Leases

12 Months Ended

Dec. 31, 2023

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 years ended December 31, 2023, and 2022, were as follows:


($ in thousands)	2023		2022
Operating lease cost, included in Other insurance expenses on the Consolidated Statements of Income	$	7,409	8,148
Finance lease cost:
Amortization of assets, included in Other insurance expenses on the Consolidated Statements of Income	2,692		2,440
Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Income	66		46
Total finance lease cost	2,758		2,486

Variable lease cost, included in Other insurance expenses on the Consolidated Statements of Income	996		1,384




Short-term lease cost, included in Other insurance expenses on the Consolidated Statements of Income	$	411	166

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


	December 31, 2023	December 31, 2022
Weighted-average remaining lease term
Operating leases	7	8	years
Finance leases	2	2
Weighted-average discount rate
Operating leases	2.8	2.6	%
Finance leases	3.5	1.2

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


($ in thousands)	December 31, 2023		December 31, 2022
Operating leases
Other assets	$	41,256	42,403
Other liabilities	43,675		44,505
Finance leases
Property and equipment - at cost, net of accumulated depreciation and amortization	2,605		3,713
Long-term debt	$	2,636	3,718

The maturities of our lease liabilities at December 31, 2023 were as follows:


($ in thousands)	Finance Leases		Operating Leases	Total
Year ended December 31,
2024	$	3,002	7,624	10,626
2025	2,859		7,749	10,608
2026	2,482		7,413	9,895
2027	702		7,109	7,811
2028	—		6,889	6,889
Thereafter	—		18,605	18,605
Total lease payments	9,045		55,389	64,434
Less: imputed interest	112		4,221	4,333
Less: leases that have not yet commenced	6,297		7,493	13,790
Total lease liabilities	$	2,636	43,675	46,311

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.