

​

67,260

​

​

68,180

​

​

71,079

Total

​

$

852,837

​

$

758,346

​

$

711,832

​

​

​

​

​

​

​

​

​

​

PROPERTY

​

​

​

​

​

​

​

​

​

Commercial property

​

$

345,554

​

$

244,798

​

$

163,078

Marine

​

​

145,706

​

​

129,428

​

​

113,208

Other property

​

​

40,124

​

​

27,304

​

​

31,600

Total

​

$

531,384

​

$

401,530

​

$

307,886

​

​

​

​

​

​

​

​

​

​

SURETY

​

​

​

​

​

​

​

​

​

Transactional

​

$

49,460

​

$

47,983

​

$

45,826

Commercial

​

​

48,533

​

​

49,707

​

​

47,652

Contract

​

​

44,192

​

​

36,740

​

​

31,240

Total

​

$

142,185

​

$

134,430

​

$

124,718

Grand total

​

$

1,526,406

​

$

1,294,306

​

$

1,144,436

​
v3.25.0.1
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Dispositions

12. ACQUISITONS AND DISPOSITIONS

​

On September 30, 2022, RLI Corp. completed the sale of its equity method investment in Maui Jim to Kering Eyewear for cash proceeds of $687 million. A net realized gain of $571 million was recognized during 2022, and the payout of the working capital escrow during 2023 resulted in the recognition of an additional $14 million realized gain. The gains were recorded in the net realized gain line item of the statement of earnings.
v3.25.0.1
Schedule I-Summary Of Investments-Other than Investments in Related Parties
 12 Months Ended
Dec. 31, 2024
Summary Of Investments Other Than Investments In Related Parties [Abstract]  
Schedule I - Summary Of Investments - Other than Investments in Related Parties

RLI CORP. AND SUBSIDIARIES

SCHEDULE I—SUMMARY OF INVESTMENTS—OTHER THAN INVESTMENTS

IN RELATED PARTIES

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

Column A

​

Column B

​

Column C

​

Column D

​

​

​

​

​

​

​

​

Amount at

(in thousands)

​

​

​

​

​

​

​

which shown in

Type of Investment

 

Cost (1)

 

Fair Value

 

the balance sheet

Fixed maturities:

​

​

​

​

​

​

​

​

​

Bonds:

​

​

​

​

​

​

​

​

​

Available-for-sale:

​

​

​

​

​

​

​

​

​

U.S. government

​

$

525,608

​

$

515,635

​

$

515,635

U.S. agency

​

​

55,921

​

​

54,338

​

​

54,338

Non-U.S. government & agency

​

​

8,959

​

​

7,871

​

​

7,871

Agency MBS

​

​

438,545

​

​

396,223

​

​

396,223

ABS/CMBS/MBS*

​

​

430,973

​

​

410,248

​

​

410,248

Corporate

​

​

1,397,676

​

​

1,346,521

​

​

1,346,521

Municipal

​

​

533,477

​

​

444,960

​

​

444,960

Total available-for-sale

​

$

3,391,159

​

$

3,175,796

​

$

3,175,796

Total fixed maturities

​

$

3,391,159

​

$

3,175,796

​

$

3,175,796

​

​

​

​

​

​

​

​

​

​

Equity securities:

​

​

​

​

​

​

​

​

​

Common stock:

​

​

​

​

​

​

​

​

​

Ind Misc and all other

​

$

125,827

​

$

219,832

​

$

219,832

ETFs (Ind/misc)

​

​

292,070

​

​

516,359

​

​

516,359

Total equity securities

​

$

417,897

​

$

736,191

​

$

736,191

Cash and short-term investments

​

​

114,705

​

​

114,705

​

​

114,705

Other invested assets

​

​

55,408

​

​

57,939

​

​

57,939

Total investments and cash

​

$

3,979,169

​

$

4,084,631

​

$

4,084,631

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

​

Note: See notes 1E and 2 of Notes to Consolidated Financial Statements. See also the accompanying reports of independent registered public accounting firms starting on page 90 of this report.

​

(1)Original cost of equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts.
v3.25.0.1
Schedule II -Condensed Financial Information of Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule II -Condensed Financial Information of Registrant (Parent Company)

RLI CORP. AND SUBSIDIARIES

SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(PARENT COMPANY)

CONDENSED BALANCE SHEETS

December 31,

​

​

​

​

​

​

​

​

(in thousands, except share data)

 

2024

 

2023

ASSETS

​

​

​

​

​

​

Cash

​

$

121

​

$

1,048

Short-term investments, at cost which approximates fair value

​

​

1,400

​

​

76,926

Accounts receivable, affiliates

​

​

2,365

​

​

2,393

Investments in subsidiaries

​

​

1,525,833

​

​

1,312,323

Fixed income:

​

​

​

​

​

​

Available-for-sale, at fair value

​

​

37,372

​

​

67,029

(amortized cost of $47,655 and allowance for credit losses of $0 in 2024)

​

​

​

​

​

​

(amortized cost of $78,431 and allowance for credit losses of $0 in 2023)

​

​

​

​

​

​

Property and equipment, at cost, net of accumulated depreciation of $913 in 2024 and $1,375 in 2023

​

​

1,375

​

​

1,375

Income taxes receivable - current

​

​

349

​

​

—

Income taxes - deferred

​

​

3,104

​

​

3,101

Other assets

​

​

9,824

​

​

6,170

TOTAL ASSETS

​

$

1,581,743

​

$

1,470,365

​

​

​

​

​

​

​

LIABILITIES AND SHAREHOLDERS’ EQUITY

​

​

​

​

​

​

LIABILITIES

​

​

​

​

​

​

Income taxes payable - current

​

$

—

​

$

778

Short-term debt

​

​

50,000

​

​

50,000

Interest payable on debt

​

​

108

​

​

157

Other liabilities

​

​

9,668

​

​

5,916

TOTAL LIABILITIES

​

$

59,776

​

$

56,851

​

​

​

​

​

​

​

SHAREHOLDERS' EQUITY

​

​

​

​

​

​

Common stock ($0.01 par value)

​

​

​

​

​

​

(Shares authorized - 400,000,000)

​

​

​

​

​

​

(137,598,560 shares issued and 91,738,132 shares outstanding in 2024)

​

​

​

​

​

​

(137,140,522 shares issued and 91,280,094 shares outstanding in 2023)

​

$

1,376

​

$

1,371

Paid-in capital

​

​

367,645

​

​

361,660

Accumulated other comprehensive earnings

​

​

(173,723)

​

​

(166,303)

Retained earnings

​

​

1,719,668

​

​

1,609,785

Deferred compensation

​

​

13,498

​

​

13,539

Treasury stock, at cost (45,860,428 shares in 2024 and 2023)

​

​

(406,497)

​

​

(406,538)

TOTAL SHAREHOLDERS’ EQUITY

​

$

1,521,967

​

$

1,413,514

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

​

$

1,581,743

​

$

1,470,365

​

See Notes to Consolidated Financial Statements. See also the accompanying reports of independent registered public accounting firms starting on page 90 of this report.

​

RLI CORP. AND SUBSIDIARIES

SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(PARENT COMPANY)—(continued)

CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS

Years ended December 31,

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Net investment income

​

$

7,470

​

$

10,351

​

$

6,245

Net realized gains (losses)

​

​

(1,542)

​

​

14,134

​

​

570,888

Equity in earnings of unconsolidated investee

​

​

—

​

​

—

​

​

372

Selling, general and administrative expenses

​

​

(15,880)

​

​

(15,917)

​

​

(12,900)

Interest expense on debt

​

​

(3,617)

​

​

(6,543)

​

​

(7,622)

Earnings (loss) before income taxes

​

$

(13,569)

​

$

2,025

​

$

556,983

Income tax expense (benefit)

​

​

(6,321)

​

​

(1,802)

​

​

108,699

Net earnings (loss) before equity in net earnings of subsidiaries

​

$

(7,248)

​

$

3,827

​

$

448,284

Equity in net earnings of subsidiaries

​

​

353,027

​

​

300,784

​

​

135,127

Net earnings

​

$

345,779

​

$

304,611

​

$

583,411

Other comprehensive earnings (loss), net of tax

​

​

​

​

​

​

​

​

​

Unrealized gains (losses) on securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gains (losses) arising during the period

​

$

(334)

​

$

1,754

​

$

(12,188)

Less: reclassification adjustment for (gains) losses included in net earnings

​

​

1,218

​

​

—

​

​

115

Other comprehensive earnings (loss) - parent only

​

$

884

​

$

1,754

​

$

(12,073)

Equity in other comprehensive earnings (loss) of subsidiaries/investees

​

​

(8,304)

​

​

61,019

​

​

(266,829)

Other comprehensive earnings (loss)

​

$

(7,420)

​

$

62,773

​

$

(278,902)

Comprehensive earnings

​

$

338,359

​

$

367,384

​

$

304,509

​

See Notes to Consolidated Financial Statements. See also the accompanying reports of independent registered public accounting firms starting on page 90 of this report.

RLI CORP. AND SUBSIDIARIES

SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(PARENT COMPANY)—(continued)

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31,

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Cash flows from operating activities

​

​

​

​

​

​

​

​

​

Earnings (loss) before equity in net earnings of subsidiaries

​

$

(7,248)

​

$

3,827

​

$

448,284

Adjustments to reconcile net losses to net cash provided by (used in) operating activities:

​

​

​

​

​

​

​

​

​

Net realized (gains) losses

​

​

1,542

​

​

(14,134)

​

​

(570,888)

Depreciation

​

​

—

​

​

35

​

​

64

Other items, net

​

​

6,553

​

​

1,350

​

​

1,403

Change in:

​

​

​

​

​

​

​

​

​

Affiliate balances receivable/payable

​

​

28

​

​

(821)

​

​

(724)

Federal income taxes

​

​

(1,364)

​

​

(1,409)

​

​

(19,484)

Changes in investment in unconsolidated investee:

​

​

​

​

​

​

​

​

​

Undistributed earnings

​

​

—

​

​

—

​

​

(372)

Net cash used in operating activities

​

$

(489)

​

$

(11,152)

​

$

(141,717)

​

​

​

​

​

​

​

​

​

​

Cash flows from investing activities

​

​

​

​

​

​

​

​

​

Purchase of:

​

​

​

​

​

​

​

​

​

Fixed income, available-for-sale

​

$

—

​

$

(89,501)

​

$

(1,356,177)

Other

​

​

(3,993)

​

​

(1,832)

​

​

(1,420)

Sale of:

​

​

​

​

​

​

​

​

​

Fixed income, available-for-sale

​

​

26,921

​

​

—

​

​

1,373

Equity method investee

​

​

—

​

​

14,134

​

​

686,566

Other

​

​

1,024

​

​

54

​

​

221

Property and equipment

​

​

—

​

​

—

​

​

298

Call or maturity of:

​

​

​

​

​

​

​

​

​

Fixed income, available-for-sale

​

​

1,968

​

​

263,939

​

​

1,192,050

Net sale (purchase) of short-term investments

​

​

75,526

​

​

(74,696)

​

​

(2,229)

Cash dividends received-subsidiaries

​

​

152,000

​

​

145,000

​

​

13,000

Net cash provided by investing activities

​

$

253,446

​

$

257,098

​

$

533,682

​

​

​

​

​

​

​

​

​

​

Cash flows from financing activities

​

​

​

​

​

​

​

​

​

Proceeds from stock option exercises

​

$

(2,327)

​

$

1,245

​

$

(465)

Proceeds from issuance of debt

​

​

—

​

​

50,000

​

​

—

Repayment of debt

​

​

—

​

​

(150,000)

​

​

—

Cash dividends paid

​

​

(256,443)

​

​

(152,508)

​

​

(397,323)

Other

​

​

4,886

​

​

5,314

​

​

5,441

Net cash used in financing activities

​

$

(253,884)

​

$

(245,949)

​

$

(392,347)

​

​

​

​

​

​

​

​

​

​

Net increase (decrease) in cash

​

$

(927)

​

$

(3)

​

$

(382)

Cash at beginning of year

​

​

1,048

​

​

1,051

​

​

1,433

Cash at end of year

​

$

121

​

$

1,048

​

$

1,051

​

Interest paid on outstanding debt amounted to $4 million, $8 million and $7 million for 2024, 2023 and 2022, respectively. See Notes to Consolidated Financial Statements. See also the accompanying reports of independent registered public accounting firms starting on page 90 of this report.
v3.25.0.1
Schedule III-Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2024
Supplementary Insurance Information [Abstract]  
Schedule III-Supplementary Insurance Information

RLI CORP. AND SUBSIDIARIES

SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION

As of and for the years ended December 31, 2024, 2023 and 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred losses

​

​

Deferred policy

​

Unpaid losses

​

Unearned

​

Net

​

and settlement

​

​

acquisition

​

and settlement

​

premiums,

​

premiums

​

expenses

(in thousands)

 

costs

 

expenses, gross

 

gross

 

earned

 

current year

Year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

88,616

​

$

2,212,648

​

$

564,772

​

$

852,837

​

$

577,368

Property segment

​

​

48,302

​

​

337,787

​

​

328,842

​

​

531,384

​

​

231,949

Surety segment

​

​

29,296

​

​

143,035

​

​

90,526

​

​

142,185

​

​

25,245

RLI Insurance Group

​

$

166,214

​

$

2,693,470

​

$

984,140

​

$

1,526,406

​

$

834,562

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

73,334

​

$

2,043,556

​

$

491,479

​

$

758,346

​

$

496,530

Property segment

​

​

46,366

​

​

301,907

​

​

314,945

​

​

401,530

​

​

193,258

Surety segment

​

​

26,866

​

​

100,562

​

​

85,902

​

​

134,430

​

​

23,172

RLI Insurance Group

​

$

146,566

​

$

2,446,025

​

$

892,326

​

$

1,294,306

​

$

712,960

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

66,285

​

$

1,929,091

​

$

466,178

​

$

711,832

​

$

468,661

Property segment

​

​

36,767

​

​

293,737

​

​

237,369

​

​

307,886

​

​

145,672

Surety segment

​

​

24,807

​

​

92,809

​

​

81,538

​

​

124,718

​

​

22,622

RLI Insurance Group

​

$

127,859

​

$

2,315,637

​

$

785,085

​

$

1,144,436

​

$

636,955

​

NOTE 1: Investment income is not allocated to the segments, therefore, net investment income has not been provided.

​

See the accompanying reports of independent registered public accounting firms starting on page 90 of this report.

RLI CORP. AND SUBSIDIARIES

SCHEDULE III—SUPPLEMENTARY INSURANCE INFORMATION

(continued)

As of and for the years ended December 31, 2024, 2023 and 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred

​

​

​

​

​

​

​

​

​

​

​

losses and

​

​

​

​

​

​

​

​

​

​

​

settlement

​

Policy

​

Other

​

Net

​

​

expenses

​

acquisition

​

operating

​

premiums

(in thousands)

 

prior year

 

costs

 

expenses

 

written

Year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

(52,878)

​

$

245,519

​

$

65,040

​

$

915,625

Property segment

​

​

(33,143)

​

​

131,171

​

​

33,871

​

​

542,997

Surety segment

​

​

(9,288)

​

​

87,350

​

​

13,549

​

​

146,899

RLI Insurance Group

​

$

(95,309)

​

$

464,040

​

$

112,460

​

$

1,605,521

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

(78,498)

​

$

221,589

​

$

59,246

​

$

788,982

Property segment

​

​

(21,196)

​

​

116,344

​

​

26,808

​

​

500,057

Surety segment

​

​

(8,853)

​

​

80,392

​

​

12,329

​

​

138,708

RLI Insurance Group

​

$

(108,547)

​

$

418,325

​

$

98,383

​

$

1,427,747

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

(87,225)

​

$

204,397

​

$

52,210

​

$

744,607

Property segment

​

​

(24,927)

​

​

95,203

​

​

19,416

​

​

364,644

Surety segment

​

​

(10,427)

​

​

70,032

​

​

10,586

​

​

132,285

RLI Insurance Group

​

$

(122,579)

​

$

369,632

​

$

82,212

​

$

1,241,536

​

See the accompanying reports of independent registered public accounting firms starting on page 90 of this report.
v3.25.0.1
Schedule IV-Reinsurance
 12 Months Ended
Dec. 31, 2024
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Abstract]  
Schedule IV-Reinsurance

RLI CORP. AND SUBSIDIARIES

SCHEDULE IV—REINSURANCE

Years ended December 31, 2024, 2023 and 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Percentage

​

​

​

​

​

​

Ceded to

​

Assumed

​

​

​

​

of amount

 

​

​

Direct

​

other

​

from other

​

Net

​

assumed

 

(in thousands)

 

amount

 

companies

 

companies

 

amount

 

to net

 

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

1,009,937

​

$

182,226

​

$

25,126

​

$

852,837

​

2.9

%

Property segment

​

​

729,018

​

​

198,206

​

​

572

​

​

531,384

​

0.1

%

Surety segment

​

​

156,110

​

​

14,397

​

​

472

​

​

142,185

​

0.3

%

RLI Insurance Group premiums earned

​

$

1,895,065

​

$

394,829

​

$

26,170

​

$

1,526,406

​

1.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

909,081

​

$

178,018

​

$

27,283

​

$

758,346

​

3.6

%

Property segment

​

​

619,250

​

​

218,265

​

​

545

​

​

401,530

​

0.1

%

Surety segment

​

​

142,713

​

​

8,830

​

​

547

​

​

134,430

​

0.4

%

RLI Insurance Group premiums earned

​

$

1,671,044

​

$

405,113

​

$

28,375

​

$

1,294,306

​

2.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty segment

​

$

863,530

​

$

186,469

​

$

34,771

​

$

711,832

​

4.9

%

Property segment

​

​

430,010

​

​

122,415

​

​

291

​

​

307,886

​

0.1

%

Surety segment

​

​

131,625

​

​

7,525

​

​

618

​

​

124,718

​

0.5

%

RLI Insurance Group premiums earned

​

$

1,425,165

​

$

316,409

​

$

35,680

​

$

1,144,436

​

3.1

%

​

See the accompanying reports of independent registered public accounting firms starting on page 90 of this report.
v3.25.0.1
Schedule V-Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
Valuation And Qualifying Accounts [Abstract]  
Schedule V-Valuation and Qualifying Accounts

RLI CORP. AND SUBSIDIARIES

SCHEDULE V—VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2024, 2023 and 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance

​

Amounts

​

Amounts

​

Balance

​

​

at beginning

​

charged

​

recovered

​

at end of

(in thousands)

 

of period

 

to expense

 

(written off)

 

period

2024 Allowance for uncollectible reinsurance

​

$

26,974

​

$

(21)

​

$

(177)

​

$

26,776

​

​

​

​

​

​

​

​

​

​

​

​

​

2023 Allowance for uncollectible reinsurance

​

$

27,323

​

$

(50)

​

$

(299)

​

$

26,974

​

​

​

​

​

​

​

​

​

​

​

​

​

2022 Allowance for uncollectible reinsurance

​

$

27,243

​

$

130

​

$

(50)

​

$

27,323

​

See the accompanying reports of independent registered public accounting firms starting on page 90 of this report.
v3.25.0.1
Schedule VI-Supplementary Information Concerning Property-Casualty Insurance Operations
 12 Months Ended
Dec. 31, 2024
Supplemental Information For Property Casualty Insurance Underwriters [Abstract]  
Schedule VI-Supplementary Information Concerning Property-Casualty Insurance Operations

RLI CORP. AND SUBSIDIARIES

SCHEDULE VI—SUPPLEMENTARY INFORMATION CONCERNING

PROPERTY-CASUALTY INSURANCE OPERATIONS

Years ended December 31, 2024, 2023 and 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

Deferred policy

​

Claims and

​

Unearned

​

Net

​

Net

​

​

acquisition

​

claim adjustment

​

premiums,

​

premiums

​

investment

Affiliation with Registrant (1)

 

costs

 

expense reserves

 

gross

 

earned

 

income

2024

​

$

166,214

​

$

2,693,470

​

$

984,140

​

$

1,526,406

​

$

142,278

2023

​

$

146,566

​

$

2,446,025

​

$

892,326

​

$

1,294,306

​

$

120,383

2022

​

$

127,859

​

$

2,315,637

​

$

785,085

​

$

1,144,436

​

$

86,078

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Claims and claim adjustment

​

​

​

​

​

​

​

​

​

​

​

expenses incurred related to:

​

Amortization

​

Paid claims and

​

Net

​

​

Current

​

Prior

​

of deferred

​

claim adjustment

​

premiums

​

 

year

 

year

 

acquisition costs

 

expenses

 

written

2024

​

$

834,562

​

$

(95,309)

​

$

318,021

​

$

489,884

​

$

1,605,521

2023

​

$

712,960

​

$

(108,547)

​

$

418,325

​

$

491,285

​

$

1,427,747

2022

​

$

636,955

​

$

(122,579)

​

$

369,632

​

$

374,297

​

$

1,241,536

(1)Consolidated property-casualty insurance operations. Reserves for our proportionate share of 50 percent or less owned property-casualty equity investees represent less than 5 percent of our consolidated reserves and are therefore omitted.

​

See the accompanying reports of independent registered public accounting firms starting on page 90 of this report.
v3.25.0.1
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 (Loss) $ 345,779 $ 304,611 $ 583,411
v3.25.0.1
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
v3.25.0.1
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]

Risks from cybersecurity threats or incidents (cybersecurity risks) are assessed, identified and managed by the Company in a manner that is consistent with leading cybersecurity frameworks, including the National Institute of Standards and Technology Cybersecurity Framework (NIST Framework). The Company’s approach to cybersecurity risk management is generally based on the six core functions contained within the NIST Framework organizing structure: identify, protect, detect, respond, recover and govern.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

Risks from cybersecurity threats or incidents (cybersecurity risks) are assessed, identified and managed by the Company in a manner that is consistent with leading cybersecurity frameworks, including the National Institute of Standards and Technology Cybersecurity Framework (NIST Framework). The Company’s approach to cybersecurity risk management is generally based on the six core functions contained within the NIST Framework organizing structure: identify, protect, detect, respond, recover and govern.

​
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]

Through 2024, the RLI Corp. Board of Directors provided oversight for cybersecurity risks primarily through its Audit Committee. In February 2025, the charter of the Finance & Investments Committee was revised to include overall enterprise risk management oversight, including oversight of cybersecurity risk. The committee was renamed the Finance & Risk Committee (FRC). The Company’s CIO, along with the head of the Company’s IT security department, presents quarterly to the designated committee on cybersecurity risks and the Company’s strategies to assess and manage those risks. Additionally, the board receives periodic updates on emerging cybersecurity issues and developments through director education provided by the Company and third-party experts, detailed reviews provided by the CIO and the Company’s head of IT security on select cybersecurity topics, and periodic “table top” simulations of a cybersecurity event.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Company’s Technology Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Through 2024, the RLI Corp. Board of Directors provided oversight for cybersecurity risks primarily through its Audit Committee. In February 2025, the charter of the Finance & Investments Committee was revised to include overall enterprise risk management oversight, including oversight of cybersecurity risk. The committee was renamed the Finance & Risk Committee (FRC). The Company’s CIO, along with the head of the Company’s IT security department, presents quarterly to the designated committee on cybersecurity risks and the Company’s strategies to assess and manage those risks. Additionally, the board receives periodic updates on emerging cybersecurity issues and developments through director education provided by the Company and third-party experts, detailed reviews provided by the CIO and the Company’s head of IT security on select cybersecurity topics, and periodic “table top” simulations of a cybersecurity event.

​
Cybersecurity Risk Role of Management [Text Block]

The Company maintains a Cybersecurity Incident Response Plan (CIRP) providing a framework for identifying, evaluating and escalating potential or actual cybersecurity events. The CIRP assigns responsibilities and provides a workflow between the Company’s IT security department; the Company’s Technology Committee; and the board of directors regarding the detection, assessment and response to a cybersecurity event.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] chief information officer (CIO)
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Company’s CIO has 27 years of technology and technology leadership experience, including 14 years serving as a CISO, in the insurance industry. The head of the Company’s IT security department, who reports to the CIO, holds a Certified Information Systems Security Professional designation from the Information Security Certification Consortium, has 20 years of experience in the insurance industry and has served in IT security-related roles for 24 years.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Company maintains a Cybersecurity Incident Response Plan (CIRP) providing a framework for identifying, evaluating and escalating potential or actual cybersecurity events. The CIRP assigns responsibilities and provides a workflow between the Company’s IT security department; the Company’s Technology Committee; and the board of directors regarding the detection, assessment and response to a cybersecurity event.

The Company’s internal audit department routinely engages third-party cybersecurity consultants to conduct network security audits. The Company also engages other third-party consultants in a number of areas to support the assessment, identification and management of cybersecurity risks, including risk assessments, log monitoring, threat intelligence, system penetration testing, training and incident response, among others. The Company performs cybersecurity due diligence and monitoring of third-party vendors, which may include the review of System and Organization Control (SOC) reports or the results of a security questionnaire, to identify the cybersecurity controls and protections maintained by a third party.

​
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Description of Business

A.

DESCRIPTION OF BUSINESS

​

RLI Corp. is an insurance holding company. References to “the Company,” “we,” “our,” “us” or like terms refer to the business of RLI Corp. and its subsidiaries. We underwrite select property, casualty and surety products through major subsidiaries collectively known as RLI Insurance Group. We conduct operations principally through three insurance companies. RLI Insurance Company (RLI Ins.), a subsidiary of RLI Corp. and our principal insurance subsidiary, writes multiple lines of insurance on an admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Mt. Hawley Insurance Company (Mt. Hawley), a subsidiary of RLI Ins., writes excess and surplus lines insurance on a non-admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Contractors Bonding and Insurance Company (CBIC), a subsidiary of RLI Ins., writes multiple lines of insurance on an admitted basis in all 50 states and the District of Columbia.

