Leases

12 Months Ended

Dec. 31, 2021

Leases

We have various operating leases for office space, equipment, and fleet vehicles. In addition, we have various finance leases for computer hardware. Such lease agreements, which expire at various dates through 2032, are generally renewed or replaced by similar leases.

The components of lease expense for the year ended December 31, 2021 and 2020 were as follows:


($ in thousands)	2021		2020
Operating lease cost, included in Other insurance expenses on the Consolidated Statements of Income	$	7,935	9,498
Finance lease cost:
Amortization of assets, included in Other insurance expenses on the Consolidated Statements of Income	1,765		550
Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Income	35		15
Total finance lease cost	1,800		565

Variable lease cost, included in Other insurance expenses on the Consolidated Statements of Income	291		758




Short-term lease cost, included in Other insurance expenses on the Consolidated Statements of Income	$	832	2,011

The following table provides supplemental information regarding our operating and finance leases.


	December 31, 2021	December 31, 2020
Weighted-average remaining lease term
Operating leases	7	8	years
Finance leases	2	2
Weighted-average discount rate
Operating leases	2.1	2.3	%
Finance leases	0.8	1.6

Operating and finance lease asset and liability balances are included within the following line items on the Consolidated Balance Sheets:


($ in thousands)	December 31, 2021		December 31, 2020
Operating leases
Other assets	$	35,644	40,215
Other liabilities	37,296		41,674
Finance leases
Property and equipment - at cost, net of accumulated depreciation and amortization	5,446		502
Long-term debt	$	5,450	508

At December 31, 2021, the maturities of our lease liabilities were as follows:


($ in thousands)	Finance Leases		Operating Leases	Total
Year ended December 31,
2022	$	2,350	7,235	9,585
2023	2,255		6,610	8,865
2024	795		5,992	6,787
2025	64		5,902	5,966
2026	41		5,967	6,008
Thereafter	—		24,356	24,356
Total lease payments	5,505		56,062	61,567
Less: imputed interest	55		2,726	2,781
Less: leases that have not yet commenced	—		16,040	16,040
Total lease liabilities	$	5,450	37,296	42,746

At December 31, 2020, the maturities of our lease liabilities for capital and operating leases were as follows:


($ in thousands)	Finance Leases		Operating Leases	Total
Year ended December 31,
2021	$	330	8,372	8,702
2022	127		6,788	6,915
2023	56		5,411	5,467
2024	—		4,690	4,690
2025	—		3,572	3,572
Thereafter	—		16,234	16,234
Total lease payments	513		45,067	45,580
Less: imputed interest	5		3,393	3,398
Less: leases that have not yet commenced	—		—	—
Total lease liabilities	$	508	41,674	42,182

Refer to Note 4 "Statements of Cash Flows" in this Form 10-K for supplemental cash and non-cash transactions included in the measurement of operating and finance lease liabilities.