Leases

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 were as follows:


($ in thousands)	2022		2021
Operating lease cost, included in Other insurance expenses on the Consolidated Statements of Income	$	8,148	7,935
Finance lease cost:
Amortization of assets, included in Other insurance expenses on the Consolidated Statements of Income	2,440		1,765
Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Income	46		35
Total finance lease cost	2,486		1,800

Variable lease cost, included in Other insurance expenses on the Consolidated Statements of Income	1,384		291




Short-term lease cost, included in Other insurance expenses on the Consolidated Statements of Income	$	166	832

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


	December 31, 2022	December 31, 2021
Weighted-average remaining lease term
Operating leases	8	7	years
Finance leases	2	2
Weighted-average discount rate
Operating leases	2.6	2.1	%
Finance leases	1.2	0.8

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


($ in thousands)	December 31, 2022		December 31, 2021
Operating leases
Other assets	$	42,403	35,644
Other liabilities	44,505		37,296
Finance leases
Property and equipment - at cost, net of accumulated depreciation and amortization	3,713		5,446
Long-term debt	$	3,718	5,450

The maturities of our lease liabilities at December 31, 2022 were as follows:


($ in thousands)	Finance Leases		Operating Leases	Total
Year ended December 31,
2023	$	2,490	7,290	9,780
2024	1,029		6,943	7,972
2025	190		6,649	6,839
2026	54		6,156	6,210
2027	2		6,053	6,055
Thereafter	—		18,832	18,832
Total lease payments	3,765		51,923	55,688
Less: imputed interest	47		4,496	4,543
Less: leases that have not yet commenced	—		2,922	2,922
Total lease liabilities	$	3,718	44,505	48,223

Refer to Note 4. "Statements of Cash Flows" in Item 8. "Financial Statements and Supplementary Data." of Form 10-K for supplemental cash and non-cash transactions included in the measurement of operating and finance lease liabilities.