​
Principles of Consolidation and Basis of Presentation

B.

PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

​

The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States of America (GAAP), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements include the accounts of our holding company and our subsidiaries. Intercompany balances and transactions have been eliminated.

​

On January 15, 2025, RLI Corp. effected a two-for-one split of its common stock and a proportionate increase in the number of authorized shares. All share and per share information throughout this report has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from paid-in capital to common stock.

​

The Company has evaluated subsequent events through the date these consolidated financial statements were issued. There were no other subsequent events requiring adjustment to the financial statements or disclosure.

​
Adopted Accounting Standards

C.

ADOPTED ACCOUNTING STANDARDS

​

2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

​

The amendments in this Accounting Standards Update (ASU) require the disclosures of significant expenses that are regularly provided to the chief operating decision maker (CODM) and included within each segment’s reported measure of profit or loss. Additionally, the ASU requires the disclosure of the title of the CODM and an explanation of how the CODM uses the reported measure of a segment’s profit or loss in assessing performance and deciding how to allocate resources. We adopted ASU 2023-07 in 2024 using a retrospective approach, providing disclosures for all periods presented in the financial statements. The adoption of this ASU did not have a material impact on our consolidated financial statements.
Prospective Accounting Standards

D.

PROSPECTIVE ACCOUNTING STANDARDS

​

2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures

​

The guidance in ASU 2023-09 is designed to increase transparency about income tax information through improvements to the tax rate reconciliation and disclosure of income taxes paid, disaggregated by federal, state and foreign jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and should not have a material impact on our financial statements.

​

2024-03—Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

​

The guidance in ASU 2024-03 requires disaggregation of certain expenses into specified categories in the notes to the financial statements. Each relevant expense caption on the face of the statement of earnings that includes specific expenses, such as employee compensation, depreciation and intangible asset amortization, are required to be separately disclosed in a tabular presentation. Additionally, a separate total of selling expenses is required to be disclosed, along with a definition of what is included in selling expenses.

​

This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and should not have a material impact on our financial statements.
Investments

E.

INVESTMENTS

​

Equity securities are carried at fair value with unrealized gains and losses recorded within net earnings. Investments in fixed income securities are classified into one of three categories: trading, held-to-maturity or available-for-sale. All of our fixed income securities are classified as available-for-sale and reported at fair value. Unrealized gains and losses on these securities are excluded from net earnings but are recorded as a separate component of comprehensive earnings and shareholders’ equity, net of deferred income taxes.

​

Interest on fixed maturities and short-term investments is credited to earnings on an accrual basis. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities. Dividends on equity securities are credited to earnings on the ex-dividend date. Realized gains and losses on disposition of investments are based on the specific identification of the investments sold on the settlement date.

​
Cash, Short-Term Investments and Other Invested Assets

F.

CASH, SHORT-TERM INVESTMENTS AND OTHER INVESTED ASSETS

​

Cash consists of uninvested balances in bank accounts. Short-term investments consist of investments with original maturities of 90 days or less, primarily AAA-rated government money market funds. Short-term investments are carried at cost. Other invested assets include investments in low-income housing tax credit (LIHTC) and historic tax credit (HTC) partnerships, membership in the Federal Home Loan Bank of Chicago (FHLBC) and investments in private funds. Our LIHTC and HTC investments are carried at amortized cost, and our investment in FHLBC stock is carried at cost. Due to the nature of cash, the LIHTC and HTC partnerships, and our membership in the FHLBC, their carrying amounts approximate fair value. The private funds are carried at fair value, using each investment’s net asset value.

​
Reinsurance

G.

REINSURANCE

​

Ceded unearned premiums and reinsurance balances recoverable on unpaid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of our liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. We continually monitor the financial condition of our reinsurers and actively follow up on any past due or disputed amounts. As part of our monitoring efforts, we review reinsurers’ annual financial statements and SEC filings for those that are publicly traded. We also review insurance industry developments that may impact the financial condition of our reinsurers. We analyze the credit risk associated with our reinsurance balances recoverable by monitoring the AM Best and S&P ratings of our reinsurers. In addition, we subject our reinsurance balances recoverable to detailed recoverability tests, including a segment-based analysis using the average default rating percentage by S&P rating, which assists the Company in assessing the sufficiency of its allowance. Additionally, we perform an in-depth reinsurer financial condition analysis prior to the renewal of our reinsurance placements.

​

Our policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that we may be unable to recover. Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through the use of our allowance for estimated unrecoverable amounts from reinsurers. When we write-off such a balance, it is done in full. We then re-evaluate the remaining allowance and determine whether the balance is sufficient and, if needed, an additional allowance is recognized.

​
Policy Acquisition Costs

H.

POLICY ACQUISITION COSTS

​

We defer incremental direct costs that relate to the successful acquisition of new or renewal insurance contracts, including commissions and premium taxes. Acquisition-related costs may be deemed ineligible for deferral when they are based on contingent or performance criteria beyond the basic acquisition of the insurance contract or when efforts to obtain or renew the insurance contract are unsuccessful. All eligible costs are capitalized and charged to expense in proportion to premium revenue recognized. The method followed in computing deferred policy acquisition costs limits the amount of such deferred costs to their estimated realizable value. This process contemplates the premiums to be earned, anticipated losses and settlement expenses and certain other costs expected to be incurred, but does not consider investment income. Judgments as to the ultimate recoverability of such deferred costs are reviewed

on a segment basis and are highly dependent upon estimated future loss costs associated with the premiums written. This deferral methodology applies to both gross and ceded premiums and acquisition costs.

​
Property and Equipment

I.

PROPERTY AND EQUIPMENT

​

Property and equipment are presented at cost less accumulated depreciation and are depreciated on a straight-line basis over periods ranging from 3 to 10 years for equipment and up to 30 years for buildings and improvements.

​
Investments in Unconsolidated Investees

J.

INVESTMENTS IN UNCONSOLIDATED INVESTEES

​

Our investment in Prime Holdings Insurance Services, Inc. (Prime) is accounted for under the equity method. As of December 31, 2024, we had a 23 percent interest in the equity and earnings of Prime. Prime writes business through two Illinois domiciled insurance carriers, Prime Insurance Company, an excess and surplus lines company, and Prime Property and Casualty Insurance Inc., an admitted insurance company. Our investment in Prime was $56 million at December 31, 2024 and 2023. In 2024, we recorded $5 million in investee losses from Prime, compared to investee earnings of $10 million in 2023 and $13 million in 2022. The loss in 2024 is reflective of Prime strengthening reserves on a number of prior accident years. Additionally, we maintain a quota share reinsurance treaty with Prime, which contributed $9 million of gross premiums written and $8 million of net premiums earned during 2024, compared to $7 million of gross premiums written and $13 million of net premiums earned during 2023, and $21 million of gross premiums written and $23 million of net premiums earned during 2022. The decrease in gross premiums written and net premiums earned from 2022 was attributable to a reduction of our participation in the quota share reinsurance treaty in 2023, as well as the competitive market in which Prime operates.

​

Prime recorded a net loss of $36 million in 2024, compared to net income of $45 million in 2023 and $59 million in 2022. Additional summarized financial information for Prime as of 2024 and 2023 is outlined in the following table:

​

​

​

​

​

​

​

​

(in millions)

 

2024

 

2023

Total assets

​

$

1,102

​

$

944

Total liabilities

​

​

844

​

​

691

Total equity

​

​

258

​

​

253

​

Approximately $54 million of undistributed earnings from our equity method investees were included in our retained earnings as of December 31, 2024. We received $3 million of dividends from Prime in 2024. We did not receive any dividends from our equity method investees during 2023 or 2022.

​

We perform annual impairment reviews of our investments in unconsolidated investees, which take into consideration current valuation and operating results. Based upon the most recent reviews, the assets were not impaired.
Goodwill and Intangible Assets

K.

GOODWILL AND INTANGIBLE ASSETS

​

The composition of goodwill and intangibles at December 31, 2024 and 2023, is detailed in the following table:

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

Goodwill

​

​

​

​

​

​

Surety

​

$

40,816

​

$

40,816

Casualty

​

​

5,246

​

​

5,246

Total goodwill

​

$

46,062

​

$

46,062

Indefinite-lived intangibles

​

$

7,500

​

$

7,500

Total goodwill and intangibles

​

$

53,562

​

$

53,562

​

As the amortization of goodwill and indefinite-lived intangible assets is not permitted, the assets are tested for impairment on an annual basis, or earlier if there is reason to suspect that their values may have been diminished or impaired. Annual impairment testing was performed on each of our goodwill and indefinite-lived intangible assets during 2024. Based upon these reviews, our goodwill and state insurance license indefinite-lived intangible assets were not impaired. In addition, as of December 31, 2024, there were no triggering events on goodwill and intangible assets that would suggest an updated review was necessary.

​
Unpaid Losses and Settlement Expense

L.

UNPAID LOSSES AND SETTLEMENT EXPENSES

​

The liability for unpaid losses and settlement expenses represents estimates of amounts needed to pay reported and unreported claims and related expenses. The estimates are based on certain actuarial and other assumptions related to the ultimate cost to settle such claims. Such assumptions are subject to occasional changes due to evolving economic, social and political conditions. All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Furthermore, we may determine that recorded reserves are more than adequate to cover expected losses, which would lead to a reduction in our reserves.

​
Insurance Revenue Recognition

M.

INSURANCE REVENUE RECOGNITION

​

Insurance premiums are recognized ratably over the term of the contracts, net of ceded reinsurance. Our policies are short-term in nature and premium is generally earned over a one-year period. Unearned premiums are calculated on a monthly pro rata basis.

​
Income Taxes

N.

INCOME TAXES

​

We file a consolidated federal income tax return. Federal income taxes are accounted for using the asset and liability method under which deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, operating losses and tax credit carry forwards. The effect on deferred taxes for a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some of the deferred tax assets will not be realized.

​

We consider uncertainties in income taxes and recognize those in our financial statements as required. As it relates to uncertainties in income taxes, our unrecognized tax benefits, including interest and penalty accruals, are not considered material to the consolidated financial statements. Also, no tax uncertainties are expected to result in significant increases or decreases to unrecognized tax benefits within the next 12-month period. Penalties and interest related to income tax uncertainties, should they occur, would be included in income tax expense in the period in which they are incurred.

​

As an insurance company, we are subject to minimal state income tax liabilities. Since the majority of our income on a state basis is from insurance operations, we pay premium taxes, which are calculated as a percentage of gross premiums written in lieu of state income taxes. Premium taxes are a component of policy acquisition costs.

​
Earnings Per Share

O.

EARNINGS PER SHARE

​

Basic earnings per share (EPS) is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock or common stock equivalents were exercised or converted into common stock. When inclusion of these items increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive. Under these circumstances, the diluted net earnings or net loss per share is computed excluding these items. The following represents a reconciliation of the numerator and denominator of the basic and diluted EPS computations contained in the consolidated financial statements:

​

​

​

​

​

​

​

​

​

​

​

 

​

​

 

Weighted Average

 

​

​

​

​

Income

​

Shares

​

Per Share

(in thousands, except per share data)

 

(Numerator)

 

(Denominator)

 

Amount

For the year ended December 31, 2024

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

345,779

 

91,529

​

$

3.78

Stock options

​

​

—

 

922

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

345,779

 

92,451

​

$

3.74

Anti-dilutive options excluded from diluted EPS

​

​

​

​

48

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2023

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

304,611

 

91,191

​

$

3.34

Stock options

​

​

—

 

964

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

304,611

 

92,155

​

$

3.31

Anti-dilutive options excluded from diluted EPS

​

​

​

​

345

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2022

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

583,411

 

90,735

​

$

6.43

Stock options

​

​

—

 

854

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

583,411

 

91,589

​

$

6.37

Anti-dilutive options excluded from diluted EPS

​

​

​

​

590

​

​

​
Comprehensive Earnings

P.

COMPREHENSIVE EARNINGS

​

Our comprehensive earnings include net earnings plus after-tax unrealized gains and losses on our available-for-sale fixed income portfolio. In reporting the components of comprehensive earnings, we used the federal statutory tax rate of 21 percent. Other comprehensive income (loss), as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense (benefit) of $(2) million, $17 million and $(74) million for 2024, 2023 and 2022, respectively.

​

The table below illustrates the changes in the balance of each component of accumulated other comprehensive earnings for each period presented in the consolidated financial statements.

​

​

​

​

​

​

​

​

​

​

​

Unrealized Gains/Losses on Available-for-Sale Securities

​

For the Year Ended December 31,

(in thousands)

 

2024

 

2023

 

2022

Beginning balance

​

$

(166,303)

 

$

(229,076)

 

$

49,826

Other comprehensive earnings before reclassifications

​

​

(11,501)

 

​

59,922

 

​

(281,189)

Amounts reclassified from accumulated other comprehensive earnings

​

​

4,081

 

​

2,851

 

​

2,287

Net current period other comprehensive earnings (loss)

​

$

(7,420)

 

$

62,773

 

$

(278,902)

Ending balance

​

$

(173,723)

 

$

(166,303)

 

$

(229,076)

Balance of securities for which an allowance for credit losses has not been recognized in net earnings

​

$

1,492

​

$

1,224

​

$

1,693

​

Credit losses or the sale of an available-for-sale security resulted in amounts being reclassified from accumulated other comprehensive earnings to current period net earnings. The effects of reclassifications out of accumulated other comprehensive earnings by the respective line items of net earnings are presented in the following table.

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount Reclassified from Accumulated Other Comprehensive Earnings

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

Component of Accumulated 

​

​

For the Year Ended December 31,

​

Affected line item in the

Other Comprehensive Earnings

 

2024

 

2023

 

2022

 

Consolidated Statement of Earnings

Unrealized gains and losses on available-for-sale securities

​

$

(5,276)

 

$

(3,641)

 

$

(2,997)

 

Net realized gains (losses)

​

​

​

110

​

​

32

​

​

102

​

Credit gains (losses) presented within net realized gains

​

​

$

(5,166)

 

$

(3,609)

 

$

(2,895)

 

Earnings (loss) before income taxes

​

​

​

1,085

 

​

758

 

​

608

 

Income tax (expense) benefit

​

​

$

(4,081)

 

$

(2,851)

 

$

(2,287)

 

Net earnings (loss)
Fair Value Measurements

Q.

FAIR VALUE DISCLOSURES

​

Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. We determined the fair value of certain financial instruments based on their underlying characteristics and relevant transactions in the marketplace. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

​

The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value.

​

Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets.

​

Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.

​

Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable.

​

As a part of management’s process to determine fair value, we utilize widely recognized, third-party pricing sources to determine our fair values. We have obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy.

​

Corporate, Agencies, Government and Municipal Bonds: The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in approximate order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All Corporate, Agencies, Government and Municipal securities are deemed Level 2.

​

Mortgage-backed Securities (MBS)/Collateralized Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS): The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (nonvolatile, volatile or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate MBS and CMBS volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates and recent trade activity. MBS/CMBS and ABS with corroborated, observable inputs are classified as Level 2. All of our MBS/CMBS and ABS are deemed Level 2.

​

Regulation D Private Placement Securities: All Regulation D privately placed bonds are classified as corporate or non-U.S. government securities and deemed Level 3. The pricing vendor evaluation methodology for these securities includes a combination of

observable and unobservable inputs. Observable inputs include public corporate spread matrices classified by sector, rating and average life, as well as investment and non-investment grade matrices created from fixed income indices. Unobservable inputs include a liquidity spread premium calculated based on public corporate spread and private corporate spread matrices. The quantitative detail of the liquidity spread premium is neither provided nor reasonably available to the Company.

​

For all of our fixed income securities classified as Level 2, we periodically conduct a review to assess the reasonableness of the fair values provided by our pricing services. Our review consists of a two-pronged approach. First, we compare prices provided by our pricing services to those provided by an additional source. In some cases, we obtain prices from securities brokers and compare them to the prices provided by our pricing services. If discrepancies are found in our comparisons, we compare our prices to actual reported trade data for like securities. No changes to the fair values supplied by our pricing services have occurred as a result of our reviews. Based on these assessments, we have determined that the fair values of our Level 2 fixed income securities provided by our pricing services are reasonable.

​

Equity Securities: As of December 31, 2024, nearly all of our equity holdings were traded on an exchange. Exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). Equity securities not traded on an exchange, for which pricing is provided by a third-party pricing source using observable inputs, are classified as Level 2. Equity securities not traded on an exchange and that rely on one or more unobservable inputs in pricing are classified as Level 3.

​

Due to the relatively short-term nature of cash, short-term investments, accounts receivable and accounts payable, their carrying amounts are reasonable estimates of fair value. Our investments in private funds, classified as other invested assets, are measured using the investments’ net asset value per share and are not categorized within the fair value hierarchy. The fair value of our debt is discussed further in note 3 to the consolidated financial statements.

​
Share-Based Compensation

R.

SHARE-BASED COMPENSATION

​

We expense the estimated fair value of employee stock options and similar awards. We measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The tax effects related to share-based payments are made through net earnings. See note 7 to the consolidated financial statements for further discussion and related disclosures regarding stock options.

​
Risks and Uncertainties

S.

RISKS AND UNCERTAINTIES

​

Certain risks and uncertainties are inherent in our day-to-day operations and in the process of preparing our consolidated financial statements. The more significant risks and uncertainties, as well as our attempt to mitigate, quantify and minimize such risks, are presented below and throughout the notes to the consolidated financial statements.

​

Insurance Risks

​

We compete with a large number of other companies in our selected lines of business. During periods of intense competition for premium, we are vulnerable to the actions of other companies who may seek to write business without the appropriate regard for risk and profitability. The insurance industry is often highly competitive, which can make it difficult to grow or maintain premium volume without sacrificing underwriting discipline and income. Our profitability can be significantly affected by the ability of our underwriters to accurately select and price risk and our claim personnel to appropriately deliver fair outcomes. We attempt to mitigate this risk by incentivizing our underwriters to maximize underwriting profit and remain disciplined in pricing and selecting risks. If we are unable to compete effectively in the markets in which we operate or expand our operations into new markets, our underwriting revenues may decline, as well as overall business results.

​

Our loss reserves are based on estimates and may be inadequate to cover our actual insured losses, which would negatively impact our profitability. As of December 31, 2024, we had $2.7 billion of gross loss and LAE reserves. Significant periods of time often elapse between the occurrence of an insured loss, the reporting of the loss to the Company and our payment of that loss. As part of the reserving process, we review historical data and consider the impact of various factors such as trends in claim frequency and severity, emerging economic and social trends, inflation and changes in the regulatory and litigation environments. If the actual amount of insured losses is greater than the amount we have reserved for these losses, our profitability would suffer.

​

Catastrophe Exposures

​

Our insurance coverages include exposure to catastrophic events. We monitor catastrophe exposures by quantifying our exposed policy limits in each region and by using computer-assisted modeling techniques. Additionally, we limit our risk to such catastrophes by restraining the total policy limits written in each region and by purchasing reinsurance. Our major catastrophe exposure is to losses caused by windstorms, affecting commercial properties in coastal regions of the United States, and earthquakes, primarily on the West Coast. We are also exposed to convective storms, winter weather, wildfires, lava flows in Hawaii as well as terrorist events in the United States.

​

In 2024, our property catastrophe reinsurance treaty had limits of $850 million in excess of $25 million first-dollar retention for earthquakes in California, $850 million in excess of a $50 million first-dollar retention for earthquakes outside of California and $750 million in excess of a $50 million first-dollar retention for all other perils, including wind. In addition, we have coverages that may reduce first-dollar retentions for multiple events within an established period of time. All of these amounts were subject to certain co-participations by the Company on losses in excess of the first-dollar retentions.

​

The majority of our catastrophe reinsurance treaty renewed on January 1, 2025. We purchased the same limits over the same first-dollar retention amounts outlined above. The program was 100 percent placed with a portion of the first layer expiring on May 31, 2025. We actively manage our catastrophe program to keep our net retention in line with risk tolerances and to optimize the risk/return trade off.

​

Environmental Liability Exposures

​

We are subject to environmental liability claims and exposures primarily through our commercial excess, general liability and discontinued assumed casualty reinsurance lines of business. Although exposure to environmental claims exists in these lines of business, we seek to mitigate or control the extent of this exposure on the vast majority of this business. Our policies include pollution exclusions that have been continually updated to further strengthen them and our policies primarily cover moderate hazard risks.

​

We offer coverage for low to moderate environmental liability exposures for small contractors and asbestos and mold remediation specialists. We also provide limited coverage for individually underwritten underground storage tanks. The overall exposure is mitigated by focusing on smaller risks with low to moderate exposures. Risks that have large-scale exposures are avoided including petrochemical, chemical, mining, manufacturers and other risks that might be exposed to superfund sites. This business is covered under our casualty ceded reinsurance treaties.

​

We made loss and settlement expense payments on environmental liability claims and have loss and settlement expense reserves for others. We include this historical environmental loss experience with the remaining loss experience in the applicable line of business to project ultimate incurred losses and settlement expenses as well as related incurred but not reported (IBNR) loss and settlement expense reserves.

​

Although historical experience on environmental liability claims may not accurately reflect future environmental exposures, we used this experience to record loss and settlement expense reserves in the exposed lines of business. See further discussion of environmental exposures in note 5 to the consolidated financial statements.

​

Reinsurance

​

Reinsurance does not discharge the Company from our primary liability to policyholders, and to the extent that a reinsurer is unable to meet its obligations, we would be liable. We continuously monitor the financial condition of prospective and existing reinsurers. As a result, we purchase reinsurance from a number of financially strong reinsurers. We provide an allowance for reinsurance balances deemed uncollectible. See further discussion of reinsurance exposures in note 4 to the consolidated financial statements.

​

Investment Risk

​

Our investment portfolio is subject to market, credit and interest rate risks. The equity portfolio will fluctuate with movements in the overall stock market. While the equity portfolio has been constructed to have lower downside risk than the market, the portfolio is positively correlated with movements in domestic stocks. The bond portfolio is affected by interest rate changes and movement in credit spreads. We attempt to mitigate our interest rate and credit risks by constructing a well-diversified portfolio with high-quality securities with varied maturities. Downturns in the financial markets could have a negative effect on our portfolio. However, we attempt to manage this risk through asset allocation, duration and security selection.

​

Liquidity Risk

​

Liquidity is essential to our business and a key component of our concept of asset-liability matching. Our liquidity may be impaired by an inability to collect premium receivable or reinsurance balances recoverable in a timely manner, an inability to sell assets or redeem our investments, an inability to access funds from our insurance subsidiaries, unforeseen outflows of cash or large claim payments or an inability to access debt or equity capital markets. This situation may arise due to circumstances that we may be unable to control, such as a general market disruption, an operational problem that affects third parties or the Company, or even by the perception among market participants that we, or other market participants, are experiencing greater liquidity risk.

​

Our credit ratings are important to our liquidity. A reduction in our credit ratings could adversely affect our liquidity and competitive position by increasing our borrowing costs or limiting our access to the capital markets.

​

Financial Statements

​

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. The most significant of these amounts is the liability for unpaid losses and settlement expenses. Other estimates include investment valuation, the allowance for credit losses on fixed income securities, the collectability of reinsurance balances, recoverability of deferred tax assets and deferred policy acquisition costs. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Although recorded estimates are supported by actuarial computations and other supportive data, the estimates are ultimately based on our expectations of future events. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.

​

External Factors

​

Our insurance subsidiaries are highly regulated by the state in which they are incorporated and by the states in which they do business. Such regulations, among other things, limit the amount of dividends, impose restrictions on the amount and types of investments, impose regulations on forms and regulate rates insurers may charge for various coverages. We are also subject to insolvency and guaranty fund assessments for various programs designed to ensure policyholder indemnification. We generally accrue an assessment during the period in which it becomes probable that a liability has been incurred from an insolvency and the amount of the related assessment can be reasonably estimated.

​

The National Association of Insurance Commissioners (NAIC) has developed Property and Casualty Risk-Based Capital (RBC) standards that relate an insurer’s reported statutory surplus to the risks inherent in its overall operations. The RBC formula uses the statutory annual statement to calculate the minimum indicated capital level to support investment and underwriting risk. The NAIC model law calls for various levels of regulatory action based on the magnitude of an indicated RBC capital deficiency, if any. We regularly monitor our subsidiaries’ internal capital requirements and the NAIC’s RBC developments. As of December 31, 2024, we determined that our capital levels are well in excess of the minimum capital requirements for all RBC action levels and that our capital levels are sufficient to support the level of risk inherent in our operations. See note 8 to the consolidated financial statements for further discussion of statutory information and related insurance regulatory restrictions.

​

In addition, ratings are a critical factor in establishing the competitive position of insurance companies. Our insurance companies are rated by AM Best, S&P and Moody’s. Their ratings reflect their opinions of an insurance company’s and an insurance holding company’s financial strength, operating performance, strategic position and ability to meet its obligations to policyholders.

v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Summarized Financial Information of Equity Method Investments

​

​

​

​

​

​

​

​

(in millions)

 

2024

 

2023

Total assets

​

$

1,102

​

$

944

Total liabilities

​

​

844

​

​

691

Total equity

​

​

258

​

​

253
Schedule of Goodwill and Intangible Assets

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

Goodwill

​

​

​

​

​

​

Surety

​

$

40,816

​

$

40,816

Casualty

​

​

5,246

​

​

5,246

Total goodwill

​

$

46,062

​

$

46,062

Indefinite-lived intangibles

​

$

7,500

​

$

7,500

Total goodwill and intangibles

​

$

53,562

​

$

53,562
Schedule of Reconciliation of Numerator and Denominator of the Basic and Diluted Earnings Per Share Computations

​

​

​

​

​

​

​

​

​

​

​

 

​

​

 

Weighted Average

 

​

​

​

​

Income

​

Shares

​

Per Share

(in thousands, except per share data)

 

(Numerator)

 

(Denominator)

 

Amount

For the year ended December 31, 2024

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

345,779

 

91,529

​

$

3.78

Stock options

​

​

—

 

922

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

345,779

 

92,451

​

$

3.74

Anti-dilutive options excluded from diluted EPS

​

​

​

​

48

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2023

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

304,611

 

91,191

​

$

3.34

Stock options

​

​

—

 

964

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

304,611

 

92,155

​

$

3.31

Anti-dilutive options excluded from diluted EPS

​

​

​

​

345

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2022

​

​

​

​

​

​

​

​

Basic EPS

​

​

​

​

​

​

​

​

Income available to common shareholders

​

$

583,411

 

90,735

​

$

6.43

Stock options

​

​

—

 

854

​

​

​

Diluted EPS

​

​

​

​

​

​

​

​

Income available to common shareholders and assumed conversions

​

$

583,411

 

91,589

​

$

6.37

Anti-dilutive options excluded from diluted EPS

​

​

​

​

590

​

​

​
Schedule of Changes in the Balance of Each Component of Accumulated Other Comprehensive Earnings (Loss)

​

​

​

​

​

​

​

​

​

​

​

Unrealized Gains/Losses on Available-for-Sale Securities

​

For the Year Ended December 31,

(in thousands)

 

2024

 

2023

 

2022

Beginning balance

​

$

(166,303)

 

$

(229,076)

 

$

49,826

Other comprehensive earnings before reclassifications

​

​

(11,501)

 

​

59,922

 

​

(281,189)

Amounts reclassified from accumulated other comprehensive earnings

​

​

4,081

 

​

2,851

 

​

2,287

Net current period other comprehensive earnings (loss)

​

$

(7,420)

 

$

62,773

 

$

(278,902)

Ending balance

​

$

(173,723)

 

$

(166,303)

 

$

(229,076)

Balance of securities for which an allowance for credit losses has not been recognized in net earnings

​

$

1,492

​

$

1,224

​

$

1,693
Schedule of Effects of Reclassifications out of Accumulated Other Comprehensive Earnings (Loss)

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount Reclassified from Accumulated Other Comprehensive Earnings

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

Component of Accumulated 

​

​

For the Year Ended December 31,

​

Affected line item in the

Other Comprehensive Earnings

 

2024

 

2023

 

2022

 

Consolidated Statement of Earnings

Unrealized gains and losses on available-for-sale securities

​

$

(5,276)

 

$

(3,641)

 

$

(2,997)

 

Net realized gains (losses)

​

​

​

110

​

​

32

​

​

102

​

Credit gains (losses) presented within net realized gains

​

​

$

(5,166)

 

$

(3,609)

 

$

(2,895)

 

Earnings (loss) before income taxes

​

​

​

1,085

 

​

758

 

​

608

 

Income tax (expense) benefit

​

​

$

(4,081)

 

$

(2,851)

 

$

(2,287)

 

Net earnings (loss)
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments Debt And Equity Securities [Abstract]  
Schedule of Net Investment Income

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Interest on fixed income securities

 

$

120,561

 

$

103,446

 

$

77,164

Dividends on equity securities

​

​

13,276

​

​

12,238

​

​

11,912

Interest on cash, short-term investments and other invested assets

​

​

16,017

​

​

10,940

​

​

2,467

Gross investment income

​

$

149,854

​

$

126,624

​

$

91,543

Less investment expenses

​

​

(7,576)

​

​

(6,241)

​

​

(5,465)

Net investment income

 

$

142,278

​

$

120,383

​

$

86,078
Schedule of Pretax Net Realized Investment Gains (Losses) and Net Changes in Unrealized Gains (Losses) on Investments

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Net realized gains (losses):

​

​

​

​

​

​

​

​

​

Fixed income:

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

(5,276)

​

$

(3,641)

​

$

(2,997)

Equity securities

​

​

30,792

​

​

22,232

​

​

20,287

Investment in unconsolidated investees

​

​

(42)

​

​

14,084

​

​

570,952

Other

​

​

(5,508)

​

​

(157)

​

​

273

Total net realized gains (losses)

​

$

19,966

​

$

32,518

​

$

588,515

​

​

​

​

​

​

​

​

​

​

Net changes in unrealized gains (losses) on investments:

​

​

​

​

​

​

​

​

​

Equity securities

​

$

82,275

​

$

65,655

​

$

(118,912)

Other invested assets

​

​

(541)

​

​

(868)

​

​

(2,125)

Total unrealized gains (losses) on equity securities recognized in net earnings

​

$

81,734

​

$

64,787

​

$

(121,037)

​

​

​

​

​

​

​

​

​

​

Fixed income:

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

(16,822)

​

$

79,782

​

$

(341,944)

Investment in unconsolidated investees

​

​

7,539

​

​

(290)

​

​

(10,994)

Other

​

​

(109)

​

​

(33)

​

​

(102)

Total unrealized gains (losses) recognized in other comprehensive earnings

​

$

(9,392)

​

$

79,459

​

$

(353,040)

Net realized gains (losses) and changes in unrealized gains (losses) on investments

​

$

92,308

​

$

176,764

​

$

114,438
Schedule of Disposition of Fixed Income and Equity Securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SALES

​

​

​

​

Gross Realized

​

Net Realized

(in thousands)

 

Proceeds

 

Gains

 

Losses

 

Gain (Loss)

2024

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

150,884

​

$

630

​

$

(4,386)

​

$

(3,756)

Equities

​

​

64,839

​

​

31,148

​

​

(356)

​

​

30,792

2023

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

49,960

​

$

451

​

$

(2,174)

​

$

(1,723)

Equities

​

​

51,881

​

​

23,482

​

​

(1,250)

​

​

22,232

2022

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

51,355

​

$

287

​

$

(2,849)

​

$

(2,562)

Equities

​

​

62,212

​

​

21,623

​

​

(1,336)

​

​

20,287

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CALLS/MATURITIES

​

​

​

​

Gross Realized

​

Net Realized

(in thousands)

 

Proceeds

 

Gains

 

Losses

 

Gain (Loss)

2024

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

323,533

​

$

134

​

$

(1,400)

​

$

(1,266)

2023

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

506,910

​

$

39

​

$

(162)

​

$

(123)

2022

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale

​

$

1,393,704

​

$

196

​

$

(55)

​

$

141
Fair Value, Assets Measured on Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2024 and 2023, are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

Quoted in Active

​

Significant Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

(in thousands)

 

 (Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Fixed income securities - available-for-sale

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government

​

$

—

​

$

515,635

​

$

—

​

$

515,635

U.S. agency

​

​

—

​

​

54,338

​

​

—

​

​

54,338

Non-U.S. government & agency

​

​

—

​

​

6,898

​

​

973

​

​

7,871

Agency MBS

​

​

—

​

​

396,223

​

​

—

​

​

396,223

ABS/CMBS/MBS*

​

​

—

​

​

410,248

​

​

—

​

​

410,248

Corporate

​

​

—

​

​

1,256,991

​

​

89,530

​

​

1,346,521

Municipal

​

​

—

​

​

444,960

​

​

—

​

​

444,960

Total fixed income securities - available-for-sale

​

$

—

​

$

3,085,293

​

$

90,503

​

$

3,175,796

Equity securities

​

​

731,569

​

​

—

​

​

4,622

​

​

736,191

Total

​

$

731,569

​

$

3,085,293

​

$

95,125

​

$

3,911,987

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

Quoted in Active

​

Significant Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

(in thousands)

 

 (Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Fixed income securities - available-for-sale

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government

​

$

—

​

$

308,031

​

$

—

​

$

308,031

U.S. agency

​

​

—

​

​

59,826

​

​

—

​

​

59,826

Non-U.S. government & agency

​

​

—

​

​

3,882

​

​

—

​

​

3,882

Agency MBS

​

​

—

​

​

425,285

​

​

—

​

​

425,285

ABS/CMBS/MBS*

​

​

—

​

​

281,182

​

​

—

​

​

281,182

Corporate

​

​

—

​

​

1,164,548

​

​

60,471

​

​

1,225,019

Municipal

​

​

—

​

​

552,624

​

​

—

​

​

552,624

Total fixed income securities - available-for-sale

​

$

—

​

$

2,795,378

​

$

60,471

​

$

2,855,849

Equity securities

​

​

588,416

​

​

—

​

​

1,625

​

​

590,041

Total

​

$

588,416

​

$

2,795,378

​

$

62,096

​

$

3,445,890

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
Summary of Changes in Balance of Level 3 Securities

​

​

​

​

​

(in thousands)

 

Level 3 Securities

Balance as of January 1, 2024

​

$

62,096

Net realized and unrealized gains

​

​

​

Included in other comprehensive earnings

​

​

1,075

Purchases

​

​

34,859

Sales

​

​

(2,905)

Balance as of December 31, 2024

​

$

95,125

Change in unrealized gains during the period for Level 3 assets held at period-end - included in other comprehensive earnings

​

$

1,075
Schedule of Contractual Maturity of Securities

​

​

​

​

​

​

​

​

(in thousands)

 

Amortized Cost

 

Fair Value

Due in one year or less 

​

$

256,711

​

$

255,017

Due after one year through five years

​

​

742,187

​

​

723,476

Due after five years through 10 years

​

​

948,340

​

​

914,770

Due after 10 years

​

​

574,403

​

​

476,062

ABS/CMBS/MBS*

​

​

869,518

​

​

806,471

Total available-for-sale

​

$

3,391,159

​

$

3,175,796

*Asset-backed, commercial mortgage-backed and mortgage-backed securities
Schedule of Amortized Cost and Fair Value of Available-for-sale Securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

​

​

​

Allowance

 

Gross

 

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

​

​

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Fair Value

U.S. government

​

$

525,608

​

$

—

​

$

309

​

$

(10,282)

​

$

515,635

U.S. agency

​

​

55,921

​

​

—

​

​

261

​

​

(1,844)

​

​

54,338

Non-U.S. government & agency

​

​

8,959

​

​

—

​

​

—

​

​

(1,088)

​

​

7,871

Agency MBS

​

​

438,545

​

​

—

​

​

927

​

​

(43,249)

​

​

396,223

ABS/CMBS/MBS*

​

​

430,973

​

​

(8)

​

​

2,208

​

​

(22,925)

​

​

410,248

Corporate

​

​

1,397,676

​

​

(189)

​

​

4,737

​

​

(55,703)

​

​

1,346,521

Municipal

​

​

533,477

​

​

—

​

​

1,003

​

​

(89,520)

​

​

444,960

Total fixed income

​

$

3,391,159

​

$

(197)

​

$

9,445

​

$

(224,611)

​

$

3,175,796

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

​

​

Allowance

 

Gross

 

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

​

​

(in thousands)

 

Cost

 

Losses

 

Gains

 

Losses

 

Fair Value

U.S. government

​

$

312,632

​

$

—

​

$

1,257

​

$

(5,858)

​

$

308,031

U.S. agency

​

​

60,763

​

​

—

​

​

652

​

​

(1,589)

​

​

59,826

Non-U.S. government & agency

​

​

4,800

​

​

—

​

​

—

​

​

(918)

​

​

3,882

Agency MBS

​

​

460,551

​

​

—

​

​

2,636

​

​

(37,902)

​

​

425,285

ABS/CMBS/MBS*

​

​

308,458

​

​

(3)

​

​

611

​

​

(27,884)

​

​

281,182

Corporate

​

​

1,273,187

​

​

(303)

​

​

8,766

​

​

(56,631)

​

​

1,225,019

Municipal

​

​

634,000

​

​

—

​

​

2,238

​

​

(83,614)

​

​

552,624

Total fixed income

​

$

3,054,391

​

$

(306)

​

$

16,160

​

$

(214,396)

​

$

2,855,849

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities
Schedule of Debt Securities Available-for-sale Allowance for Credit Loss

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

Beginning balance

​

$

306

​

$

339

Increase to allowance from securities for which credit losses were not previously recorded

​

​

55

​

​

71

Reduction from securities sold during the period

​

​

(89)

​

​

(154)

Reductions from intent to sell securities

​

​

(47)

​

​

—

Net increase (decrease) from securities that had an allowance at the beginning of the period

​

​

(28)

​

​

50

Ending balance

​

$

197

​

$

306
Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

 

​

​

 

​

12 Mos.

 

​

​

 

​

​

 

​

12 Mos.

 

​

​

(in thousands)

 

< 12 Mos.

 

& Greater

 

Total

 

< 12 Mos.

 

& Greater

 

Total

U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

303,226

​

$

157,418

​

$

460,644

​

$

37,718

​

$

204,556

​

$

242,274

Amortized cost

​

​

309,836

​

​

161,090

​

​

470,926

​

​

37,950

​

​

210,182

​

​

248,132

Unrealized loss

​

$

(6,610)

​

$

(3,672)

​

$

(10,282)

​

$

(232)

​

$

(5,626)

​

$

(5,858)

U.S. agency

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

24,024

​

$

18,330

​

$

42,354

​

$

8,736

​

$

29,632

​

$

38,368

Amortized cost

​

​

24,910

​

​

19,288

​

​

44,198

​

​

8,790

​

​

31,167

​

​

39,957

Unrealized loss

​

$

(886)

​

$

(958)

​

$

(1,844)

​

$

(54)

​

$

(1,535)

​

$

(1,589)

Non-U.S. government & agency

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

4,075

​

$

3,796

​

$

7,871

​

$

—

​

$

3,882

​

$

3,882

Amortized cost

​

​

4,158

​

​

4,801

​

​

8,959

​

​

—

​

​

4,800

​

​

4,800

Unrealized loss

​

$

(83)

​

$

(1,005)

​

$

(1,088)

​

$

—

​

$

(918)

​

$

(918)

Agency MBS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

108,772

​

$

233,625

​

$

342,397

​

$

61,196

​

$

275,707

​

$

336,903

Amortized cost

​

​

111,674

​

​

273,972

​

​

385,646

​

​

61,714

​

​

313,091

​

​

374,805

Unrealized loss

​

$

(2,902)

​

$

(40,347)

​

$

(43,249)

​

$

(518)

​

$

(37,384)

​

$

(37,902)

ABS/CMBS/MBS*

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

43,027

​

$

164,433

​

$

207,460

​

$

12,240

​

$

211,436

​

$

223,676

Amortized cost

​

​

43,395

​

​

186,990

​

​

230,385

​

​

12,367

​

​

239,193

​

​

251,560

Unrealized loss

​

$

(368)

​

$

(22,557)

​

$

(22,925)

​

$

(127)

​

$

(27,757)

​

$

(27,884)

Corporate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

378,305

​

$

700,574

​

$

1,078,879

​

$

67,402

​

$

822,731

​

$

890,133

Amortized cost

​

​

389,299

​

​

745,283

​

​

1,134,582

​

​

68,345

​

​

878,419

​

​

946,764

Unrealized loss

​

$

(10,994)

​

$

(44,709)

​

$

(55,703)

​

$

(943)

​

$

(55,688)

​

$

(56,631)

Municipal

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

48,514

​

$

355,475

​

$

403,989

​

$

61,218

​

$

391,361

​

$

452,579

Amortized cost

​

​

49,491

​

​

444,018

​

​

493,509

​

​

61,697

​

​

474,496

​

​

536,193

Unrealized loss

​

$

(977)

​

$

(88,543)

​

$

(89,520)

​

$

(479)

​

$

(83,135)

​

$

(83,614)

Total fixed income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value

​

$

909,943

​

$

1,633,651

​

$

2,543,594

​

$

248,510

​

$

1,939,305

​

$

2,187,815

Amortized cost

​

​

932,763

​

​

1,835,442

​

​

2,768,205

​

​

250,863

​

​

2,151,348

​

​

2,402,211

Unrealized loss

​

$

(22,820)

​

$

(201,791)

​

$

(224,611)

​

$

(2,353)

​

$

(212,043)

​

$

(214,396)

*

Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

​
v3.25.0.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Schedule of Premiums Written and Earned Along with Losses and Settlement Expenses Incurred

Premiums written and earned along with losses and settlement expenses incurred for the years ended December 31 are summarized as follows:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

WRITTEN

​

​

​

​

​

​

​

​

​

Direct

 

$

1,986,046

 

$

1,783,862

 

$

1,531,656

Reinsurance assumed

 

​

27,002

 

​

22,798

 

​

33,830

Reinsurance ceded

 

​

(407,527)

 

​

(378,913)

 

​

(323,950)

Net

​

$

1,605,521

​

$

1,427,747

​

$

1,241,536

​

​

​

​

​

​

​

​

​

​

EARNED

​

​

​

​

​

​

​

​

​

Direct

​

$

1,895,065

​

$

1,671,044

​

$

1,425,165

Reinsurance assumed

​

​

26,170

​

​

28,375

​

​

35,680

Reinsurance ceded

​

​

(394,829)

​

​

(405,113)

​

​

(316,409)

Net

​

$

1,526,406

​

$

1,294,306

​

$

1,144,436

​

​

​

​

​

​

​

​

​

​

LOSSES AND SETTLEMENT EXPENSES INCURRED

​

​

​

​

​

​

​

​

​

Direct

​

$

954,952

​

$

840,255

​

$

776,448

Reinsurance assumed

​

​

7,945

​

​

10,228

​

​

22,813

Reinsurance ceded

​

​

(223,644)

​

​

(246,070)

​

​

(284,885)

Net

​

$

739,253

​

$

604,413

​

$

514,376
Schedule of Net Reinsurance Balances Recoverable, After Consideration of Collateral, from Top Reinsurers The following table displays net reinsurance balances recoverable, after consideration of collateral, from our top reinsurers as of December 31, 2024. These reinsurers all have financial strength ratings of A or better by AM Best and S&P’s ratings services. Also shown are the amounts of written premium ceded to these reinsurers during the calendar year 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

 

​

 

Net Reinsurer

 

​

 

Ceded

 

​

 

​

​

AM Best

​

S&P

​

Exposure as of

​

Percent of

​

Premiums

​

Percent of

​

(dollars in thousands)

 

Rating

 

Rating

 

12/31/2024

 

Total

 

Written

 

Total

​

Munich Re / HSB

 

A+, Superior

 

AA, Very Strong

​

$

110,302

 

13.2

%

$

31,258

 

7.7

%

Renaissance Re

​

A+, Superior

 

A+, Strong

​

​

82,385

 

9.9

%

​

31,467

 

7.7

%

Nationwide Mutual

 

A, Excellent

 

A+, Strong

​

​

62,278

 

7.5

%

​

24,028

 

5.9

%

Partner Re

​

A+, Superior

​

A+, Strong

​

​

60,818

​

7.3

%

​

37,581

​

9.2

%

Safety National

 

A++, Superior

 

A+, Strong

​

​

36,475

 

4.4

%

​

6,303

 

1.6

%

Everest Re

​

A+, Superior

​

A+, Strong

​

​

36,252

 

4.3

%

​

29,454

 

7.2

%

Odyssey America Re

​

A+, Superior

​

A+, Strong

​

​

33,730

 

4.0

%

​

8,916

 

2.2

%

Berkley Insurance Co.

 

A+, Superior

 

A+, Strong

​

​

32,754

​

3.9

%

​

7,626

​

1.9

%

General Re

​

A++, Superior

​

AA+, Very Strong

​

​

32,120

 

3.8

%

​

14,809

 

3.6

%

Aspen UK Ltd.

 

A, Excellent

 

A-, Strong

​

​

31,240

 

3.7

%

​

9,116

 

2.2

%

Toa Re

​

A, Excellent

​

A, Strong

​

​

30,800

​

3.7

%

​

13,882

​

3.4

%

All other reinsurers*

​

​

​

​

​

​

287,139

 

34.3

%

​

193,087

 

47.4

%

Total ceded exposure

​

​

​

​

​

$

836,293

 

100.0

%

$

407,527

 

100.0

%

*

All other reinsurance balances recoverable, when considered by individual reinsurer, are less than 2 percent of shareholders’ equity.
v3.25.0.1
Historical Loss And LAE Development (Tables)
 12 Months Ended
Dec. 31, 2024
Historical Loss And L A E Development Disclosure [Abstract]  
Schedule of Reconciliation of Unpaid Losses and Settlement Expenses (LAE)

The following table is a reconciliation of our unpaid losses and settlement expenses (LAE) for the years 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Unpaid losses and LAE at beginning of year:

​

​

​

​

​

​

​

​

​

Gross

​

$

2,446,025

​

$

2,315,637

​

$

2,043,555

Ceded

​

​

(757,349)

​

​

(740,089)

​

​

(608,086)

Net

​

$

1,688,676

​

$

1,575,548

​

$

1,435,469

​

​

​

​

​

​

​

​

​

​

Increase (decrease) in incurred losses and LAE:

​

​

​

​

​

​

​

​

​

Current accident year

​

$

834,562

​

$

712,960

​

$

636,955

Prior accident years

​

​

(95,309)

​

​

(108,547)

​

​

(122,579)

Total incurred

​

$

739,253

​

$

604,413

​

$

514,376

​

​

​

​

​

​

​

​

​

​

Loss and LAE payments for claims incurred:

​

​

​

​

​

​

​

​

​

Current accident year

​

$

(121,314)

​

$

(165,364)

​

$

(97,525)

Prior accident year

​

​

(368,570)

​

​

(325,921)

​

​

(276,772)

Total paid

​

$

(489,884)

​

$

(491,285)

​

$

(374,297)

​

​

​

​

​

​

​

​

​

​

Net unpaid losses and LAE at end of year

​

$

1,938,045

​

$

1,688,676

​

$

1,575,548

​

​

​

​

​

​

​

​

​

​

Unpaid losses and LAE at end of year:

​

​

​

​

​

​

​

​

​

Gross

​

$

2,693,470

​

$

2,446,025

​

$

2,315,637

Ceded

​

​

(755,425)

​

​

(757,349)

​

​

(740,089)

Net

​

$

1,938,045

​

$

1,688,676

​

$

1,575,548
Schedule of Incurred and Paid Claims Development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Primary Occurrence

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

94,835

​

$

84,975

​

$

83,579

​

$

78,675

​

$

76,398

​

$

75,470

​

$

75,438

​

$

77,110

​

$

75,958

​

$

75,821

​

$

2,433

​

4,425

2016

​

​

​

​

​

101,950

​

​

96,753

​

​

90,611

​

​

85,449

​

​

83,374

​

​

79,440

​

​

77,729

​

​

78,358

​

​

77,669

​

​

4,246

​

4,356

2017

​

​

​

​

​

​

​

​

119,741

​

​

111,391

​

​

102,583

​

​

95,513

​

​

90,759

​

​

90,344

​

​

90,744

​

​

91,238

​

​

5,299

​

4,572

2018

​

​

​

​

​

​

​

​

​

​

​

141,513

​

​

130,281

​

​

125,731

​

​

115,076

​

​

114,414

​

​

115,793

​

​

118,084

​

​

10,810

​

4,923

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

146,011

​

​

135,209

​

​

120,570

​

​

109,051

​

​

111,156

​

​

112,638

​

​

16,585

​

5,369

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

145,171

​

​

137,439

​

​

122,785

​

​

117,962

​

​

114,336

​

​

27,988

​

4,749

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

142,797

​

​

128,483

​

​

125,672

​

​

123,363

​

​

39,997

​

4,683

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

155,203

​

​

144,861

​

​

143,518

​

​

65,353

​

4,751

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

152,443

​

​

147,366

​

​

89,241

​

4,483

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

160,008

​

​

123,161

​

3,561

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,164,041

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

10,157

​

$

19,902

​

$

33,020

​

$

45,056

​

$

54,270

​

$

58,866

​

$

62,997

​

$

68,650

​

$

69,635

​

$

72,138

​

​

​

​

​

2016

​

​

​

​

​

10,142

​

​

24,186

​

​

35,764

​

​

48,042

​

​

56,152

​

​

60,349

​

​

65,517

​

​

69,968

​

​

71,519

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

13,154

​

​

25,933

​

​

38,783

​

​

52,823

​

​

62,236

​

​

71,419

​

​

76,283

​

​

79,374

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

15,066

​

​

32,365

​

​

48,424

​

​

63,980

​

​

78,103

​

​

93,504

​

​

101,748

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

15,698

​

​

30,673

​

​

41,911

​

​

57,750

​

​

74,380

​

​

87,092

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17,096

​

​

30,596

​

​

45,267

​

​

60,764

​

​

76,345

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

14,428

​

​

29,633

​

​

43,951

​

​

65,454

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17,714

​

​

38,712

​

​

56,998

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

17,707

​

​

35,634

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

16,950

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

663,252

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

10,970

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

511,759

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

12.9%

​

​

13.8%

​

​

13.4%

​

​

15.0%

​

​

12.2%

​

​

9.2%

​

​

6.1%

​

​

5.5%

​

​

1.6%

​

​

3.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Excess Occurrence

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

53,672

​

$

50,857

​

$

47,392

​

$

42,840

​

$

43,328

​

$

42,446

​

$

41,690

​

$

41,471

​

$

40,580

​

$

41,268

​

$

1,684

​

709

2016

​

​

​

​

​

56,341

​

​

49,385

​

​

37,676

​

​

33,125

​

​

30,251

​

​

29,671

​

​

29,940

​

​

27,733

​

​

27,015

​

​

1,939

​

659

2017

​

​

​

​

​

​

​

​

62,863

​

​

55,868

​

​

48,363

​

​

44,737

​

​

43,249

​

​

41,620

​

​

39,600

​

​

37,828

​

​

4,173

​

661

2018

​

​

​

​

​

​

​

​

​

​

​

69,362

​

​

62,646

​

​

54,626

​

​

51,023

​

​

49,861

​

​

47,949

​

​

45,580

​

​

12,439

​

635

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

88,078

​

​

89,691

​

​

79,083

​

​

80,147

​

​

77,185

​

​

70,850

​

​

21,981

​

711

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

107,579

​

​

98,409

​

​

90,274

​

​

81,284

​

​

75,351

​

​

38,495

​

667

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

136,433

​

​

136,354

​

​

125,028

​

​

120,830

​

​

51,922

​

904

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

153,895

​

​

156,822

​

​

157,626

​

​

77,373

​

1,057

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

178,887

​

​

176,607

​

​

98,709

​

1,067

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

225,747

​

​

136,830

​

582

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

978,702

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

2,048

​

$

10,127

​

$

19,571

​

$

23,184

​

$

28,756

​

$

31,352

​

$

32,752

​

$

35,958

​

$

36,559

​

$

39,194

​

​

​

​

​

2016

​

​

​

​

​

1,068

​

​

3,396

​

​

7,441

​

​

10,054

​

​

12,703

​

​

14,400

​

​

17,807

​

​

20,603

​

​

21,176

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

17

​

​

5,679

​

​

9,275

​

​

15,441

​

​

18,470

​

​

22,835

​

​

25,328

​

​

27,840

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

2,506

​

​

5,823

​

​

10,801

​

​

17,294

​

​

22,016

​

​

23,958

​

​

28,272

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4,213

​

​

19,044

​

​

25,389

​

​

33,375

​

​

38,291

​

​

41,794

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,901

​

​

13,856

​

​

20,988

​

​

24,657

​

​

31,299

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5,317

​

​

23,841

​

​

38,977

​

​

59,901

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,479

​

​

28,764

​

​

57,202

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,091

​

​

31,867

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6,048

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

344,593

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

22,873

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

656,982

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

4.0%

​

​

14.3%

​

​

13.4%

​

​

11.8%

​

​

9.6%

​

​

6.7%

​

​

8.0%

​

​

8.3%

​

​

1.8%

​

​

6.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Claims Made

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

55,006

​

$

47,831

​

$

42,206

​

$

39,906

​

$

39,653

​

$

39,619

​

$

38,609

​

$

37,578

​

$

37,332

​

$

37,674

​

$

617

​

1,338

2016

​

​

​

​

​

59,992

​

​

67,760

​

​

69,493

​

​

67,728

​

​

64,730

​

​

65,078

​

​

61,876

​

​

61,881

​

​

60,639

​

​

1,407

​

1,507

2017

​

​

​

​

​

​

​

​

60,572

​

​

62,450

​

​

62,714

​

​

57,450

​

​

59,907

​

​

61,546

​

​

60,340

​

​

60,057

​

​

2,321

​

1,648

2018

​

​

​

​

​

​

​

​

​

​

​

66,128

​

​

62,416

​

​

56,468

​

​

48,457

​

​

47,692

​

​

43,912

​

​

45,331

​

​

3,971

​

1,400

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

62,918

​

​

61,712

​

​

52,224

​

​

46,500

​

​

43,969

​

​

42,236

​

​

7,144

​

1,516

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

60,278

​

​

56,785

​

​

46,853

​

​

40,878

​

​

41,658

​

​

11,640

​

1,297

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

51,219

​

​

45,854

​

​

38,946

​

​

35,485

​

​

13,192

​

1,229

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

58,289

​

​

55,316

​

​

46,276

​

​

21,839

​

1,156

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

54,679

​

​

47,848

​

​

29,547

​

1,195

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

58,153

​

​

38,622

​

1,149

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

475,357

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

2,215

​

$

10,738

​

$

16,774

​

$

20,920

​

$

28,795

​

$

32,241

​

$

33,529

​

$

34,671

​

$

35,408

$

​

35,779

​

​

​

​

​

2016

​

​

​

​

​

2,060

​

​

14,558

​

​

27,465

​

​

39,370

​

​

47,999

​

​

52,846

​

​

53,737

​

​

56,342

​

​

57,976

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

2,455

​

​

11,350

​

​

22,728

​

​

36,522

​

​

42,918

​

​

47,087

​

​

50,623

​

​

55,321

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

1,964

​

​

11,965

​

​

18,840

​

​

24,918

​

​

27,351

​

​

31,002

​

​

38,188

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,839

​

​

8,123

​

​

14,117

​

​

19,930

​

​

27,133

​

​

32,622

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,488

​

​

5,687

​

​

10,412

​

​

16,537

​

​

26,511

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

999

​

​

5,615

​

​

8,661

​

​

11,856

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,088

​

​

8,836

​

​

14,672

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,421

​

​

5,336

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,524

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

279,785

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

4,407

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

199,979

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

3.9%

​

​

15.6%

​

​

14.8%

​

​

14.9%

​

​

15.4%

​

​

9.0%

​

​

6.7%

​

​

5.0%

​

​

2.3%

​

​

1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Casualty - Transportation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

38,561

​

$

46,258

​

$

47,021

​

$

46,395

​

$

45,162

​

$

45,525

​

$

45,807

​

$

46,685

​

$

47,466

​

$

47,998

​

$

429

​

3,188

2016

​

​

​

​

​

50,430

​

​

53,519

​

​

54,105

​

​

52,277

​

​

52,818

​

​

53,915

​

​

55,718

​

​

56,515

​

​

56,736

​

​

724

​

3,945

2017

​

​

​

​

​

​

​

​

55,640

​

​

53,641

​

​

45,017

​

​

43,764

​

​

45,351

​

​

46,742

​

​

47,619

​

​

47,228

​

​

786

​

3,640

2018

​

​

​

​

​

​

​

​

​

​

​

57,597

​

​

54,592

​

​

38,719

​

​

36,468

​

​

35,442

​

​

35,776

​

​

36,212

​

​

887

​

3,405

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

58,297

​

​

56,129

​

​

43,976

​

​

41,925

​

​

44,236

​

​

47,296

​

​

2,035

​

3,319

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

43,573

​

​

35,524

​

​

27,665

​

​

28,856

​

​

29,532

​

​

3,209

​

1,648

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

51,322

​

​

51,581

​

​

47,913

​

​

54,599

​

​

6,396

​

2,324

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

60,862

​

​

53,680

​

​

55,851

​

​

11,881

​

2,725

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

66,863

​

​

60,930

​

​

14,259

​

2,634

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

86,321

​

​

23,003

​

2,678

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

522,703

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

6,984

​

$

20,709

​

$

29,554

​

$

37,222

​

$

39,339

​

$

41,345

​

$

42,626

​

$

45,002

​

$

46,159

​

$

47,452

​

​

​

​

​

2016

​

​

​

​

​

8,923

​

​

18,354

​

​

30,354

​

​

38,001

​

​

43,564

​

​

47,488

​

​

52,555

​

​

54,245

​

​

55,250

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

7,979

​

​

17,070

​

​

24,090

​

​

30,260

​

​

36,141

​

​

41,064

​

​

43,891

​

​

45,061

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

6,980

​

​

12,827

​

​

19,216

​

​

24,503

​

​

28,844

​

​

30,916

​

​

33,296

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,148

​

​

15,852

​

​

21,120

​

​

26,422

​

​

35,546

​

​

42,409

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

3,986

​

​

7,876

​

​

12,035

​

​

20,749

​

​

23,077

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5,341

​

​

15,345

​

​

25,886

​

​

37,702

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

6,442

​

​

18,296

​

​

27,146

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,407

​

​

18,350

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

9,431

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

339,174

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

1,494

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

185,023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

13.9%

​

​

18.9%

​

​

16.6%

​

​

17.1%

​

​

11.0%

​

​

8.4%

​

​

6.0%

​

​

3.5%

​

​

2.1%

​

​

2.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Property

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

​

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

59,863

​

$

56,103

​

$

53,958

​

$

52,720

​

$

53,111

​

$

52,781

​

$

52,878

​

$

53,359

​

$

54,065

​

$

54,122

​

$

6

​

4,077

2016

​

​

​

​

​

62,900

​

​

55,594

​

​

55,384

​

​

55,930

​

​

55,424

​

​

55,383

​

​

55,536

​

​

55,385

​

​

55,316

​

​

14

​

3,379

2017

​

​

​

​

​

​

​

​

90,803

​

​

83,273

​

​

84,961

​

​

82,671

​

​

82,319

​

​

81,912

​

​

81,677

​

​

81,194

​

​

39

​

2,893

2018

​

​

​

​

​

​

​

​

​

​

​

89,091

​

​

83,457

​

​

79,961

​

​

80,470

​

​

79,093

​

​

79,234

​

​

78,482

​

​

184

​

2,339

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

71,232

​

​

65,189

​

​

61,116

​

​

59,901

​

​

61,185

​

​

60,549

​

​

293

​

2,458

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

118,247

​

​

110,466

​

​

108,546

​

​

108,363

​

​

110,562

​

​

7,466

​

2,865

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

135,447

​

​

116,424

​

​

115,587

​

​

114,178

​

​

4,587

​

3,116

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

138,756

​

​

119,877

​

​

115,228

​

​

11,876

​

2,972

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

184,252

​

​

159,846

​

​

20,501

​

3,250

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

221,358

​

​

90,728

​

2,750

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,050,835

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

32,184

​

$

49,348

​

$

50,197

​

$

51,290

​

$

52,078

​

$

52,342

​

$

52,400

​

$

53,208

​

$

53,369

​

$

54,116

​

​

​

​

​

2016

​

​

​

​

​

33,134

​

​

46,921

​

​

51,371

​

​

53,006

​

​

54,328

​

​

54,747

​

​

55,215

​

​

55,247

​

​

55,263

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

41,314

​

​

66,818

​

​

74,415

​

​

78,360

​

​

80,581

​

​

80,958

​

​

80,965

​

​

81,132

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

37,048

​

​

68,264

​

​

72,357

​

​

75,253

​

​

76,378

​

​

77,696

​

​

78,198

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

30,703

​

​

51,740

​

​

55,092

​

​

57,038

​

​

59,015

​

​

59,808

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

43,192

​

​

79,660

​

​

88,401

​

​

96,350

​

​

99,809

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

57,272

​

​

89,174

​

​

99,671

​

​

103,826

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

44,667

​

​

84,235

​

​

95,542

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

111,137

​

​

130,919

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

64,846

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

823,459

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

854

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

228,230

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

49.5%

​

​

30.0%

​

​

7.1%

​

​

3.9%

​

​

2.4%

​

​

0.9%

​

​

0.4%

​

​

0.6%

​

​

0.2%

​

​

1.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Surety

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands, except number of claims)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance

 

As of December 31, 2024

​

​

For the Years Ended December 31,

​

​

​

​

Cumulative

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

 

Total IBNR

 

Claims

2015

​

$

16,958

​

$

12,957

​

$

11,113

​

$

10,456

​

$

9,792

​

$

9,521

​

$

9,275

​

$

8,580

​

$

8,586

​

$

8,275

​

$

9

​

1,260

2016

​

​

​

​

​

18,928

​

​

11,062

​

​

9,351

​

​

8,895

​

​

8,391

​

​

7,948

​

​

8,134

​

​

7,963

​

​

8,206

​

​

17

​

1,401

2017

​

​

​

​

​

​

​

​

16,127

​

​

8,641

​

​

8,798

​

​

8,116

​

​

8,034

​

​

7,769

​

​

7,644

​

​

7,696

​

​

40

​

1,931

2018

​

​

​

​

​

​

​

​

​

​

​

16,765

​

​

7,227

​

​

4,564

​

​

3,947

​

​

3,996

​

​

3,760

​

​

3,894

​

​

53

​

1,362

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

14,785

​

​

7,205

​

​

5,053

​

​

4,062

​

​

3,453

​

​

2,866

​

​

156

​

1,213

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

19,241

​

​

14,840

​

​

12,378

​

​

11,516

​

​

9,935

​

​

1,255

​

987

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

18,540

​

​

11,724

​

​

12,127

​

​

16,521

​

​

9,208

​

962

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

20,185

​

​

11,490

​

​

10,686

​

​

2,565

​

1,080

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

21,242

​

​

9,024

​

​

6,886

​

869

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

23,284

​

​

22,503

​

572

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

100,387

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance

​

​

​

​

​

​

​

For the Years Ended December 31,

​

​

​

​

​

AY

 

2015*

 

2016*

 

2017*

 

2018*

 

2019*

 

2020*

 

2021*

 

2022*

 

2023*

 

2024

​

​

​

​

​

2015

​

$

3,192

​

$

6,719

​

$

7,695

​

$

9,436

​

$

9,183

​

$

9,186

​

$

9,168

​

$

8,462

​

$

8,575

​

$

8,299

​

​

​

​

​

2016

​

​

​

​

​

3,087

​

​

5,817

​

​

6,299

​

​

7,640

​

​

8,086

​

​

7,673

​

​

7,946

​

​

7,795

​

​

7,918

​

​

​

​

​

2017

​

​

​

​

​

​

​

​

979

​

​

2,862

​

​

7,062

​

​

7,221

​

​

7,362

​

​

7,372

​

​

7,342

​

​

7,500

​

​

​

​

​

2018

​

​

​

​

​

​

​

​

​

​

​

1,835

​

​

2,588

​

​

2,368

​

​

2,536

​

​

3,020

​

​

2,079

​

​

3,220

​

​

​

​

​

2019

​

​

​

​

​

​

​

​

​

​

​

​

​

​

336

​

​

2,433

​

​

2,765

​

​

3,039

​

​

3,093

​

​

3,236

​

​

​

​

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

835

​

​

2,719

​

​

3,828

​

​

3,907

​

​

7,896

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,197

​

​

3,229

​

​

3,075

​

​

4,264

​

​

​

​

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(241)

​

​

4,161

​

​

5,737

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

841

​

​

1,883

​

​

​

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

412

​

​

​

​

​

​

​

​

* Presented as unaudited required supplementary information.

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

50,365

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All outstanding liabilities before 2015, net of reinsurance

​

​

(83)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities for losses and loss adjustment expenses, net of reinsurance

​

$

49,939

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance*

​

​

​

​

​

Years

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

​

​

​

​

​

​

​

​

17.2%

​

​

30.8%

​

​

12.9%

​

​

8.8%

​

​

9.8%

​

​

(4.8)%

​

​

8.0%

​

​

(2.8)%

​

​

1.4%

​

​

(3.3)%

​

​

​

​

​

​
Schedule of Reconciliation of the Net Incurred and Paid Loss Development Tables to the Liability for Unpaid Losses and Settlement Expenses in the Consolidated Balance Sheet

The following is a reconciliation of the net incurred and paid loss development tables to the liability for unpaid losses and settlement expenses in the consolidated balance sheet:

​

​

​

​

​

​

​

​

(in thousands)

 

December 31, 2024

 

December 31, 2023

Net outstanding liabilities:

​

​

​

​

​

​

Casualty - Primary Occurrence

​

$

511,759

​

$

482,569

Casualty - Excess Occurrence

​

​

656,982

​

​

556,978

Casualty - Claims Made

​

​

199,979

​

​

207,564

Casualty - Transportation

​

​

185,023

​

​

148,226

Property

​

​

228,230

​

​

142,876

Surety

​

​

49,939

​

​

46,813

Unallocated loss adjustment expenses

​

​

73,613

​

​

66,111

Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses

​

​

9,580

​

​

10,608

Other

​

​

22,940

​

​

26,931

Liabilities for unpaid loss and settlement expenses, net of reinsurance

​

$

1,938,045

​

$

1,688,676

​

​

​

​

​

​

​

Reinsurance balances recoverable on unpaid claims:

​

​

​

​

​

​

Casualty - Primary Occurrence

​

$

47,773

​

$

53,177

Casualty - Excess Occurrence

​

​

164,721

​

​

149,502

Casualty - Claims Made

​

​

283,560

​

​

292,803

Casualty - Transportation

​

​

76,089

​

​

68,126

Property

​

​

102,120

​

​

152,714

Surety

​

​

90,610

​

​

51,526

Allowance for uncollectible reinsurance balances recoverable on unpaid losses and settlement expenses

​

​

(9,580)

​

​

(10,608)

Other

​

​

132

​

​

109

Total reinsurance balances recoverable on unpaid losses and settlement expenses

​

$

755,425

​

$

757,349

​

​

​

​

​

​

​

Total gross liability for unpaid loss and settlement expenses

​

$

2,693,470

​

$

2,446,025

Schedule of Prior Accident Years' Loss Reserve Development by Segment

The following table summarizes our prior accident years’ loss reserve development by segment for 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Casualty

​

$

(52,878)

​

$

(78,498)

​

$

(87,225)

Property

​

 

(33,143)

​

 

(21,196)

​

 

(24,927)

Surety

​

 

(9,288)

​

 

(8,853)

​

 

(10,427)

Total

​

$

(95,309)

​

$

(108,547)

​

$

(122,579)
Schedule of Paid and Unpaid Environmental, Asbestos and Mass Tort Claims Data (Including Incurred but not Reported Losses)

The following table represents paid and unpaid environmental, asbestos and mass tort claims data (including incurred but not reported losses) as of December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Loss and LAE Payments (Cumulative):

​

​

​

​

​

​

​

​

​

Gross

​

$

149,130

​

$

144,882

​

$

142,377

Ceded

​

 

(70,773)

​

 

(70,130)

​

 

(69,696)

Net

​

$

78,357

​

$

74,752

​

$

72,681

​

​

​

​

​

​

​

​

​

​

Unpaid Losses and LAE at End of Year:

​

​

​

​

​

​

​

​

​

Gross

​

$

22,658

​

$

25,180

​

$

26,871

Ceded

​

 

(5,899)

​

 

(5,490)

​

 

(5,786)

Net

​

$

16,759

​

$

19,690

​

$

21,085
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure  
Schedule of Deferred Tax Assets and Deferred Tax Liabilities

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

Deferred tax assets:

​

​

​

​

​

​

Tax discounting of unpaid losses and settlement expenses

​

$

29,524

​

$

25,491

Unearned premium offset

​

 

36,086

​

 

32,763

Deferred compensation

​

 

4,630

​

 

4,170

Share-based compensation expense

​

 

3,685

​

 

3,556

Capitalized research and development costs

​

​

6,350

​

​

4,970

Lease liability

​

 

3,288

​

 

3,113

Other

​

 

3,864

​

 

2,949

Deferred tax assets before allowance

​

$

87,427

​

$

77,012

Less valuation allowance

​

 

—

​

 

—

Total deferred tax assets

​

$

87,427

​

$

77,012

​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

​

Net unrealized appreciation of securities

​

$

25,898

​

$

10,981

Deferred policy acquisition costs

​

 

34,905

​

 

30,779

Lease asset

​

​

2,943

​

​

2,870

Discounting of unpaid losses and settlement expenses - Tax Cuts and Jobs Act (TCJA) implementation offset

​

​

636

​

​

1,272

Fixed assets

​

 

2,908

​

 

2,745

Intangible assets

​

 

1,561

​

 

1,552

Undistributed earnings of unconsolidated investees

​

 

10,265

​

 

10,351

Other

​

 

518

​

 

590

Total deferred tax liabilities

​

$

79,634

​

$

61,140

Net deferred tax asset

​

$

7,793

​

$

15,872
Schedule of Reconciliation of Income Tax Expense Attributable to Income from Operations with Amounts Computed by Applying U.S. Federal Tax Rate to Pretax Income from Continuing Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

​

2023

 

​

2022

​

Provision for income taxes at the statutory federal tax rates

​

$

89,786

​

21.0

%

​

$

79,226

​

21.0

%

​

$

151,342

​

21.0

%

Increase (reduction) in taxes resulting from:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Excess tax benefit on share-based compensation

​

​

(5,580)

​

(1.3)

%

​

​

(3,774)

​

(1.0)

%

​

​

(4,491)

​

(0.6)

%

Tax-exempt interest income

​

​

(905)

​

(0.2)

%

​

​

(1,092)

​

(0.3)

%

​

​

(1,143)

​

(0.2)

%

Dividends received deduction

​

​

(1,326)

​

(0.3)

%

​

​

(938)

​

(0.2)

%

​

​

(912)

​

(0.1)

%

Tax credit

​

​

(3,539)

​

(0.8)

%

​

​

(3,644)

​

(1.0)

%

​

​

(6,204)

​

(0.9)

%

ESOP dividends paid deduction

​

​

(2,545)

​

(0.6)

%

​

​

(1,591)

​

(0.4)

%

​

​

(4,171)

​

(0.6)

%

Nondeductible expenses

​

​

3,726

​

0.9

%

​

​

3,351

​

0.9

%

​

​

1,263

​

0.2

%

Other items, net

​

​

2,155

​

0.4

%

​

​

1,116

​

0.3

%

​

​

1,583

​

0.2

%

Total

​

$

81,772

  ​

19.1

%

​

$

72,654

  ​

19.3

%

​

$

137,267

  ​

19.0

%
v3.25.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Compensation And Retirement Disclosure [Abstract]  
Summary of Option Activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

Aggregate

​

​

​

​

Weighted

​

Average

​

Intrinsic

​

​

​

​

Average

​

Remaining

​

Value

​

 

Options

 

Exercise Price

 

Contractual Life

 

(in 000’s)

Outstanding as of January 1, 2024

​

3,283,420

​

$

46.31

​

​

​

​

​

Granted

​

379,344

​

​

72.30

​

​

​

​

​

Exercised

​

(807,026)

​

​

35.45

​

​

​

​

​

Forfeited or expired

​

(17,800)

​

​

56.64

​

​

​

​

​

Outstanding as of December 31, 2024

​

2,837,938

​

$

52.80

 

4.51

​

$

84,046

Exercisable at December 31, 2024

​

1,522,274

​

$

45.49

 

3.32

​

$

57,319
Summary of Weighted Average Grant-date Assumptions and Weighted Average Fair Values

​

​

​

​

​

​

​

​

​

​

​

​

​

 

2024

 

2023

 

2022

 

Weighted-average fair value of grants

​

$

15.81

​

$

13.62

​

$

10.71

​

Risk-free interest rates

​

​

4.83

%

​

3.59

%

​

2.95

%

Dividend yield

​

​

2.30

%

​

2.28

%

​

2.50

%

Expected volatility

​

​

23.09

%

​

22.97

%

​

22.89

%

Expected option life

​

​

5.02

years

​

4.96

years

​

5.05

years
Schedule of Restricted Stock Units Activity

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

​

​

Grant Date

​

 

RSUs

 

Fair Value

Nonvested at January 1, 2024

​

90,187

​

$

62.58

Granted

​

42,762

​

​

72.11

Reinvested

​

3,004

​

​

81.53

Vested

​

(34,396)

​

​

61.48

Forfeited

​

(2,462)

​

​

67.18

Nonvested at December 31, 2024

​

99,095

​

$

66.89

​
v3.25.0.1
Statutory Information and Dividend Restrictions (Tables)
 12 Months Ended
Dec. 31, 2024
Statutory Information And Dividend Restrictions Disclosure [Abstract]  
Schedule of Selected Information for Insurance Subsidiaries

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Consolidated net income, statutory basis

​

$

295,917

​

$

231,321

​

$

229,111

Consolidated surplus, statutory basis

​

$

1,787,312

​

$

1,520,135

​

$

1,407,925
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense and Other lease Information

The components of lease expense and other lease information as of and during the years ended December 31, 2024, 2023 and 2022 were as follows:

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

 

2022

Operating lease cost

​

$

4,631

​

$

4,935

​

$

4,957

Variable lease cost

​

​

1,103

​

​

1,469

​

​

1,423

Sublease income

​

​

(170)

​

​

(469)

​

​

(555)

Total lease cost

​

$

5,564

​

$

5,935

​

$

5,825

​

​

​

​

​

​

​

​

​

​

Cash paid for amounts included in measurement of lease liabilities

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

4,083

​

$

5,407

​

$

5,435

​

​

​

​

​

​

​

​

​

​

ROU assets obtained in exchange for new operating lease liabilities

​

$

4,392

​

$

5,805

​

$

2,694

​

​

​

​

​

​

​

​

​

​

Reduction to ROU assets resulting from reduction to lease liabilities

​

$

—

​

$

300

​

$

2

​

​

​

​

​

​

​

​

​

​

Other non-cash reductions to ROU assets

​

$

—

​

$

—

​

$

73

​

​

​

​

​

​

​

​

​

(in thousands)

 

2024

 

2023

​

Operating lease ROU assets

​

$

14,016

​

$

13,666

​

Operating lease liabilities

​

$

15,711

​

$

14,880

​

Weighted-average remaining lease term - operating leases

​

​

6.01

years

​

6.08

years

Weighted-average discount rate - operating leases

​

​

3.63

%

​

3.21

%
Schedule of Future Minimum Lease Payments under Non-cancellable Leases

Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:

​

​

​

​

​

(in thousands)

 

2024

2025

​

$

4,373

2026

​

​

3,713

2027

​

​

2,288

2028

​

​

1,617

2029

​

​

1,443

Thereafter

​

​

4,489

Total future minimum lease payments

​

$

17,923

Less imputed interest

​

​

(2,212)

Total operating lease liability

​

$

15,711

​
v3.25.0.1
Operating Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Selected Information by Operating Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

Casualty

​

​

Property

​

​

Surety

​

​

Total

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Net premiums earned

​

$

852,837

​

$

531,384

​

$

142,185

​

$

1,526,406

Net investment income

​

​

-

​

​

-

​

​

-

​

​

142,278

Net realized gains

​

​

-

​

​

-

​

​

-

​

​

19,966

Net unrealized gains (losses) on equity securities

​

​

-

​

​

-

​

​

-

​

​

81,734

Consolidated revenue

​

$

852,837

​

$

531,384

​

$

142,185

​

$

1,770,384

​

​

​

​

​

​

​

​

​

​

​

​

​

Less: Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Losses and settlement expenses

​

$

524,490

​

$

198,806

​

$

15,957

​

​

​

Amortization of deferred acquisition costs

​

​

161,532

​

​

108,235

​

​

48,254

​

​

​

Other policy acquisition costs

​

​

83,987

​

​

22,936

​

​

39,096

​

​

​

Insurance operating expenses

​

​

65,040

​

​

33,871

​

​

13,549

​

​

​

Segment earnings before income taxes

​

$

17,788

​

$

167,536

​

$

25,329

​

$

210,653

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Segment earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

210,653

Net investment income

​

​

​

​

​

​

​

​

​

​

​

142,278

Net realized gains

​

​

​

​

​

​

​

​

​

​

​

19,966

Net unrealized gains (losses) on equity securities

​

​

​

​

​

​

​

​

​

​

​

81,734

Interest expense on debt

​

​

​

​

​

​

​

​

​

​

​

(6,331)

General corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(15,880)

Equity in earnings of unconsolidated investees

​

​

​

​

​

​

​

​

​

​

​

(4,869)

Earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

427,551

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization expense

​

$

5,705

​

$

1,924

​

$

991

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

Casualty

​

​

Property

​

​

Surety

​

​

Total

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Net premiums earned

​

$

758,346

​

$

401,530

​

$

134,430

​

$

1,294,306

Net investment income

​

​

-

​

​

-

​

​

-

​

​

120,383

Net realized gains

​

​

-

​

​

-

​

​

-

​

​

32,518

Net unrealized gains (losses) on equity securities

​

​

-

​

​

-

​

​

-

​

​

64,787

Consolidated revenue

​

$

758,346

​

$

401,530

​

$

134,430

​

$

1,511,994

​

​

​

​

​

​

​

​

​

​

​

​

​

Less: Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Losses and settlement expenses

​

$

418,032

​

$

172,062

​

$

14,319

​

​

​

Amortization of deferred acquisition costs

​

​

138,968

​

​

94,173

​

​

42,754

​

​

​

Other policy acquisition costs

​

​

82,621

​

​

22,171

​

​

37,638

​

​

​

Insurance operating expenses

​

​

59,246

​

​

26,808

​

​

12,329

​

​

​

Segment earnings before income taxes

​

$

59,479

​

$

86,316

​

$

27,390

​

$

173,185

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Segment earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

173,185

Net investment income

​

​

​

​

​

​

​

​

​

​

​

120,383

Net realized gains

​

​

​

​

​

​

​

​

​

​

​

32,518

Net unrealized gains (losses) on equity securities

​

​

​

​

​

​

​

​

​

​

​

64,787

Interest expense on debt

​

​

​

​

​

​

​

​

​

​

​

(7,301)

General corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(15,917)

Equity in earnings of unconsolidated investees

​

​

​

​

​

​

​

​

​

​

​

9,610

Earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

377,265

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization expense

​

$

5,991

​

$

1,807

​

$

1,648

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

Casualty

​

​

Property

​

​

Surety

​

​

Total

Revenue

​

​

​

​

​

​

​

​

​

​

​

​

Net premiums earned

​

$

711,832

​

$

307,886

​

$

124,718

​

$

1,144,436

Net investment income

​

​

-

​

​

-

​

​

-

​

​

86,078

Net realized gains

​

​

-

​

​

-

​

​

-

​

​

588,515

Net unrealized gains (losses) on equity securities

​

​

-

​

​

-

​

​

-

​

​

(121,037)

Consolidated revenue

​

$

711,832

​

$

307,886

​

$

124,718

​

$

1,697,992

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Expenses

​

​

​

​

​

​

​

​

​

​

​

​

Losses and settlement expenses

​

$

381,436

​

$

120,745

​

$

12,195

​

​

​

Amortization of deferred acquisition costs

​

​

126,048

​

​

67,450

​

​

38,907

​

​

​

Other policy acquisition costs

​

​

78,349

​

​

27,753

​

​

31,125

​

​

​

Insurance operating expenses

​

​

52,210

​

​

19,416

​

​

10,586

​

​

​

Segment earnings before income taxes

​

$

73,789

​

$

72,522

​

$

31,905

​

$

178,216

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation of earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Segment earnings before income taxes

​

​

​

​

​

​

​

​

​

​

$

178,216

Net investment income

​

​

​

​

​

​

​

​

​

​

​

86,078

Net realized gains

​

​

​

​

​

​

​

​

​

​

​

588,515

Net unrealized gains (losses) on equity securities

​

​

​

​

​

​

​

​

​

​

​

(121,037)

Interest expense on debt

​

​

​

​

​

​

​

​

​

​

​

(8,047)

General corporate expenses

​

​

​

​

​

​

​

​

​

​

​

(12,900)

Equity in earnings of unconsolidated investees

​

​

​

​

​

​

​

​

​

​

​

9,853

Earnings before income taxes

​

​

​

​

​

​

​

​

​

​

​

720,678

​

​

​

​

​

​

​

​

​

​

​

​

​

Depreciation and amortization expense

​

$

4,961

​

$

1,653

​

$

1,705

​

​

​
Summary of Revenue by Major Product Type

The following table further summarizes revenues by major product type within each segment:

​

NET PREMIUMS EARNED

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

(in thousands)

 

2024

 

2023

 

2022

CASUALTY

​

​

​

​

​

​

​

​

​

Commercial excess and personal umbrella

​

$

354,847

​

$

286,178

​

$

253,921

Commercial transportation

​

​

120,650

​

​

103,719

​

​

96,992

General liability

​

​

104,423

​

​

103,066

​

​

100,374

Professional services

​

​

103,794

​

​

99,596

​

​

95,187

Small commercial

​

​

78,308

​

​

72,920

​

​

67,673

Executive products

​

​

23,555

​

​

24,687

​

​

26,606

Other casualty

​

​

67,260

​

​

68,180

​

​

71,079

Total

​

$

852,837

​

$

758,346

​

$

711,832

​

​

​

​

​

​

​

​

​

​

PROPERTY

​

​

​

​

​

​

​

​

​

Commercial property

​

$

345,554

​

$

244,798

​

$

163,078

Marine

​

​

145,706

​

​

129,428

​

​

113,208

Other property

​

​

40,124

​

​

27,304

​

​

31,600

Total

​

$

531,384

​

$

401,530

​

$

307,886

​

​

​

​

​

​

​

​

​

​

SURETY

​

​

​

​

​

​

​

​

​

Transactional

​

$

49,460

​

$

47,983

​

$

45,826

Commercial

​

​

48,533

​

​

49,707

​

​

47,652

Contract

​

​

44,192

​

​

36,740

​

​

31,240

Total

​

$

142,185

​

$

134,430

​

$

124,718

Grand total

​

$

1,526,406

​

$

1,294,306

​

$

1,144,436

​
v3.25.0.1
Summary of Significant Accounting Policies - Description of Business (Details)
 12 Months Ended
Jan. 15, 2025
$ / shares
Dec. 31, 2024
company
state
$ / shares
Dec. 31, 2023
$ / shares
DESCRIPTION OF BUSINESS      
Number of insurance companies through which the entity conducts operations | company   3  
Common stock split ratio 2    
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01 $ 0.01
RLI Ins.      
DESCRIPTION OF BUSINESS      
Number of states in which entity operates   50  
Mt. Hawley Insurance Company      
DESCRIPTION OF BUSINESS      
Number of states in which entity operates   50  
Contractors Bonding and Insurance Company      
DESCRIPTION OF BUSINESS      
Number of states in which entity operates   50  
v3.25.0.1
Summary of Significant Accounting Policies - Property and Equipment (Details)
Dec. 31, 2024
Equipment | Minimum  
PROPERTY AND EQUIPMENT  
Useful life 3 years
Equipment | Maximum  
PROPERTY AND EQUIPMENT  
Useful life 10 years
Buildings and improvements | Maximum  
PROPERTY AND EQUIPMENT  
Useful life 30 years
v3.25.0.1
Summary of Significant Accounting Policies - Investment in Unconsolidated Investees (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
INVESTMENT IN UNCONSOLIDATED INVESTEES:      
Investment in unconsolidated investees $ 56,477,000 $ 56,966,000  
Investee earnings recorded in income (4,869,000) 9,610,000 $ 9,853,000
Reinsurance assumed 27,002,000 22,798,000 33,830,000
Net premiums earned 1,526,406,000 1,294,306,000 1,144,436,000
Undistributed earnings from equity method investees included in retained earnings $ 54,000,000    
Dividends received from investments in unconsolidated investees   0 0
Prime Holdings Insurance Services, Inc. (Prime)      
INVESTMENT IN UNCONSOLIDATED INVESTEES:      
Equity ownership interest (as a percent) 23.00%    
Investment in unconsolidated investees $ 56,000,000    
Investee earnings recorded in income $ 5,000,000 10,000,000 13,000,000
Number of insurance carriers Company writes through | item 2    
Reinsurance assumed $ 9,000,000 7,000,000 21,000,000
Net premiums earned 8,000,000 13,000,000 23,000,000
Dividends received from investments in unconsolidated investees $ 3,000,000 $ 0 $ 0
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Summarized Financial Information of Equity Method Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INVESTMENT IN UNCONSOLIDATED INVESTEES:        
Net income (loss) $ 345,779 $ 304,611 $ 583,411  
Total assets 5,628,802 5,180,221    
Total liabilities 4,106,835 3,766,707    
Total equity 1,521,967 1,413,514 1,177,341 $ 1,229,361
Investments in Unconsolidated Investees        
INVESTMENT IN UNCONSOLIDATED INVESTEES:        
Net income (loss) (36,000) 45,000 $ 59,000  
Total assets 1,102,000 944,000    
Total liabilities 844,000 691,000    
Total equity $ 258,000 $ 253,000    
v3.25.0.1
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition    
Goodwill $ 46,062 $ 46,062
Indefinite-lived intangibles 7,500 7,500
Total goodwill and intangibles 53,562 53,562
Surety    
Business Acquisition    
Goodwill 40,816 40,816
Casualty    
Business Acquisition    
Goodwill $ 5,246 $ 5,246
v3.25.0.1
Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Basic EPS, Income (Numerator)      
Income available to common shareholders $ 345,779 $ 304,611 $ 583,411
Diluted EPS, Income (Numerator)      
Income available to common shareholders $ 345,779 $ 304,611 $ 583,411
Basic EPS, Weighted Average Shares (Denominator)      
Number of shares outstanding 91,529 91,191 90,735
Effect of Dilutive Securities, Shares (Denominator)      
Stock options and restricted stock units 922 964 854
Diluted EPS, Weighted Average Shares (Denominator)      
Number of shares outstanding 92,451 92,155 91,589
Earnings Per Share, Diluted, Other Disclosures      
Anti-dilutive securities excluded from diluted EPS 48 345 590
Basic EPS, Per Share Amount      
Basic net earnings per share (in dollars per share) $ 3.78 $ 3.34 $ 6.43
Diluted EPS, Per Share Amount      
Diluted earnings per share (in dollars per share) $ 3.74 $ 3.31 $ 6.37
v3.25.0.1
Summary of Significant Accounting Policies - Comprehensive Earnings (Loss) - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
COMPREHENSIVE EARNINGS (LOSS)      
Tax rate used (as a percent) 21.00% 21.00% 21.00%
Other comprehensive earnings (loss), tax (benefit) $ (2) $ 17 $ (74)
v3.25.0.1
Summary of Significant Accounting Policies - Changes in the Balance of Each Component of Accumulated Other Comprehensive Earnings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in the balance of each component of accumulated other comprehensive earnings (loss)      
Shareholders' Equity Attributable to Parent, Beginning Balance $ 1,413,514 $ 1,177,341 $ 1,229,361
Other comprehensive earnings (loss) (7,420) 62,773 (278,902)
Shareholders' Equity Attributable to Parent, Ending Balance 1,521,967 1,413,514 1,177,341
Balance of securities for which an allowance for credit losses has not been recognized in net earnings 1,492 1,224 1,693
Cumulative Effect, Period of Adoption, Adjustment      
Changes in the balance of each component of accumulated other comprehensive earnings (loss)      
Shareholders' Equity Attributable to Parent, Beginning Balance   (951)  
Shareholders' Equity Attributable to Parent, Ending Balance     (951)
Unrealized Gains and Losses on Available-for-Sale Securities      
Changes in the balance of each component of accumulated other comprehensive earnings (loss)      
Shareholders' Equity Attributable to Parent, Beginning Balance (166,303) (229,076) 49,826
Other comprehensive earnings before reclassifications (11,501) 59,922 (281,189)
Amounts reclassified from accumulated other comprehensive earnings 4,081 2,851 2,287
Other comprehensive earnings (loss) (7,420) 62,773 (278,902)
Shareholders' Equity Attributable to Parent, Ending Balance $ (173,723) $ (166,303) $ (229,076)
v3.25.0.1
Summary of Significant Accounting Policies - Effects of Reclassifications out of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss)      
Net realized gains (losses) - Available-for-sale $ (5,276) $ (3,641) $ (2,997)
Earnings before income taxes 427,551 377,265 720,678
Income tax (expense) benefit (81,772) (72,654) (137,267)
Net earnings 345,779 304,611 583,411
Unrealized Gains and Losses on Available-for-Sale Securities | Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss)      
Net realized gains (losses) - Available-for-sale (5,276) (3,641) (2,997)
Credit gains (losses) presented within net realized gains 110 32 102
Earnings before income taxes (5,166) (3,609) (2,895)
Income tax (expense) benefit 1,085 758 608
Net earnings $ (4,081) $ (2,851) $ (2,287)
v3.25.0.1
Summary of Significant Accounting Policies - Insurance Risk - Additional Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Unpaid loss and settlement expenses $ 2,693,470 $ 2,446,025 $ 2,315,637 $ 2,043,555
v3.25.0.1
Summary of Significant Accounting Policies - Catastrophe Exposures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 01, 2025
Liability For Catastrophe Claims [Line Items]    
Percent of catastrophic reinsurance treaty placed   100.00%
California Earthquake    
Liability For Catastrophe Claims [Line Items]    
Catastrophe reinsurance $ 850  
First-dollar retention 25  
Outside of California Earthquake    
Liability For Catastrophe Claims [Line Items]    
Catastrophe reinsurance 850  
First-dollar retention 50  
Other Perils including Wind    
Liability For Catastrophe Claims [Line Items]    
Catastrophe reinsurance 750  
First-dollar retention $ 50  
v3.25.0.1
Investments - Net Investment Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Investment Income Reported Amounts By Category [Line Items]      
Gross investment income $ 149,854 $ 126,624 $ 91,543
Less investment expenses (7,576) (6,241) (5,465)
Net investment income 142,278 120,383 86,078
Fixed Income Securities      
Schedule Of Investment Income Reported Amounts By Category [Line Items]      
Gross investment income 120,561 103,446 77,164
Equity Securities      
Schedule Of Investment Income Reported Amounts By Category [Line Items]      
Gross investment income 13,276 12,238 11,912
Cash, Short-term Investments and Other Invested Assets      
Schedule Of Investment Income Reported Amounts By Category [Line Items]      
Gross investment income $ 16,017 $ 10,940 $ 2,467
v3.25.0.1
Investments - Pretax Net Realized Investment Gains (Losses) and Net Changes in Unrealized Gains (Losses) on Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net realized gains (losses):      
Net realized gains (losses) - Available-for-sale $ (5,276) $ (3,641) $ (2,997)
Net realized gains (losses) - Equity securities 30,792 22,232 20,287
Net realized gains (losses) - Investment in unconsolidated investees (42) 14,084 570,952
Net realized gains (losses) - Other (5,508) (157) 273
Total net realized gains (losses) 19,966 32,518 588,515
Net unrealized gains (losses) on equity securities 81,734 64,787 (121,037)
Unrealized gains (losses) recognized in other comprehensive earnings - Available-for-sale (16,822) 79,782 (341,944)
Unrealized gains (losses) recognized in other comprehensive earnings - Investment in unconsolidated investees 7,539 (290) (10,994)
Unrealized gains (losses) recognized in other comprehensive earnings - Other (109) (33) (102)
Total unrealized gains (losses) recognized in other comprehensive earnings (9,392) 79,459 (353,040)
Net realized gains (losses) and changes in unrealized gains (losses) on investments 92,308 176,764 114,438
Equity Securities      
Net realized gains (losses):      
Net unrealized gains (losses) on equity securities 82,275 65,655 (118,912)
Other      
Net realized gains (losses):      
Net unrealized gains (losses) on equity securities $ (541) $ (868) $ (2,125)
v3.25.0.1
Investments - Disposition of Fixed Income and Equity Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of the disposition of fixed income and equity securities      
Fixed income securities - available-for-sale $ 149,939 $ 50,135 $ 53,300
Fixed income securities - available-for-sale 326,297 504,168 1,393,674
Net Realized Gain (Loss) - Fixed income securities - available-for-sale   (2,000)  
Net Realized Gain (Loss) - Equity securities 30,792 22,232 20,287
SALES      
Summary of the disposition of fixed income and equity securities      
Fixed income securities - available-for-sale 150,884 49,960 51,355
Gross Realized Gains - Fixed income securities - available-for-sale 630 451 287
Gross Realized Losses - Fixed income securities - available-for-sale (4,386) (2,174) (2,849)
Net Realized Gain (Loss) - Fixed income securities - available-for-sale (3,756) (1,723) (2,562)
Proceeds from Sales - Equity securities 64,839 51,881 62,212
Gross Realized Gains - Equity securities 31,148 23,482 21,623
Gross Realized Losses - Equity securities (356) (1,250) (1,336)
Net Realized Gain (Loss) - Equity securities 30,792 22,232 20,287
Calls And Maturities Of Marketable Securities      
Summary of the disposition of fixed income and equity securities      
Fixed income securities - available-for-sale 323,533 506,910 1,393,704
Gross Realized Gains - Fixed income securities - available-for-sale 134 39 196
Gross Realized Losses - Fixed income securities - available-for-sale (1,400) (162) (55)
Net Realized Gain (Loss) - Fixed income securities - available-for-sale $ (1,266) $ (123) $ 141
v3.25.0.1
Investments - Assets Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets measured at Fair Value    
Available-for-sale fixed income $ 3,175,796 $ 2,855,849
Equity securities 736,191 590,041
U.S. government    
Assets measured at Fair Value    
Available-for-sale fixed income 515,635 308,031
U.S. Agency    
Assets measured at Fair Value    
Available-for-sale fixed income 54,338 59,826
Non-U.S. government & agency    
Assets measured at Fair Value    
Available-for-sale fixed income 7,871 3,882
Agency MBS    
Assets measured at Fair Value    
Available-for-sale fixed income 396,223 425,285
ABS/CMBS/MBS    
Assets measured at Fair Value    
Available-for-sale fixed income 410,248 281,182
Corporate    
Assets measured at Fair Value    
Available-for-sale fixed income 1,346,521 1,225,019
Municipal    
Assets measured at Fair Value    
Available-for-sale fixed income 444,960 552,624
Fair Value Measured on Recurring Basis    
Assets measured at Fair Value    
Available-for-sale fixed income 3,175,796 2,855,849
Equity securities 736,191 590,041
Total assets at fair value 3,911,987 3,445,890
Fair Value Measured on Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets measured at Fair Value    
Equity securities 731,569 588,416
Total assets at fair value 731,569 588,416
Fair Value Measured on Recurring Basis | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income 3,085,293 2,795,378
Total assets at fair value 3,085,293 2,795,378
Fair Value Measured on Recurring Basis | Significant Unobservable Inputs (Level 3)    
Assets measured at Fair Value    
Available-for-sale fixed income 90,503 60,471
Equity securities 4,622 1,625
Total assets at fair value 95,125 62,096
Fair Value Measured on Recurring Basis | U.S. government    
Assets measured at Fair Value    
Available-for-sale fixed income 515,635 308,031
Fair Value Measured on Recurring Basis | U.S. government | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income 515,635 308,031
Fair Value Measured on Recurring Basis | U.S. Agency    
Assets measured at Fair Value    
Available-for-sale fixed income 54,338 59,826
Fair Value Measured on Recurring Basis | U.S. Agency | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income 54,338 59,826
Fair Value Measured on Recurring Basis | Non-U.S. government & agency    
Assets measured at Fair Value    
Available-for-sale fixed income 7,871 3,882
Fair Value Measured on Recurring Basis | Non-U.S. government & agency | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income 6,898 3,882
Fair Value Measured on Recurring Basis | Non-U.S. government & agency | Significant Unobservable Inputs (Level 3)    
Assets measured at Fair Value    
Available-for-sale fixed income 973  
Fair Value Measured on Recurring Basis | Agency MBS    
Assets measured at Fair Value    
Available-for-sale fixed income 396,223 425,285
Fair Value Measured on Recurring Basis | Agency MBS | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income 396,223 425,285
Fair Value Measured on Recurring Basis | ABS/CMBS/MBS    
Assets measured at Fair Value    
Available-for-sale fixed income 410,248 281,182
Fair Value Measured on Recurring Basis | ABS/CMBS/MBS | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income 410,248 281,182
Fair Value Measured on Recurring Basis | Corporate    
Assets measured at Fair Value    
Available-for-sale fixed income 1,346,521 1,225,019
Fair Value Measured on Recurring Basis | Corporate | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income 1,256,991 1,164,548
Fair Value Measured on Recurring Basis | Corporate | Significant Unobservable Inputs (Level 3)    
Assets measured at Fair Value    
Available-for-sale fixed income 89,530 60,471
Fair Value Measured on Recurring Basis | Municipal    
Assets measured at Fair Value    
Available-for-sale fixed income 444,960 552,624
Fair Value Measured on Recurring Basis | Municipal | Significant Other Observable Inputs (Level 2)    
Assets measured at Fair Value    
Available-for-sale fixed income $ 444,960 $ 552,624
v3.25.0.1
Investments - Changes in Balance of Level 3 Securities (Details) - Regulation D Private Placement Fixed Income Securities
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Summary of changes in Level 3 securities  
Beginning balance $ 62,096
Included in other comprehensive earnings (loss) 1,075
Purchases 34,859
Sales (2,905)
Ending balance 95,125
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - OCI $ 1,075
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Other Comprehensive Income Other comprehensive earnings (loss), net of tax
v3.25.0.1
Investments - Amortized Cost and Fair Value of Available-for-sale Fixed Income Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less $ 256,711  
Due after one year through five years 742,187  
Due after five years through 10 years 948,340  
Due after 10 years 574,403  
ABS/CMBS/MBS 869,518  
Total available-for-sale 3,391,159 $ 3,054,391
Fair Value    
Due in one year or less 255,017  
Due after one year through five years 723,476  
Due after five years through 10 years 914,770  
Due after 10 years 476,062  
ABS/CMBS/MBS 806,471  
Total available-for-sale $ 3,175,796 $ 2,855,849
v3.25.0.1
Investments - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
Investments    
Accrued investment income $ 28,319 $ 24,062
Number of debt securities for which there is an allowance for credit losses | security 8  
Losses on fixed income securities   2,000
Number of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded | security 1,333  
Unrealized loss $ 224,611 214,396
Unrealized losses as percentage of fixed income portfolio cost basis 7.00%  
Unrealized losses relative to total invested assets (as a percent) 5.00%  
Number of unrealized loss positions | security 1,333  
Number of securities in unrealized loss positions for 12 months or longer | security 1,009  
Maximum    
Investments    
Losses on fixed income securities $ 1,000  
Fixed Income Securities    
Investments    
Accrued investment income $ 27,000 $ 23,000
v3.25.0.1
Investments - Amortized Cost and Fair Value of Available-for-sale Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Available For Sale Securities      
Cost or Amortized Cost $ 3,391,159 $ 3,054,391  
Allowance for Credit Losses (197) (306) $ (339)
Gross Unrealized Gains 9,445 16,160  
Gross Unrealized Losses (224,611) (214,396)  
Fair Value 3,175,796 2,855,849  
U.S. government      
Available For Sale Securities      
Cost or Amortized Cost 525,608 312,632  
Gross Unrealized Gains 309 1,257  
Gross Unrealized Losses (10,282) (5,858)  
Fair Value 515,635 308,031  
U.S. Agency      
Available For Sale Securities      
Cost or Amortized Cost 55,921 60,763  
Gross Unrealized Gains 261 652  
Gross Unrealized Losses (1,844) (1,589)  
Fair Value 54,338 59,826  
Non-U.S. government & agency      
Available For Sale Securities      
Cost or Amortized Cost 8,959 4,800  
Gross Unrealized Losses (1,088) (918)  
Fair Value 7,871 3,882  
Agency MBS      
Available For Sale Securities      
Cost or Amortized Cost 438,545 460,551  
Gross Unrealized Gains 927 2,636  
Gross Unrealized Losses (43,249) (37,902)  
Fair Value 396,223 425,285  
ABS/CMBS/MBS      
Available For Sale Securities      
Cost or Amortized Cost 430,973 308,458  
Allowance for Credit Losses (8) (3)  
Gross Unrealized Gains 2,208 611  
Gross Unrealized Losses (22,925) (27,884)  
Fair Value 410,248 281,182  
Corporate      
Available For Sale Securities      
Cost or Amortized Cost 1,397,676 1,273,187  
Allowance for Credit Losses (189) (303)  
Gross Unrealized Gains 4,737 8,766  
Gross Unrealized Losses (55,703) (56,631)  
Fair Value 1,346,521 1,225,019  
Municipal      
Available For Sale Securities      
Cost or Amortized Cost 533,477 634,000  
Gross Unrealized Gains 1,003 2,238  
Gross Unrealized Losses (89,520) (83,614)  
Fair Value $ 444,960 $ 552,624  
v3.25.0.1
Investments - Debt Securities Available-for-sale Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investments Debt And Equity Securities [Abstract]    
Beginning balance $ 306 $ 339
Increase to allowance from securities for which credit losses were not previously recorded 55 71
Reduction from securities sold during the period (89) (154)
Reductions from intent to sell securities (47)  
Net increase (decrease) from securities that had an allowance at the beginning of the period (28) 50
Ending balance $ 197 $ 306
v3.25.0.1
Investments - Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair value    
Less than 12 months $ 909,943 $ 248,510
12 months and greater 1,633,651 1,939,305
Total Fair Value 2,543,594 2,187,815
Amortized Cost    
Amortized cost, less than 12 months 932,763 250,863
12 months and greater 1,835,442 2,151,348
Total Cost or Amortized Cost 2,768,205 2,402,211
Unrealized Loss    
Less than 12 months (22,820) (2,353)
12 months and greater (201,791) (212,043)
Total Unrealized Loss (224,611) (214,396)
U.S. government    
Fair value    
Less than 12 months 303,226 37,718
12 months and greater 157,418 204,556
Total Fair Value 460,644 242,274
Amortized Cost    
Amortized cost, less than 12 months 309,836 37,950
12 months and greater 161,090 210,182
Total Cost or Amortized Cost 470,926 248,132
Unrealized Loss    
Less than 12 months (6,610) (232)
12 months and greater (3,672) (5,626)
Total Unrealized Loss (10,282) (5,858)
U.S. Agency    
Fair value    
Less than 12 months 24,024 8,736
12 months and greater 18,330 29,632
Total Fair Value 42,354 38,368
Amortized Cost    
Amortized cost, less than 12 months 24,910 8,790
12 months and greater 19,288 31,167
Total Cost or Amortized Cost 44,198 39,957
Unrealized Loss    
Less than 12 months (886) (54)
12 months and greater (958) (1,535)
Total Unrealized Loss (1,844) (1,589)
Non-U.S. government & agency    
Fair value    
Less than 12 months 4,075  
12 months and greater 3,796 3,882
Total Fair Value 7,871 3,882
Amortized Cost    
Amortized cost, less than 12 months 4,158  
12 months and greater 4,801 4,800
Total Cost or Amortized Cost 8,959 4,800
Unrealized Loss    
Less than 12 months (83)  
12 months and greater (1,005) (918)
Total Unrealized Loss (1,088) (918)
Agency MBS    
Fair value    
Less than 12 months 108,772 61,196
12 months and greater 233,625 275,707
Total Fair Value 342,397 336,903
Amortized Cost    
Amortized cost, less than 12 months 111,674 61,714
12 months and greater 273,972 313,091
Total Cost or Amortized Cost 385,646 374,805
Unrealized Loss    
Less than 12 months (2,902) (518)
12 months and greater (40,347) (37,384)
Total Unrealized Loss (43,249) (37,902)
ABS/CMBS/MBS    
Fair value    
Less than 12 months 43,027 12,240
12 months and greater 164,433 211,436
Total Fair Value 207,460 223,676
Amortized Cost    
Amortized cost, less than 12 months 43,395 12,367
12 months and greater 186,990 239,193
Total Cost or Amortized Cost 230,385 251,560
Unrealized Loss    
Less than 12 months (368) (127)
12 months and greater (22,557) (27,757)
Total Unrealized Loss (22,925) (27,884)
Corporate    
Fair value    
Less than 12 months 378,305 67,402
12 months and greater 700,574 822,731
Total Fair Value 1,078,879 890,133
Amortized Cost    
Amortized cost, less than 12 months 389,299 68,345
12 months and greater 745,283 878,419
Total Cost or Amortized Cost 1,134,582 946,764
Unrealized Loss    
Less than 12 months (10,994) (943)
12 months and greater (44,709) (55,688)
Total Unrealized Loss (55,703) (56,631)
Municipal    
Fair value    
Less than 12 months 48,514 61,218
12 months and greater 355,475 391,361
Total Fair Value 403,989 452,579
Amortized Cost    
Amortized cost, less than 12 months 49,491 61,697
12 months and greater 444,018 474,496
Total Cost or Amortized Cost 493,509 536,193
Unrealized Loss    
Less than 12 months (977) (479)
12 months and greater (88,543) (83,135)
Total Unrealized Loss $ (89,520) $ (83,614)
v3.25.0.1
Investments - Debt and Short-term Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nov. 12, 2024
Investments        
Other investments $ 57,939 $ 59,081    
Fixed maturities and short-term investments on deposit with either regulatory authorities or banks 93,000      
FHLBC        
Investments        
Investments pledged as collateral $ 53,000      
Investment in federal home loan bank stock us-gaap:AssetPledgedAsCollateralMember      
Amount borrowed from FHLB $ 50,000     $ 50,000
Investment In Low Income Housing Tax Credit Partnerships (LIHTC)        
Investments        
Other investments 7,000 10,000    
Amortization on tax credit partnership investments $ 3,000 $ 3,000 $ 3,000  
Amortization of tax credit partnerships, Statement of Income Income tax expense Income tax expense Income tax expense  
Amortization of tax credit partnerships, Statement of Cash Flows Net earnings Net earnings Net earnings  
Total tax benefit on investments in tax credit partnership $ 3,000 $ 3,000 $ 3,000  
Investment In Low Income Housing Tax Credit Partnerships (LIHTC) | Maximum        
Investments        
Qualified affordable housing project investments, unfunded commitment 1,000      
Historic tax credit partnerships (HTC)        
Investments        
Other investments 15,000 13,000    
Amortization on tax credit partnership investments $ 4,000 $ 4,000    
Amortization of tax credit partnerships, Statement of Income Income tax expense Income tax expense    
Amortization of tax credit partnerships, Statement of Cash Flows Net earnings Net earnings    
Total tax benefit on investments in tax credit partnership $ 6,000 $ 6,000 $ 5,000  
Investment in Private Funds        
Investments        
Other investments 24,000 $ 28,000    
Fair value investments entities that calculate net asset value per share, unfunded commitments $ 4,000      
v3.25.0.1
Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Nov. 12, 2024
Sep. 15, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]            
Short-term debt       $ 100,000 $ 100,000  
Interest paid       $ 6,000 $ 9,000 $ 8,000
Average interest rate on debt (as a percent)       6.05% 4.07% 3.89%
Weighted average interest rate on debt (as a percent)       5.21%    
FHLBC            
Debt Instrument [Line Items]            
Debt instrument maturity date Nov. 12, 2025          
Amount borrowed from FHLB $ 50,000     $ 50,000    
Repayments of FHLB advances $ 50,000          
Interest paid monthly at an annualized rate 5.44%          
Average interest rate on debt (as a percent) 4.44%          
FHLBC | RLI Ins.            
Debt Instrument [Line Items]            
Frequency of interest payment       monthly    
Line of Credit | PNC            
Debt Instrument [Line Items]            
Proceeds from line of credit   $ 50,000        
Floating interest rate   5.98%        
Maximum borrowing capacity - Line of credit     $ 100,000      
Maximum borrowing capacity conditional expansion     $ 130,000      
Term of facility     3 years      
Line of credit facility expiration date     May 29, 2026      
Line of Credit | Bank of Montreal, Chicago Branch            
Debt Instrument [Line Items]            
Maximum borrowing capacity - Line of credit           $ 60,000
Line of credit facility expiration date           Mar. 27, 2023
v3.25.0.1
Reinsurance - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Amount of allowance for uncollectible amounts on paid recoverables $ 17,000 $ 16,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts $ 9,580 $ 10,608
Minimum    
Percentage of reinsurance recoverables due from companies with financial strength ratings of "A" or better by A.M. Best and S&P rating services 93.00%  
Maximum    
Maximum amount beyond which net loss on any individual risk is limited through the purchase of reinsurance $ 12,000  
Financing receivable, allowance for credit Loss, write-off 1,000  
Financing receivable, allowance for credit loss, recovery $ 1,000  
v3.25.0.1
Reinsurance - Schedule of Premiums Written and Earned Along with Losses and Settlement Expenses Incurred (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
WRITTEN      
Direct $ 1,986,046 $ 1,783,862 $ 1,531,656
Reinsurance assumed 27,002 22,798 33,830
Reinsurance ceded (407,527) (378,913) (323,950)
Net 1,605,521 1,427,747 1,241,536
EARNED      
Direct 1,895,065 1,671,044 1,425,165
Reinsurance assumed 26,170 28,375 35,680
Reinsurance ceded (394,829) (405,113) (316,409)
Net 1,526,406 1,294,306 1,144,436
LOSSES AND SETTLEMENT EXPENSES INCURRED      
Direct 954,952 840,255 776,448
Reinsurance assumed 7,945 10,228 22,813
Reinsurance ceded (223,644) (246,070) (284,885)
Net $ 739,253 $ 604,413 $ 514,376
v3.25.0.1
Reinsurance - Schedule of Net Reinsurance Balances Recoverable, After Consideration of Collateral, from Top Reinsurers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance      
Net Reinsurer Exposure $ 836,293    
Ceded Premiums Written $ 407,527 $ 378,913 $ 323,950
Percent of Total Ceded Premium Written 100.00%    
Reinsurance balances recoverable as a percentage of shareholder's equity, threshold for disclosure 2.00%    
Reinsurer Concentration Risk | Reinsurance Recoverable      
Reinsurance      
Percent of Total Net Reinsurer Exposure 100.00%    
Munich Re / HSB | AM Best Rating, A+, Superior | S&P AA Rating, Very Strong      
Reinsurance      
Net Reinsurer Exposure $ 110,302    
Ceded Premiums Written $ 31,258    
Percent of Total Ceded Premium Written 7.70%    
Munich Re / HSB | Reinsurer Concentration Risk | AM Best Rating, A+, Superior | Reinsurance Recoverable | S&P AA Rating, Very Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 13.20%    
Renaissance Re | AM Best Rating, A+, Superior | S&P Rating, A+, Strong      
Reinsurance      
Net Reinsurer Exposure $ 82,385    
Ceded Premiums Written $ 31,467    
Percent of Total Ceded Premium Written 7.70%    
Renaissance Re | Reinsurer Concentration Risk | AM Best Rating, A+, Superior | Reinsurance Recoverable | S&P Rating, A+, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 9.90%    
Nationwide Mutual | AM Best Rating, A, Excellent | S&P Rating, A+, Strong      
Reinsurance      
Net Reinsurer Exposure $ 62,278    
Ceded Premiums Written $ 24,028    
Percent of Total Ceded Premium Written 5.90%    
Nationwide Mutual | Reinsurer Concentration Risk | AM Best Rating, A, Excellent | Reinsurance Recoverable | S&P Rating, A+, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 7.50%    
Partner Re | AM Best Rating, A+, Superior | S&P Rating, A+, Strong      
Reinsurance      
Net Reinsurer Exposure $ 60,818    
Ceded Premiums Written $ 37,581    
Percent of Total Ceded Premium Written 9.20%    
Partner Re | Reinsurer Concentration Risk | AM Best Rating, A+, Superior | Reinsurance Recoverable | S&P Rating, A+, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 7.30%    
Safety National | AM Best Rating, A++, Superior | S&P Rating, A+, Strong      
Reinsurance      
Net Reinsurer Exposure $ 36,475    
Ceded Premiums Written $ 6,303    
Percent of Total Ceded Premium Written 1.60%    
Safety National | Reinsurer Concentration Risk | AM Best Rating, A++, Superior | Reinsurance Recoverable | S&P Rating, A+, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 4.40%    
Everest Re | AM Best Rating, A+, Superior | S&P Rating, A+, Strong      
Reinsurance      
Net Reinsurer Exposure $ 36,252    
Ceded Premiums Written $ 29,454    
Percent of Total Ceded Premium Written 7.20%    
Everest Re | Reinsurer Concentration Risk | AM Best Rating, A+, Superior | Reinsurance Recoverable | S&P Rating, A+, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 4.30%    
Odyssey America Re | AM Best Rating, A+, Superior | S&P Rating, A+, Strong      
Reinsurance      
Net Reinsurer Exposure $ 33,730    
Ceded Premiums Written $ 8,916    
Percent of Total Ceded Premium Written 2.20%    
Odyssey America Re | Reinsurer Concentration Risk | AM Best Rating, A+, Superior | Reinsurance Recoverable | S&P Rating, A+, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 4.00%    
Berkley Insurance Co. | AM Best Rating, A+, Superior | S&P Rating, A+, Strong      
Reinsurance      
Net Reinsurer Exposure $ 32,754    
Ceded Premiums Written $ 7,626    
Percent of Total Ceded Premium Written 1.90%    
Berkley Insurance Co. | Reinsurer Concentration Risk | AM Best Rating, A+, Superior | Reinsurance Recoverable | S&P Rating, A+, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 3.90%    
General Re | AM Best Rating, A++, Superior | S&P AA+ Rating, Very Strong      
Reinsurance      
Net Reinsurer Exposure $ 32,120    
Ceded Premiums Written $ 14,809    
Percent of Total Ceded Premium Written 3.60%    
General Re | Reinsurer Concentration Risk | AM Best Rating, A++, Superior | Reinsurance Recoverable | S&P AA+ Rating, Very Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 3.80%    
Aspen UK Ltd. | AM Best Rating, A, Excellent | S&P Rating, A-, Strong      
Reinsurance      
Net Reinsurer Exposure $ 31,240    
Ceded Premiums Written $ 9,116    
Percent of Total Ceded Premium Written 2.20%    
Aspen UK Ltd. | Reinsurer Concentration Risk | AM Best Rating, A, Excellent | Reinsurance Recoverable | S&P Rating, A-, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 3.70%    
Toa Re | AM Best Rating, A, Excellent | S&P Rating, A, Strong      
Reinsurance      
Net Reinsurer Exposure $ 30,800    
Ceded Premiums Written $ 13,882    
Percent of Total Ceded Premium Written 3.40%    
Toa Re | Reinsurer Concentration Risk | AM Best Rating, A, Excellent | Reinsurance Recoverable | S&P Rating, A, Strong      
Reinsurance      
Percent of Total Net Reinsurer Exposure 3.70%    
All Other Reinsurers      
Reinsurance      
Net Reinsurer Exposure $ 287,139    
Ceded Premiums Written $ 193,087    
Percent of Total Ceded Premium Written 47.40%    
All Other Reinsurers | Reinsurer Concentration Risk | Reinsurance Recoverable      
Reinsurance      
Percent of Total Net Reinsurer Exposure 34.30%    
v3.25.0.1
Historical Loss and LAE Development - Reconciliation of Unpaid Losses and Settlement Expenses (LAE) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unpaid losses and LAE at beginning of year      
Gross $ 2,446,025 $ 2,315,637 $ 2,043,555
Ceded (757,349) (740,089) (608,086)
Net 1,688,676 1,575,548 1,435,469
Increase (decrease) in incurred losses and LAE      
Current accident year 834,562 712,960 636,955
Prior accident year (95,309) (108,547) (122,579)
Total incurred 739,253 604,413 514,376
Loss and LAE payments for claims incurred      
Current accident year (121,314) (165,364) (97,525)
Prior accident years (368,570) (325,921) (276,772)
Total paid (489,884) (491,285) (374,297)
Net unpaid losses and LAE at end of year 1,938,045 1,688,676 1,575,548
Unpaid losses and LAE at end of year      
Gross 2,693,470 2,446,025 2,315,637
Ceded (755,425) (757,349) (740,089)
Net unpaid losses and LAE at end of year $ 1,938,045 $ 1,688,676 $ 1,575,548
v3.25.0.1
Historical Loss and LAE Development - Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
claim
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Claims Development                    
Liabilities for losses and loss adjustment expenses, net of reinsurance $ 1,938,045 $ 1,688,676                
Casualty Segment | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 1,164,041                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 663,252                  
All outstanding liabilities before 2015, net of reinsurance 10,970                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 511,759 482,569                
Casualty Segment | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 978,702                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 344,593                  
All outstanding liabilities before 2015, net of reinsurance 22,873                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 656,982 556,978                
Casualty Segment | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 475,357                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 279,785                  
All outstanding liabilities before 2015, net of reinsurance 4,407                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 199,979 207,564                
Casualty Segment | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 522,703                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 339,174                  
All outstanding liabilities before 2015, net of reinsurance 1,494                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 185,023 148,226                
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2015 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 75,821 75,958 $ 77,110 $ 75,438 $ 75,470 $ 76,398 $ 78,675 $ 83,579 $ 84,975 $ 94,835
Total IBNR $ 2,433                  
Cumulative number of reported claims | claim 4,425                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 72,138 69,635 68,650 62,997 58,866 54,270 45,056 33,020 19,902 10,157
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2015 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 41,268 40,580 41,471 41,690 42,446 43,328 42,840 47,392 50,857 53,672
Total IBNR $ 1,684                  
Cumulative number of reported claims | claim 709                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 39,194 36,559 35,958 32,752 31,352 28,756 23,184 19,571 10,127 2,048
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2015 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 37,674 37,332 37,578 38,609 39,619 39,653 39,906 42,206 47,831 55,006
Total IBNR $ 617                  
Cumulative number of reported claims | claim 1,338                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 35,779 35,408 34,671 33,529 32,241 28,795 20,920 16,774 10,738 2,215
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2015 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 47,998 47,466 46,685 45,807 45,525 45,162 46,395 47,021 46,258 38,561
Total IBNR $ 429                  
Cumulative number of reported claims | claim 3,188                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 47,452 46,159 45,002 42,626 41,345 39,339 37,222 29,554 20,709 6,984
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2016 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 77,669 78,358 77,729 79,440 83,374 85,449 90,611 96,753 101,950  
Total IBNR $ 4,246                  
Cumulative number of reported claims | claim 4,356                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 71,519 69,968 65,517 60,349 56,152 48,042 35,764 24,186 10,142  
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2016 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 27,015 27,733 29,940 29,671 30,251 33,125 37,676 49,385 56,341  
Total IBNR $ 1,939                  
Cumulative number of reported claims | claim 659                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 21,176 20,603 17,807 14,400 12,703 10,054 7,441 3,396 1,068  
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2016 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 60,639 61,881 61,876 65,078 64,730 67,728 69,493 67,760 59,992  
Total IBNR $ 1,407                  
Cumulative number of reported claims | claim 1,507                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 57,976 56,342 53,737 52,846 47,999 39,370 27,465 14,558 2,060  
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2016 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 56,736 56,515 55,718 53,915 52,818 52,277 54,105 53,519 50,430  
Total IBNR $ 724                  
Cumulative number of reported claims | claim 3,945                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 55,250 54,245 52,555 47,488 43,564 38,001 30,354 18,354 8,923  
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2017 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 91,238 90,744 90,344 90,759 95,513 102,583 111,391 119,741    
Total IBNR $ 5,299                  
Cumulative number of reported claims | claim 4,572                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 79,374 76,283 71,419 62,236 52,823 38,783 25,933 13,154    
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2017 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 37,828 39,600 41,620 43,249 44,737 48,363 55,868 62,863    
Total IBNR $ 4,173                  
Cumulative number of reported claims | claim 661                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 27,840 25,328 22,835 18,470 15,441 9,275 5,679 17    
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2017 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 60,057 60,340 61,546 59,907 57,450 62,714 62,450 60,572    
Total IBNR $ 2,321                  
Cumulative number of reported claims | claim 1,648                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 55,321 50,623 47,087 42,918 36,522 22,728 11,350 2,455    
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2017 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 47,228 47,619 46,742 45,351 43,764 45,017 53,641 55,640    
Total IBNR $ 786                  
Cumulative number of reported claims | claim 3,640                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 45,061 43,891 41,064 36,141 30,260 24,090 17,070 7,979    
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2018 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 118,084 115,793 114,414 115,076 125,731 130,281 141,513      
Total IBNR $ 10,810                  
Cumulative number of reported claims | claim 4,923                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 101,748 93,504 78,103 63,980 48,424 32,365 15,066      
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2018 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 45,580 47,949 49,861 51,023 54,626 62,646 69,362      
Total IBNR $ 12,439                  
Cumulative number of reported claims | claim 635                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 28,272 23,958 22,016 17,294 10,801 5,823 2,506      
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2018 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 45,331 43,912 47,692 48,457 56,468 62,416 66,128      
Total IBNR $ 3,971                  
Cumulative number of reported claims | claim 1,400                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 38,188 31,002 27,351 24,918 18,840 11,965 1,964      
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2018 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 36,212 35,776 35,442 36,468 38,719 54,592 57,597      
Total IBNR $ 887                  
Cumulative number of reported claims | claim 3,405                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 33,296 30,916 28,844 24,503 19,216 12,827 6,980      
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2019 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 112,638 111,156 109,051 120,570 135,209 146,011        
Total IBNR $ 16,585                  
Cumulative number of reported claims | claim 5,369                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 87,092 74,380 57,750 41,911 30,673 15,698        
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2019 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 70,850 77,185 80,147 79,083 89,691 88,078        
Total IBNR $ 21,981                  
Cumulative number of reported claims | claim 711                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 41,794 38,291 33,375 25,389 19,044 4,213        
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2019 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 42,236 43,969 46,500 52,224 61,712 62,918        
Total IBNR $ 7,144                  
Cumulative number of reported claims | claim 1,516                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 32,622 27,133 19,930 14,117 8,123 1,839        
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2019 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 47,296 44,236 41,925 43,976 56,129 58,297        
Total IBNR $ 2,035                  
Cumulative number of reported claims | claim 3,319                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 42,409 35,546 26,422 21,120 15,852 7,148        
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2020 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 114,336 117,962 122,785 137,439 145,171          
Total IBNR $ 27,988                  
Cumulative number of reported claims | claim 4,749                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 76,345 60,764 45,267 30,596 17,096          
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2020 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 75,351 81,284 90,274 98,409 107,579          
Total IBNR $ 38,495                  
Cumulative number of reported claims | claim 667                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 31,299 24,657 20,988 13,856 2,901          
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2020 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 41,658 40,878 46,853 56,785 60,278          
Total IBNR $ 11,640                  
Cumulative number of reported claims | claim 1,297                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 26,511 16,537 10,412 5,687 1,488          
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2020 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 29,532 28,856 27,665 35,524 43,573          
Total IBNR $ 3,209                  
Cumulative number of reported claims | claim 1,648                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 23,077 20,749 12,035 7,876 3,986          
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2021 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 123,363 125,672 128,483 142,797            
Total IBNR $ 39,997                  
Cumulative number of reported claims | claim 4,683                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 65,454 43,951 29,633 14,428            
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2021 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 120,830 125,028 136,354 136,433            
Total IBNR $ 51,922                  
Cumulative number of reported claims | claim 904                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 59,901 38,977 23,841 5,317            
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2021 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 35,485 38,946 45,854 51,219            
Total IBNR $ 13,192                  
Cumulative number of reported claims | claim 1,229                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 11,856 8,661 5,615 999            
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2021 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 54,599 47,913 51,581 51,322            
Total IBNR $ 6,396                  
Cumulative number of reported claims | claim 2,324                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 37,702 25,886 15,345 5,341            
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2022 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 143,518 144,861 155,203              
Total IBNR $ 65,353                  
Cumulative number of reported claims | claim 4,751                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 56,998 38,712 17,714              
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2022 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 157,626 156,822 153,895              
Total IBNR $ 77,373                  
Cumulative number of reported claims | claim 1,057                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 57,202 28,764 7,479              
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2022 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 46,276 55,316 58,289              
Total IBNR $ 21,839                  
Cumulative number of reported claims | claim 1,156                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 14,672 8,836 2,088              
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2022 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 55,851 53,680 60,862              
Total IBNR $ 11,881                  
Cumulative number of reported claims | claim 2,725                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 27,146 18,296 6,442              
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2023 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 147,366 152,443                
Total IBNR $ 89,241                  
Cumulative number of reported claims | claim 4,483                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 35,634 17,707                
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2023 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 176,607 178,887                
Total IBNR $ 98,709                  
Cumulative number of reported claims | claim 1,067                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 31,867 7,091                
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2023 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 47,848 54,679                
Total IBNR $ 29,547                  
Cumulative number of reported claims | claim 1,195                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 5,336 1,421                
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2023 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 60,930 66,863                
Total IBNR $ 14,259                  
Cumulative number of reported claims | claim 2,634                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 18,350 7,407                
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2024 | Primary Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 160,008                  
Total IBNR $ 123,161                  
Cumulative number of reported claims | claim 3,561                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 16,950                  
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2024 | Excess Occurrence                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 225,747                  
Total IBNR $ 136,830                  
Cumulative number of reported claims | claim 582                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 6,048                  
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2024 | Claims Made                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 58,153                  
Total IBNR $ 38,622                  
Cumulative number of reported claims | claim 1,149                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 1,524                  
Casualty Segment | Short-duration Insurance Contracts, Accident Year 2024 | Transportation                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 86,321                  
Total IBNR $ 23,003                  
Cumulative number of reported claims | claim 2,678                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 9,431                  
Property segment                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 1,050,835                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 823,459                  
All outstanding liabilities before 2015, net of reinsurance 854                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 228,230 142,876                
Property segment | Short-duration Insurance Contracts, Accident Year 2015                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 54,122 54,065 53,359 52,878 52,781 53,111 52,720 53,958 56,103 59,863
Total IBNR $ 6                  
Cumulative number of reported claims | claim 4,077                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 54,116 53,369 53,208 52,400 52,342 52,078 51,290 50,197 49,348 32,184
Property segment | Short-duration Insurance Contracts, Accident Year 2016                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 55,316 55,385 55,536 55,383 55,424 55,930 55,384 55,594 62,900  
Total IBNR $ 14                  
Cumulative number of reported claims | claim 3,379                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 55,263 55,247 55,215 54,747 54,328 53,006 51,371 46,921 33,134  
Property segment | Short-duration Insurance Contracts, Accident Year 2017                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 81,194 81,677 81,912 82,319 82,671 84,961 83,273 90,803    
Total IBNR $ 39                  
Cumulative number of reported claims | claim 2,893                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 81,132 80,965 80,958 80,581 78,360 74,415 66,818 41,314    
Property segment | Short-duration Insurance Contracts, Accident Year 2018                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 78,482 79,234 79,093 80,470 79,961 83,457 89,091      
Total IBNR $ 184                  
Cumulative number of reported claims | claim 2,339                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 78,198 77,696 76,378 75,253 72,357 68,264 37,048      
Property segment | Short-duration Insurance Contracts, Accident Year 2019                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 60,549 61,185 59,901 61,116 65,189 71,232        
Total IBNR $ 293                  
Cumulative number of reported claims | claim 2,458                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 59,808 59,015 57,038 55,092 51,740 30,703        
Property segment | Short-duration Insurance Contracts, Accident Year 2020                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 110,562 108,363 108,546 110,466 118,247          
Total IBNR $ 7,466                  
Cumulative number of reported claims | claim 2,865                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 99,809 96,350 88,401 79,660 43,192          
Property segment | Short-duration Insurance Contracts, Accident Year 2021                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 114,178 115,587 116,424 135,447            
Total IBNR $ 4,587                  
Cumulative number of reported claims | claim 3,116                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 103,826 99,671 89,174 57,272            
Property segment | Short-duration Insurance Contracts, Accident Year 2022                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 115,228 119,877 138,756              
Total IBNR $ 11,876                  
Cumulative number of reported claims | claim 2,972                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 95,542 84,235 44,667              
Property segment | Short-duration Insurance Contracts, Accident Year 2023                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 159,846 184,252                
Total IBNR $ 20,501                  
Cumulative number of reported claims | claim 3,250                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 130,919 111,137                
Property segment | Short-duration Insurance Contracts, Accident Year 2024                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 221,358                  
Total IBNR $ 90,728                  
Cumulative number of reported claims | claim 2,750                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 64,846                  
Surety Segment                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 100,387                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance 50,365                  
All outstanding liabilities before 2015, net of reinsurance (83)                  
Liabilities for losses and loss adjustment expenses, net of reinsurance 49,939 46,813                
Surety Segment | Short-duration Insurance Contracts, Accident Year 2015                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 8,275 8,586 8,580 9,275 9,521 9,792 10,456 11,113 12,957 16,958
Total IBNR $ 9                  
Cumulative number of reported claims | claim 1,260                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 8,299 8,575 8,462 9,168 9,186 9,183 9,436 7,695 6,719 $ 3,192
Surety Segment | Short-duration Insurance Contracts, Accident Year 2016                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 8,206 7,963 8,134 7,948 8,391 8,895 9,351 11,062 18,928  
Total IBNR $ 17                  
Cumulative number of reported claims | claim 1,401                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 7,918 7,795 7,946 7,673 8,086 7,640 6,299 5,817 $ 3,087  
Surety Segment | Short-duration Insurance Contracts, Accident Year 2017                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 7,696 7,644 7,769 8,034 8,116 8,798 8,641 16,127    
Total IBNR $ 40                  
Cumulative number of reported claims | claim 1,931                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 7,500 7,342 7,372 7,362 7,221 7,062 2,862 $ 979    
Surety Segment | Short-duration Insurance Contracts, Accident Year 2018                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 3,894 3,760 3,996 3,947 4,564 7,227 16,765      
Total IBNR $ 53                  
Cumulative number of reported claims | claim 1,362                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 3,220 2,079 3,020 2,536 2,368 2,588 $ 1,835      
Surety Segment | Short-duration Insurance Contracts, Accident Year 2019                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 2,866 3,453 4,062 5,053 7,205 14,785        
Total IBNR $ 156                  
Cumulative number of reported claims | claim 1,213                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 3,236 3,093 3,039 2,765 2,433 $ 336        
Surety Segment | Short-duration Insurance Contracts, Accident Year 2020                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 9,935 11,516 12,378 14,840 19,241          
Total IBNR $ 1,255                  
Cumulative number of reported claims | claim 987                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 7,896 3,907 3,828 2,719 $ 835          
Surety Segment | Short-duration Insurance Contracts, Accident Year 2021                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 16,521 12,127 11,724 18,540            
Total IBNR $ 9,208                  
Cumulative number of reported claims | claim 962                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 4,264 3,075 3,229 $ 1,197            
Surety Segment | Short-duration Insurance Contracts, Accident Year 2022                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 10,686 11,490 20,185              
Total IBNR $ 2,565                  
Cumulative number of reported claims | claim 1,080                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 5,737 4,161 $ (241)              
Surety Segment | Short-duration Insurance Contracts, Accident Year 2023                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 9,024 21,242                
Total IBNR $ 6,886                  
Cumulative number of reported claims | claim 869                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 1,883 $ 841                
Surety Segment | Short-duration Insurance Contracts, Accident Year 2024                    
Claims Development                    
Incurred losses and loss adjustment expenses, net of reinsurance 23,284                  
Total IBNR $ 22,503                  
Cumulative number of reported claims | claim 572                  
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance $ 412                  
v3.25.0.1
Historical Loss and LAE Development - Cumulative Paid Loss and Loss Adjustment Expenses, Net of Reinsurance (Details)
Dec. 31, 2024
Property segment  
Shortduration Insurance Contracts Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses by age, Year 1 49.50%
Average annual percentage payout of incurred losses by age, Year 2 30.00%
Average annual percentage payout of incurred losses by age, Year 3 7.10%
Average annual percentage payout of incurred losses by age, Year 4 3.90%
Average annual percentage payout of incurred losses by age, Year 5 2.40%
Average annual percentage payout of incurred losses by age, Year 6 0.90%
Average annual percentage payout of incurred losses by age, Year 7 0.40%
Average annual percentage payout of incurred losses by age, Year 8 0.60%
Average annual percentage payout of incurred losses by age, Year 9 0.20%
Average annual percentage payout of incurred losses by age, Year 10 1.40%
Surety Segment  
Shortduration Insurance Contracts Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses by age, Year 1 17.20%
Average annual percentage payout of incurred losses by age, Year 2 30.80%
Average annual percentage payout of incurred losses by age, Year 3 12.90%
Average annual percentage payout of incurred losses by age, Year 4 8.80%
Average annual percentage payout of incurred losses by age, Year 5 9.80%
Average annual percentage payout of incurred losses by age, Year 6 (4.80%)
Average annual percentage payout of incurred losses by age, Year 7 8.00%
Average annual percentage payout of incurred losses by age, Year 8 (2.80%)
Average annual percentage payout of incurred losses by age, Year 9 1.40%
Average annual percentage payout of incurred losses by age, Year 10 (3.30%)
Primary Occurrence | Casualty Segment  
Shortduration Insurance Contracts Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses by age, Year 1 12.90%
Average annual percentage payout of incurred losses by age, Year 2 13.80%
Average annual percentage payout of incurred losses by age, Year 3 13.40%
Average annual percentage payout of incurred losses by age, Year 4 15.00%
Average annual percentage payout of incurred losses by age, Year 5 12.20%
Average annual percentage payout of incurred losses by age, Year 6 9.20%
Average annual percentage payout of incurred losses by age, Year 7 6.10%
Average annual percentage payout of incurred losses by age, Year 8 5.50%
Average annual percentage payout of incurred losses by age, Year 9 1.60%
Average annual percentage payout of incurred losses by age, Year 10 3.30%
Excess Occurrence | Casualty Segment  
Shortduration Insurance Contracts Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses by age, Year 1 4.00%
Average annual percentage payout of incurred losses by age, Year 2 14.30%
Average annual percentage payout of incurred losses by age, Year 3 13.40%
Average annual percentage payout of incurred losses by age, Year 4 11.80%
Average annual percentage payout of incurred losses by age, Year 5 9.60%
Average annual percentage payout of incurred losses by age, Year 6 6.70%
Average annual percentage payout of incurred losses by age, Year 7 8.00%
Average annual percentage payout of incurred losses by age, Year 8 8.30%
Average annual percentage payout of incurred losses by age, Year 9 1.80%
Average annual percentage payout of incurred losses by age, Year 10 6.40%
Claims Made | Casualty Segment  
Shortduration Insurance Contracts Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses by age, Year 1 3.90%
Average annual percentage payout of incurred losses by age, Year 2 15.60%
Average annual percentage payout of incurred losses by age, Year 3 14.80%
Average annual percentage payout of incurred losses by age, Year 4 14.90%
Average annual percentage payout of incurred losses by age, Year 5 15.40%
Average annual percentage payout of incurred losses by age, Year 6 9.00%
Average annual percentage payout of incurred losses by age, Year 7 6.70%
Average annual percentage payout of incurred losses by age, Year 8 5.00%
Average annual percentage payout of incurred losses by age, Year 9 2.30%
Average annual percentage payout of incurred losses by age, Year 10 1.00%
Transportation | Casualty Segment  
Shortduration Insurance Contracts Historical Claims Duration [Line Items]  
Average annual percentage payout of incurred losses by age, Year 1 13.90%
Average annual percentage payout of incurred losses by age, Year 2 18.90%
Average annual percentage payout of incurred losses by age, Year 3 16.60%
Average annual percentage payout of incurred losses by age, Year 4 17.10%
Average annual percentage payout of incurred losses by age, Year 5 11.00%
Average annual percentage payout of incurred losses by age, Year 6 8.40%
Average annual percentage payout of incurred losses by age, Year 7 6.00%
Average annual percentage payout of incurred losses by age, Year 8 3.50%
Average annual percentage payout of incurred losses by age, Year 9 2.10%
Average annual percentage payout of incurred losses by age, Year 10 2.70%
v3.25.0.1
Historical Loss and LAE Development - Reconciliation of Incurred and Paid Loss Development to the Liability for Unpaid Losses and Settlement Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability        
Unpaid loss and settlement expenses $ 2,693,470 $ 2,446,025 $ 2,315,637 $ 2,043,555
Liabilities for losses and loss adjustment expenses, net of reinsurance 1,938,045 1,688,676    
Unallocated loss adjustment expenses 73,613 66,111    
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts 9,580 10,608    
Other 22,940 26,931    
Reinsurance recoverable on unpaid claims 755,425 757,349 $ 740,089 $ 608,086
Other 132 109    
Casualty Segment | Primary Occurrence        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability        
Liabilities for losses and loss adjustment expenses, net of reinsurance 511,759 482,569    
Reinsurance recoverable on unpaid claims 47,773 53,177    
Casualty Segment | Excess Occurrence        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability        
Liabilities for losses and loss adjustment expenses, net of reinsurance 656,982 556,978    
Reinsurance recoverable on unpaid claims 164,721 149,502    
Casualty Segment | Claims Made        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability        
Liabilities for losses and loss adjustment expenses, net of reinsurance 199,979 207,564    
Reinsurance recoverable on unpaid claims 283,560 292,803    
Casualty Segment | Transportation        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability        
Liabilities for losses and loss adjustment expenses, net of reinsurance 185,023 148,226    
Reinsurance recoverable on unpaid claims 76,089 68,126    
Property segment        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability        
Liabilities for losses and loss adjustment expenses, net of reinsurance 228,230 142,876    
Reinsurance recoverable on unpaid claims 102,120 152,714    
Surety Segment        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability        
Liabilities for losses and loss adjustment expenses, net of reinsurance 49,939 46,813    
Reinsurance recoverable on unpaid claims $ 90,610 $ 51,526    
v3.25.0.1
Historical Loss and LAE Development - Reserve Development (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
(Favorable)/Unfavorable Reserve Development      
Prior accident years $ (95,309) $ (108,547) $ (122,579)
Casualty Segment      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (52,878) (78,498) (87,225)
Property segment      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (33,143) (21,196) (24,927)
Surety Segment      
(Favorable)/Unfavorable Reserve Development      
Prior accident years $ (9,288) $ (8,853) $ (10,427)
v3.25.0.1
Historical Loss and LAE Development - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
(Favorable)/Unfavorable Reserve Development      
Prior accident years $ (95,309) $ (108,547) $ (122,579)
Casualty Segment      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (52,878) (78,498) (87,225)
Casualty Segment | Commercial transportation      
(Favorable)/Unfavorable Reserve Development      
Prior accident years 8,000 (4,000) (6,000)
Property segment      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (33,143) (21,196) (24,927)
Property segment | Marine      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (18,000) (4,000) (17,000)
Property segment | Commercial Property      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (10,000) (11,000)  
Property segment | Homeowners Property      
(Favorable)/Unfavorable Reserve Development      
Prior accident years     (2,000)
Surety Segment      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (9,288) (8,853) (10,427)
Surety Segment | Contract      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (5,000) (3,000) (5,000)
Surety Segment | Commercial      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (5,000) (6,000) (4,000)
Primary Occurrence | Casualty Segment | General liability      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (13,000) (13,000) (28,000)
Primary Occurrence | Casualty Segment | Small commercial      
(Favorable)/Unfavorable Reserve Development      
Prior accident years 9,000   (5,000)
Excess Occurrence | Casualty Segment | Commercial Products      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (18,000) (15,000) (6,000)
Excess Occurrence | Casualty Segment | Personal Umbrella      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (3,000) (11,000) (4,000)
Claims Made | Casualty Segment | Executive products      
(Favorable)/Unfavorable Reserve Development      
Prior accident years (11,000) (12,000) (4,000)
Claims Made | Casualty Segment | Professional services      
(Favorable)/Unfavorable Reserve Development      
Prior accident years $ (10,000) $ (10,000) $ (19,000)
v3.25.0.1
Historical Loss and LAE Development - Environmental, Asbestos and Mass Tort Exposures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Unpaid Losses and LAE at End of Year        
Gross $ 2,693,470 $ 2,446,025 $ 2,315,637 $ 2,043,555
Net 1,938,045 1,688,676 1,575,548 $ 1,435,469
Asbestos and Environmental Exposures        
Loss and LAE Payments (Cumulative):        
Gross 149,130 144,882 142,377  
Ceded (70,773) (70,130) (69,696)  
Net 78,357 74,752 72,681  
Unpaid Losses and LAE at End of Year        
Gross 22,658 25,180 26,871  
Ceded (5,899) (5,490) (5,786)  
Net $ 16,759 $ 19,690 $ 21,085  
v3.25.0.1
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Tax discounting of unpaid losses and settlement expenses $ 29,524 $ 25,491
Unearned premium offset 36,086 32,763
Deferred compensation 4,630 4,170
Share-based compensation expense 3,685 3,556
Capitalized research and development costs 6,350 4,970
Lease liability 3,288 3,113
Other 3,864 2,949
Deferred tax assets before allowance 87,427 77,012
Total deferred tax assets 87,427 77,012
Deferred tax liabilities:    
Net unrealized appreciation of securities 25,898 10,981
Deferred policy acquisition costs 34,905 30,779
Lease asset 2,943 2,870
Discounting of unpaid losses and settlement expenses - Tax Cuts and Jobs Act (TCJA) implementation offset 636 1,272
Fixed assets 2,908 2,745
Intangible assets 1,561 1,552
Undistributed earnings of unconsolidated investees 10,265 10,351
Other 518 590
Total deferred tax liabilities 79,634 61,140
Net deferred tax asset $ 7,793 $ 15,872
v3.25.0.1
Income Taxes - Reconciliation of Income Tax Expense (Benefit) Attributable to Income from Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of income tax expense reported to amount computed by applying the U.S. federal tax rate      
Provision for income taxes at the statutory federal rate $ 89,786 $ 79,226 $ 151,342
Increase (reduction) in taxes resulting from:      
Excess tax benefit on share-based compensation (5,580) (3,774) (4,491)
Tax exempt interest income (905) (1,092) (1,143)
Dividends received deduction (1,326) (938) (912)
Tax credit (3,539) (3,644) (6,204)
ESOP dividends paid deduction (2,545) (1,591) (4,171)
Nondeductible expenses 3,726 3,351 1,263
Other items, net 2,155 1,116 1,583
Income tax expense $ 81,772 $ 72,654 $ 137,267
Reconciliation of income tax expense rate to the U.S. federal tax rate      
Tax rate used (as a percent) 21.00% 21.00% 21.00%
Excess tax benefit on share-based compensation (as a percent) (1.30%) (1.00%) (0.60%)
Effective rate reduction due to tax exempt interest income (as a percent) (0.20%) (0.30%) (0.20%)
Effective rate reduction due to dividend received (as a percent) (0.30%) (0.20%) (0.10%)
Effective rate reduction due to tax credit (as a percent) (0.80%) (1.00%) (0.90%)
Effective rate reduction due to dividend paid to ESOP (as a percent) (0.60%) (0.40%) (0.60%)
Effective rate reduction due to nondeductible expenses (as a percent) 0.90% 0.90% 0.20%
Effective rate reduction due to other items, net (as a percent) 0.40% 0.30% 0.20%
Total tax expense (as a percent) 19.10% 19.30% 19.00%
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax [Line Items]      
U.S. federal tax rate 21.00% 21.00% 21.00%
Capital gains rate (as a percent) 21.00%    
Dividends received from investments in unconsolidated investees   $ 0 $ 0
Lower tax rate applicable to affiliated dividends paid to insurance companies 10.80%    
Effective rate reduction due to unconsolidated investee dividends (as a percent)   0.00% 0.00%
Expected effective tax rate when deferred items reverse in future years (as a percent) 21.00%    
ESOP dividends paid deduction $ 2,545,000 $ 1,591,000 $ 4,171,000
Effective rate reduction due to dividend paid to ESOP (as a percent) (0.60%) (0.40%) (0.60%)
Federal and state income taxes paid $ 68,000,000 $ 50,000,000 $ 190,000,000
Maximum      
Income Tax [Line Items]      
Tax benefit from applying lower tax rate applicable to affiliated dividends paid to insurance companies 1,000,000    
Prime Holdings Insurance Services, Inc. (Prime)      
Income Tax [Line Items]      
Dividends received from investments in unconsolidated investees $ 3,000,000 $ 0 $ 0
v3.25.0.1
Employee Benefits - Employee Stock Ownership, 401(K) and Deferred Compensation Plan - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Stock Ownership, 401(K) And Deferred Compensation Plan      
Annual expenses for incentive plans $ 44 $ 38 $ 24
ESOP and 401(k) Plans      
Employee Stock Ownership, 401(K) And Deferred Compensation Plan      
Expenses recognized $ 25 $ 23 $ 18
Employee Stock Ownership Plan (ESOP)      
Employee Stock Ownership, 401(K) And Deferred Compensation Plan      
Shares purchased under defined contribution plan 149,696 131,546 174,734
Average price of shares purchased (in dollars per share) $ 73.62 $ 68.21 $ 51.51
Aggregate price of shares purchased $ 11 $ 9 $ 9
Shares held by the ESOP 4,749,542    
Employee 401(K) Plan      
Employee Stock Ownership, 401(K) And Deferred Compensation Plan      
Employer contribution as a percent of eligible compensation 3.00%    
Vesting percentage in basic and voluntary contributions 100.00%    
Vesting period of profit sharing contributions 3 years    
Deferred Compensation Plan      
Employee Stock Ownership, 401(K) And Deferred Compensation Plan      
Assets held under trust $ 69    
v3.25.0.1
Employee Benefits - Stock Plans - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended 20 Months Ended 96 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
May 03, 2023
May 04, 2023
Share Based Compensation            
Options granted (in shares) 379,344          
RLI Corp. Long-Term Incentive Plans            
Share Based Compensation            
Stock-based compensation expenses $ 8 $ 9 $ 9      
Income tax benefit from stock-based compensation 1 $ 1 $ 1      
Unrecognized stock-based compensation expense $ 7     $ 7    
Stock-based compensation expenses, recognition period 2 years 7 months 6 days          
RLI Corp. Long-Term Incentive Plan (2023 LTIP)            
Share Based Compensation            
Options granted (in shares)       813,182    
RLI Corp. Long-Term Incentive Plan (2023 LTIP) | Maximum            
Share Based Compensation            
Shares authorized for grant           8,009,782
RLI Corp. Long-Term Incentive Plan (2023 LTIP) | Employee Stock Option            
Share Based Compensation            
Award vesting period 5 years          
Term of options 8 years          
RLI Corp. Long-Term Incentive Plan (2023 LTIP) | Employee Stock Option | Minimum            
Share Based Compensation            
Age and period of service of the participant to be eligible for retirement 75 years          
RLI Corp. Long-Term Incentive Plan (2015 LTIP)            
Share Based Compensation            
Options granted (in shares)         6,582,776  
RLI Corp. Long-Term Incentive Plan (2015 LTIP) | Maximum            
Share Based Compensation            
Shares authorized for grant         8,000,000  
v3.25.0.1
Employee Benefits - Summary of Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted Number of Options Outstanding      
Outstanding options, Beginning Balance 3,283,420    
Options Granted (in shares) 379,344    
Options exercised (807,026)    
Options forfeited or expired (17,800)    
Outstanding options, Ending Balance 2,837,938 3,283,420  
Exercisable options, Ending Balance 1,522,274    
Weighted Average Exercise Price      
Weighted Average Exercise Price, Outstanding options, Beginning Balance $ 46.31    
Weighted Average Exercise Price, Options granted 72.3    
Weighted Average Exercise Price, Options exercised 35.45    
Weighted Average Exercise Price, Options forfeited or expired 56.64    
Weighted Average Exercise Price, Outstanding options, Ending Balance 52.8 $ 46.31  
Weighted Average Exercise Price, Exercisable options $ 45.49    
Weighted Average Remaining Contractual Life      
Weighted Average Remaining Contractual Life, Outstanding options 4 years 6 months 3 days    
Weighted Average Remaining Contractual Life, Exercisable options 3 years 3 months 25 days    
Aggregate Intrinsic Value      
Aggregate Intrinsic Value, Options exercised $ 35,000 $ 19,000 $ 22,000
Aggregate Intrinsic Value, Outstanding options 84,046    
Aggregate Intrinsic Value, Exercisable options $ 57,319    
v3.25.0.1
Employee Benefits - Summary of Weighted Average Grant-date Assumptions and Weighted Average Fair Values (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted average grant date assumptions and weighted average fair value      
Weighted-average fair value of grants $ 15.81 $ 13.62 $ 10.71
Risk-free interest rates 4.83% 3.59% 2.95%
Dividend yield 2.30% 2.28% 2.50%
Expected volatility 23.09% 22.97% 22.89%
Expected option life 5 years 7 days 4 years 11 months 15 days 5 years 18 days
v3.25.0.1
Employee Benefits - Restricted Stock Units - Additional Information (Details) - Restricted Stock Units (RSUs) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation      
Fair value of restricted stock units vested $ 2 $ 3 $ 2
Minimum      
Share Based Compensation      
Age and period of service of the participant to be eligible for retirement 75 years    
Employees      
Share Based Compensation      
Award vesting period 3 years    
Directors      
Share Based Compensation      
Award vesting period 1 year    
v3.25.0.1
Employee Benefits - Schedule of Restricted Stock Units Activity (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of RSUs  
RSUs Nonvested, Beginning Balance | shares 90,187
RSUs Granted | shares 42,762
RSUs Reinvested | shares 3,004
RSUs Vested | shares (34,396)
RSUs Forfeited | shares (2,462)
RSUs Nonvested, Ending Balance | shares 99,095
Weighted Average Grant Date Fair Value  
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance | $ / shares $ 62.58
Weighted Average Grant Date Fair Value, Granted | $ / shares 72.11
Weighted Average Grant Date Fair Value, Reinvested | $ / shares 81.53
Weighted Average Grant Date Fair Value, Vested | $ / shares 61.48
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 67.18
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance | $ / shares $ 66.89
v3.25.0.1
Statutory Information and Dividend Restrictions - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
company
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Statutory Accounting Practices [Line Items]          
Number of insurance companies | company   3      
Fair value of investment in affiliate included in statutory surplus   $ 352,000 $ 294,000 $ 327,000  
Cost basis of investment in affiliate included in statutory surplus   65,000      
Equity   1,521,967 1,413,514 1,177,341 $ 1,229,361
Liquid assets   $ 39,000      
Unrestricted portion of net assets as a percent of normal annual expenditures.   66.70%      
RLI Ins.          
Statutory Accounting Practices [Line Items]          
Authorized control level RBC   $ 296,000 273,000 250,000  
Consolidated surplus, statutory basis   $ 1,800,000 1,500,000 1,400,000  
Dividend restriction as percentage of policyholder surplus   10.00%      
Payments of Ordinary Dividends   $ 152,000 145,000 13,000  
Extraordinary dividend paid after seeking and receiving approval from the Illinois regulatory authorities   $ 0 $ 0 $ 0  
Ordinary dividend capacity available for distribution $ 241,000        
v3.25.0.1
Statutory Information and Dividend Restrictions - Schedule of Selected Information for Insurance Subsidiaries (Details) - Insurance Subsidiaries - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Selected information for insurance subsidiaries      
Consolidated net income, statutory basis $ 295,917 $ 231,321 $ 229,111
Consolidated surplus, statutory basis $ 1,787,312 $ 1,520,135 $ 1,407,925
v3.25.0.1
Commitments And Contingent Liabilities (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Other Assets  
Unfunded commitments related to investments in private funds, low-income housing tax credit investments, and equity method investees. $ 8
v3.25.0.1
Leases - Schedule of Components of Lease Expense and Other lease Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 4,631,000 $ 4,935,000 $ 4,957,000
Variable lease cost 1,103,000 1,469,000 1,423,000
Sublease income (170,000) (469,000) (555,000)
Total lease cost 5,564,000 5,935,000 5,825,000
Cash paid for amounts included in measurement of lease liabilities      
Operating cash outflows from operating leases 4,083,000 5,407,000 5,435,000
ROU assets obtained in exchange for new operating lease liabilities 4,392,000 5,805,000 2,694,000
Reduction to ROU assets resulting from reduction to lease liabilities   300,000 2,000
Other non-cash reductions to ROU assets     $ 73,000
Operating lease ROU assets $ 14,016,000 $ 13,666,000  
Operating Lease, Right-of-Use Asset, Statement of Financial Position Other assets Other assets  
Operating lease liabilities $ 15,711,000 $ 14,880,000  
Operating Lease, Liability, Statement of Financial Position Other liabilities Other liabilities  
Weighted-average remaining lease term - operating leases 6 years 3 days 6 years 29 days  
Weighted-average discount rate - operating leases 3.63% 3.21%  
v3.25.0.1
Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Future minimum lease payments under non-cancellable leases    
2025 $ 4,373  
2026 3,713  
2027 2,288  
2028 1,617  
2029 1,443  
Thereafter 4,489  
Total future minimum lease payments 17,923  
Less imputed interest (2,212)  
Operating lease liabilities $ 15,711 $ 14,880
v3.25.0.1
Operating Segment Information - Additional Information (Details) - segment
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting      
Number of operating segments 3 3 3
Prime Holdings Insurance Services, Inc. (Prime)      
Segment Reporting      
Ownership percentage 23.00%    
v3.25.0.1
Operating Segment Information - Operating Results by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue      
Net premiums earned $ 1,526,406 $ 1,294,306 $ 1,144,436
Net investment income 142,278 120,383 86,078
Net realized gains 19,966 32,518 588,515
Net unrealized gains (losses) on equity securities 81,734 64,787 (121,037)
Consolidated revenue 1,770,384 1,511,994 1,697,992
Less: Expenses      
Losses and settlement expenses 739,253 604,413 514,376
Insurance operating expenses 112,460 98,383 82,212
Earnings before income taxes 427,551 377,265 720,678
Reconciliation of earnings before income taxes      
Net investment income 142,278 120,383 86,078
Net realized gains 19,966 32,518 588,515
Net unrealized gains (losses) on equity securities 81,734 64,787 (121,037)
Interest expense on debt (6,331) (7,301) (8,047)
General corporate expense (15,880) (15,917) (12,900)
Equity in earnings of unconsolidated investees (4,869) 9,610 9,853
Casualty Segment      
Revenue      
Net premiums earned 852,837 758,346 711,832
Property Segment      
Revenue      
Net premiums earned 531,384 401,530 307,886
Surety Segment      
Revenue      
Net premiums earned 142,185 134,430 124,718
Operating Segments      
Less: Expenses      
Earnings before income taxes 210,653 173,185 178,216
Operating Segments | Casualty Segment      
Revenue      
Net premiums earned 852,837 758,346 711,832
Consolidated revenue 852,837 758,346 711,832
Less: Expenses      
Losses and settlement expenses 524,490 418,032 381,436
Amortization of deferred acquisition costs 161,532 138,968 126,048
Other policy acquisition costs 83,987 82,621 78,349
Insurance operating expenses 65,040 59,246 52,210
Earnings before income taxes 17,788 59,479 73,789
Reconciliation of earnings before income taxes      
Depreciation and amortization expense 5,705 5,991 4,961
Operating Segments | Property Segment      
Revenue      
Net premiums earned 531,384 401,530 307,886
Consolidated revenue 531,384 401,530 307,886
Less: Expenses      
Losses and settlement expenses 198,806 172,062 120,745
Amortization of deferred acquisition costs 108,235 94,173 67,450
Other policy acquisition costs 22,936 22,171 27,753
Insurance operating expenses 33,871 26,808 19,416
Earnings before income taxes 167,536 86,316 72,522
Reconciliation of earnings before income taxes      
Depreciation and amortization expense 1,924 1,807 1,653
Operating Segments | Surety Segment      
Revenue      
Net premiums earned 142,185 134,430 124,718
Consolidated revenue 142,185 134,430 124,718
Less: Expenses      
Losses and settlement expenses 15,957 14,319 12,195
Amortization of deferred acquisition costs 48,254 42,754 38,907
Other policy acquisition costs 39,096 37,638 31,125
Insurance operating expenses 13,549 12,329 10,586
Earnings before income taxes 25,329 27,390 31,905
Reconciliation of earnings before income taxes      
Depreciation and amortization expense 991 1,648 1,705
Corporate      
Revenue      
Net investment income 142,278 120,383 86,078
Net realized gains 19,966 32,518 588,515
Net unrealized gains (losses) on equity securities 81,734 64,787 (121,037)
Reconciliation of earnings before income taxes      
Net investment income 142,278 120,383 86,078
Net realized gains 19,966 32,518 588,515
Net unrealized gains (losses) on equity securities 81,734 64,787 (121,037)
Interest expense on debt (6,331) (7,301) (8,047)
General corporate expense (15,880) (15,917) (12,900)
Equity in earnings of unconsolidated investees $ (4,869) $ 9,610 $ 9,853
v3.25.0.1
Operating Segment Information - Summary of Revenue by Major Product Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting      
Net premiums earned $ 1,526,406 $ 1,294,306 $ 1,144,436
Casualty Segment      
Segment Reporting      
Net premiums earned 852,837 758,346 711,832
Casualty Segment | Commercial excess and personal umbrella      
Segment Reporting      
Net premiums earned 354,847 286,178 253,921
Casualty Segment | Commercial transportation      
Segment Reporting      
Net premiums earned 120,650 103,719 96,992
Casualty Segment | General liability      
Segment Reporting      
Net premiums earned 104,423 103,066 100,374
Casualty Segment | Professional services      
Segment Reporting      
Net premiums earned 103,794 99,596 95,187
Casualty Segment | Small commercial      
Segment Reporting      
Net premiums earned 78,308 72,920 67,673
Casualty Segment | Executive products      
Segment Reporting      
Net premiums earned 23,555 24,687 26,606
Casualty Segment | Other casualty      
Segment Reporting      
Net premiums earned 67,260 68,180 71,079
Property Segment      
Segment Reporting      
Net premiums earned 531,384 401,530 307,886
Property Segment | Commercial property      
Segment Reporting      
Net premiums earned 345,554 244,798 163,078
Property Segment | Marine      
Segment Reporting      
Net premiums earned 145,706 129,428 113,208
Property Segment | Other property      
Segment Reporting      
Net premiums earned 40,124 27,304 31,600
Surety Segment      
Segment Reporting      
Net premiums earned 142,185 134,430 124,718
Surety Segment | Transactional      
Segment Reporting      
Net premiums earned 49,460 47,983 45,826
Surety Segment | Commercial      
Segment Reporting      
Net premiums earned 48,533 49,707 47,652
Surety Segment | Contract      
Segment Reporting      
Net premiums earned $ 44,192 $ 36,740 $ 31,240
v3.25.0.1
Acquisitions and Dispositions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dispositions        
Cash proceeds from sale     $ 14,284 $ 686,666
Recognized gain on sale   $ (42) 14,084 570,952
Maui Jim Inc.        
Dispositions        
Cash proceeds from sale $ 687,000      
Maui Jim Inc. | Net Realized Gains        
Dispositions        
Recognized gain on sale     $ 14,000 $ 571,000
v3.25.0.1
Schedule I-Summary Of Investments-Other than Investments in Related Parties (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost $ 3,979,169
Fair Value 4,084,631
Amount at which shown in the balance sheet 4,084,631
Fixed Maturities  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 3,391,159
Fair Value 3,175,796
Amount at which shown in the balance sheet 3,175,796
Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 3,391,159
Fair Value 3,175,796
Amount at which shown in the balance sheet 3,175,796
Equity Securities  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 417,897
Fair Value 736,191
Amount at which shown in the balance sheet 736,191
Ind Misc & All Other  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 125,827
Fair Value 219,832
Amount at which shown in the balance sheet 219,832
ETFs (Ind/misc)  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 292,070
Fair Value 516,359
Amount at which shown in the balance sheet 516,359
Cash and Short-term Investments  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 114,705
Fair Value 114,705
Amount at which shown in the balance sheet 114,705
Other Invested Assets  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 55,408
Fair Value 57,939
Amount at which shown in the balance sheet 57,939
U.S. government | Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 525,608
Fair Value 515,635
Amount at which shown in the balance sheet 515,635
U.S. Agency | Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 55,921
Fair Value 54,338
Amount at which shown in the balance sheet 54,338
Non-U.S. government & agency | Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 8,959
Fair Value 7,871
Amount at which shown in the balance sheet 7,871
Agency MBS | Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 438,545
Fair Value 396,223
Amount at which shown in the balance sheet 396,223
ABS/CMBS/MBS | Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 430,973
Fair Value 410,248
Amount at which shown in the balance sheet 410,248
Corporate | Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 1,397,676
Fair Value 1,346,521
Amount at which shown in the balance sheet 1,346,521
Municipal | Available-for-Sale  
SCHEDULE I - SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES  
Cost 533,477
Fair Value 444,960
Amount at which shown in the balance sheet $ 444,960
v3.25.0.1
Schedule II - Condensed Financial Information of Registrant (Parent Company) - Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS        
Cash $ 39,790 $ 36,424    
Short-term investments, at cost which approximates fair value 74,915 134,923    
Investment in unconsolidated investees 56,477 56,966    
Fixed income:        
Available-for-sale, at fair value (amortized cost of $47,655 and allowance for credit losses of $0 in 2024) (amortized cost of $78,431 and allowance for credit losses of $0 in 2023) 3,175,796 2,855,849    
Property and equipment, at cost, net of accumulated depreciation of $913 in 2024 and $1,375 in 2023 43,172 46,715    
Income taxes-deferred 7,793 15,872    
TOTAL ASSETS 5,628,802 5,180,221    
Liabilities        
Income taxes-current 749 3,757    
Short-term debt 100,000 100,000    
TOTAL LIABILITIES 4,106,835 3,766,707    
Shareholders' Equity        
Common stock ($0.01 par value) (Shares authorized - 400,000,000) (137,598,560 shares issued and 91,738,132 shares outstanding in 2024) (137,140,522 shares issued and 91,280,094 shares outstanding in 2023) 1,376 1,371    
Paid-in capital 367,645 361,660    
Accumulated other comprehensive earnings (173,723) (166,303)    
Retained earnings 1,719,668 1,609,785    
Deferred compensation 13,498 13,539    
Treasury stock, at cost (45,860,428 shares in 2024 and 2023) (406,497) (406,538)    
TOTAL SHAREHOLDERS' EQUITY 1,521,967 1,413,514 $ 1,177,341 $ 1,229,361
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,628,802 5,180,221    
Parent Company        
ASSETS        
Cash 121 1,048    
Short-term investments, at cost which approximates fair value 1,400 76,926    
Accounts receivable, affiliates 2,365 2,393    
Investments in subsidiaries 1,525,833 1,312,323    
Fixed income:        
Available-for-sale, at fair value (amortized cost of $47,655 and allowance for credit losses of $0 in 2024) (amortized cost of $78,431 and allowance for credit losses of $0 in 2023) 37,372 67,029    
Property and equipment, at cost, net of accumulated depreciation of $913 in 2024 and $1,375 in 2023 1,375 1,375    
Income taxes receivable - current 349      
Income taxes-deferred 3,104 3,101    
Other assets 9,824 6,170    
TOTAL ASSETS 1,581,743 1,470,365    
Liabilities        
Income taxes-current   778    
Short-term debt 50,000 50,000    
Interest payable on debt 108 157    
Other liabilities 9,668 5,916    
TOTAL LIABILITIES 59,776 56,851    
Shareholders' Equity        
Common stock ($0.01 par value) (Shares authorized - 400,000,000) (137,598,560 shares issued and 91,738,132 shares outstanding in 2024) (137,140,522 shares issued and 91,280,094 shares outstanding in 2023) 1,376 1,371    
Paid-in capital 367,645 361,660    
Accumulated other comprehensive earnings (173,723) (166,303)    
Retained earnings 1,719,668 1,609,785    
Deferred compensation 13,498 13,539    
Treasury stock, at cost (45,860,428 shares in 2024 and 2023) (406,497) (406,538)    
TOTAL SHAREHOLDERS' EQUITY 1,521,967 1,413,514    
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,581,743 $ 1,470,365    
v3.25.0.1
Schedule II - Condensed Financial Information of Registrant (Parent Company) - Balance Sheet Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
Jan. 15, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Balance Sheet Statements Captions [Line Items]        
Available-for-sale, amortized cost   $ 3,391,159 $ 3,054,391  
Available-for-sale, allowance for credit losses   197 306 $ 339
Property and equipment, accumulated depreciation   $ 76,330 $ 74,279  
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01  
Common stock, shares authorized (in shares)   400,000,000 400,000,000  
Common stock, shares issued (in shares)   137,598,560 137,140,522  
Common stock, shares outstanding (in shares)   91,738,132 91,280,094  
Treasury stock, shares (in shares)   45,860,428 45,860,428  
Parent Company        
Condensed Balance Sheet Statements Captions [Line Items]        
Available-for-sale, amortized cost   $ 47,655 $ 78,431  
Available-for-sale, allowance for credit losses   0 0  
Property and equipment, accumulated depreciation   $ 913 $ 1,375  
Common stock, par value (in dollars per share)   $ 0.01 $ 0.01  
Common stock, shares authorized (in shares)   400,000,000 400,000,000  
Common stock, shares issued (in shares)   137,598,560 137,140,522  
Common stock, shares outstanding (in shares)   91,738,132 91,280,094  
Treasury stock, shares (in shares)   45,860,428 45,860,428  
v3.25.0.1
Schedule II - Condensed Financial Information of Registrant (Parent Company) - Condensed Statements of Earnings and Comprehensive Earnings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Statement Of Income Captions [Line Items]      
Net investment income $ 142,278 $ 120,383 $ 86,078
Net realized gains (losses) 19,966 32,518 588,515
Equity in earnings of unconsolidated investees (4,869) 9,610 9,853
Interest expense on debt (6,331) (7,301) (8,047)
Earnings before income taxes 427,551 377,265 720,678
Income tax expense 81,772 72,654 137,267
Net earnings 345,779 304,611 583,411
Unrealized gains (losses) on securities:      
Other comprehensive earnings (loss) (7,420) 62,773 (278,902)
Comprehensive earnings 338,359 367,384 304,509
Parent Company      
Condensed Statement Of Income Captions [Line Items]      
Net investment income 7,470 10,351 6,245
Net realized gains (losses) (1,542) 14,134 570,888
Equity in earnings of unconsolidated investees     372
Selling, general and administrative expenses (15,880) (15,917) (12,900)
Interest expense on debt (3,617) (6,543) (7,622)
Earnings before income taxes (13,569) 2,025 556,983
Income tax expense (6,321) (1,802) 108,699
Net earnings before equity in net earnings of subsidiaries (7,248) 3,827 448,284
Equity in net earnings of subsidiaries 353,027 300,784 135,127
Net earnings 345,779 304,611 583,411
Unrealized gains (losses) on securities:      
Unrealized holding gains (losses) arising during the period (334) 1,754 (12,188)
Less: reclassification adjustment for (gains) losses included in net earnings 1,218   115
Other comprehensive earnings (loss) - parent only 884 1,754 (12,073)
Equity in other comprehensive earnings (loss) of subsidiaries/investees (8,304) 61,019 (266,829)
Other comprehensive earnings (loss) (7,420) 62,773 (278,902)
Comprehensive earnings $ 338,359 $ 367,384 $ 304,509
v3.25.0.1
Schedule II - Condensed Financial Information of Registrant (Parent Company) - Condensed Statements of Cash Flows (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net earnings $ 345,779,000 $ 304,611,000 $ 583,411,000
Adjustments to reconcile net losses to net cash provided by (used in) operating activities:      
Net realized (gains) losses (19,966,000) (32,518,000) (588,515,000)
Depreciation 7,664,000 8,545,000 7,981,000
Other items, net 13,725,000 24,947,000 (20,467,000)
Changes in investment in unconsolidated investees:      
Undistributed earnings 4,869,000 (9,610,000) (9,853,000)
Dividends received from investments in unconsolidated investees   0 0
Net cash provided by operating activities 560,219,000 464,257,000 250,448,000
Purchase of:      
Fixed income securities, available-for-sale (811,926,000) (662,070,000) (2,053,359,000)
Other (10,956,000) (10,786,000) (5,704,000)
Sale of:      
Fixed income securities - available-for-sale 149,939,000 50,135,000 53,300,000
Equity method investments   14,284,000 686,666,000
Property and equipment 13,000 27,000 375,000
Call or maturity of:      
Fixed income securities - available-for-sale 326,297,000 504,168,000 1,393,674,000
Net sale (purchase) of short-term investments 60,008,000 (98,694,000) (36,229,000)
Net cash provided by (used in) investing activities (318,870,000) (211,803,000) 48,879,000
Cash Flows from Financing Activities      
Proceeds from stock option exercises (2,327,000) 1,245,000 (465,000)
Proceeds from issuance of debt 73,000,000 100,000,000  
Repayment of debt (73,000,000) (200,000,000)  
Net cash used in financing activities (237,983,000) (238,848,000) (365,313,000)
Net increase (decrease) in cash 3,366,000 13,606,000 (65,986,000)
Cash at the beginning of year 36,424,000 22,818,000 88,804,000
Cash at end of year 39,790,000 36,424,000 22,818,000
Parent Company      
Cash flows from operating activities:      
Net earnings (7,248,000) 3,827,000 448,284,000
Adjustments to reconcile net losses to net cash provided by (used in) operating activities:      
Net realized (gains) losses 1,542,000 (14,134,000) (570,888,000)
Depreciation   35,000 64,000
Other items, net 6,553,000 1,350,000 1,403,000
Change in:      
Affiliate balances receivable/payable 28,000 (821,000) (724,000)
Federal income taxes (1,364,000) (1,409,000) (19,484,000)
Changes in investment in unconsolidated investees:      
Undistributed earnings     (372,000)
Net cash provided by operating activities (489,000) (11,152,000) (141,717,000)
Purchase of:      
Fixed income securities, available-for-sale   (89,501,000) (1,356,177,000)
Other (3,993,000) (1,832,000) (1,420,000)
Sale of:      
Fixed income securities - available-for-sale 26,921,000   1,373,000
Equity method investments   14,134,000 686,566,000
Property and equipment     298,000
Other 1,024,000 54,000 221,000
Call or maturity of:      
Fixed income securities - available-for-sale 1,968,000 263,939,000 1,192,050,000
Net sale (purchase) of short-term investments 75,526,000 (74,696,000) (2,229,000)
Cash dividends received-subsidiaries 152,000,000 145,000,000 13,000,000
Net cash provided by (used in) investing activities 253,446,000 257,098,000 533,682,000
Cash Flows from Financing Activities      
Proceeds from stock option exercises (2,327,000) 1,245,000 (465,000)
Proceeds from issuance of debt   50,000,000  
Repayment of debt   (150,000,000)  
Cash dividends paid (256,443,000) (152,508,000) (397,323,000)
Other 4,886,000 5,314,000 5,441,000
Net cash used in financing activities (253,884,000) (245,949,000) (392,347,000)
Net increase (decrease) in cash (927,000) (3,000) (382,000)
Cash at the beginning of year 1,048,000 1,051,000 1,433,000
Cash at end of year $ 121,000 $ 1,048,000 $ 1,051,000
v3.25.0.1
Schedule II - Condensed Financial Information of Registrant (Parent Company) - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Cash Flow Statements Captions [Line Items]      
Interest paid $ 6 $ 9 $ 8
Parent Company      
Condensed Cash Flow Statements Captions [Line Items]      
Interest paid $ 4 $ 8 $ 7
v3.25.0.1
Schedule III-Supplementary Insurance Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplementary insurance information      
Deferred policy acquisition costs $ 166,214 $ 146,566 $ 127,859
Unpaid losses and settlement expenses, gross 2,693,470 2,446,025 2,315,637
Unearned premiums, gross 984,140 892,326 785,085
Net premiums earned 1,526,406 1,294,306 1,144,436
Incurred losses and settlement expenses      
Current accident year 834,562 712,960 636,955
Prior accident year (95,309) (108,547) (122,579)
Policy acquisition costs 464,040 418,325 369,632
Other operating expenses 112,460 98,383 82,212
Net premiums written 1,605,521 1,427,747 1,241,536
Casualty Segment      
Supplementary insurance information      
Deferred policy acquisition costs 88,616 73,334 66,285
Unpaid losses and settlement expenses, gross 2,212,648 2,043,556 1,929,091
Unearned premiums, gross 564,772 491,479 466,178
Net premiums earned 852,837 758,346 711,832
Incurred losses and settlement expenses      
Current accident year 577,368 496,530 468,661
Prior accident year (52,878) (78,498) (87,225)
Policy acquisition costs 245,519 221,589 204,397
Other operating expenses 65,040 59,246 52,210
Net premiums written 915,625 788,982 744,607
Property segment      
Supplementary insurance information      
Deferred policy acquisition costs 48,302 46,366 36,767
Unpaid losses and settlement expenses, gross 337,787 301,907 293,737
Unearned premiums, gross 328,842 314,945 237,369
Net premiums earned 531,384 401,530 307,886
Incurred losses and settlement expenses      
Current accident year 231,949 193,258 145,672
Prior accident year (33,143) (21,196) (24,927)
Policy acquisition costs 131,171 116,344 95,203
Other operating expenses 33,871 26,808 19,416
Net premiums written 542,997 500,057 364,644
Surety Segment      
Supplementary insurance information      
Deferred policy acquisition costs 29,296 26,866 24,807
Unpaid losses and settlement expenses, gross 143,035 100,562 92,809
Unearned premiums, gross 90,526 85,902 81,538
Net premiums earned 142,185 134,430 124,718
Incurred losses and settlement expenses      
Current accident year 25,245 23,172 22,622
Prior accident year (9,288) (8,853) (10,427)
Policy acquisition costs 87,350 80,392 70,032
Other operating expenses 13,549 12,329 10,586
Net premiums written $ 146,899 $ 138,708 $ 132,285
v3.25.0.1
Schedule IV-Reinsurance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
RLI Insurance Group Premiums earned      
Direct amount $ 1,895,065 $ 1,671,044 $ 1,425,165
Ceded to other companies 394,829 405,113 316,409
Assumed from other companies 26,170 28,375 35,680
Net $ 1,526,406 $ 1,294,306 $ 1,144,436
Percentage of amount assumed to net 1.70% 2.20% 3.10%
Casualty Segment      
RLI Insurance Group Premiums earned      
Direct amount $ 1,009,937 $ 909,081 $ 863,530
Ceded to other companies 182,226 178,018 186,469
Assumed from other companies 25,126 27,283 34,771
Net $ 852,837 $ 758,346 $ 711,832
Percentage of amount assumed to net 2.90% 3.60% 4.90%
Property Segment      
RLI Insurance Group Premiums earned      
Direct amount $ 729,018 $ 619,250 $ 430,010
Ceded to other companies 198,206 218,265 122,415
Assumed from other companies 572 545 291
Net $ 531,384 $ 401,530 $ 307,886
Percentage of amount assumed to net 0.10% 0.10% 0.10%
Surety Segment      
RLI Insurance Group Premiums earned      
Direct amount $ 156,110 $ 142,713 $ 131,625
Ceded to other companies 14,397 8,830 7,525
Assumed from other companies 472 547 618
Net $ 142,185 $ 134,430 $ 124,718
Percentage of amount assumed to net 0.30% 0.40% 0.50%
v3.25.0.1
Schedule V-Valuation and Qualifying Accounts (Details) - Allowance for Uncollectible Reinsurance - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Valuation allowances and qualifying accounts      
Balance at beginning of period $ 26,974 $ 27,323 $ 27,243
Amounts charged to expense (21) (50) 130
Amounts recovered (written off) (177) (299) (50)
Balance at end of period $ 26,776 $ 26,974 $ 27,323
v3.25.0.1
Schedule VI-Supplementary Information Concerning Property-Casualty Insurance Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Claims and claim adjustment expenses incurred related to:      
Current accident year $ 834,562 $ 712,960 $ 636,955
Prior accident year (95,309) (108,547) (122,579)
Consolidated Property-Casualty Insurance Operations      
Supplemental Information For Property Casualty Insurance Underwriters [Line Items]      
Deferred policy acquisition costs 166,214 146,566 127,859
Claims and claim adjustment expense reserves 2,693,470 2,446,025 2,315,637
Unearned premiums, gross 984,140 892,326 785,085
Net premiums earned 1,526,406 1,294,306 1,144,436
Net investment income 142,278 120,383 86,078
Claims and claim adjustment expenses incurred related to:      
Current accident year 834,562 712,960 636,955
Prior accident year (95,309) (108,547) (122,579)
Amortization of deferred acquisition costs 318,021 418,325 369,632
Paid claims and claims adjustment expenses 489,884 491,285 374,297
Net premiums written $ 1,605,521 $ 1,427,747 $ 1,241,536