XML 15 R2.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Investments    
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,742,234 and $3,852,411, respectively; allowance for expected credit losses, $560 as of September 30, 2023 and $427 as of December 31, 2022) $ 3,355,312 $ 3,472,472
Fixed maturities, trading, at fair value (cost, $46,081 and $45,048, respectively) 45,999 43,434
Equity investments, at fair value (cost, $164,574 and $162,429, respectively) 143,920 143,738
Short-term investments 247,394 245,313
Business owned life insurance 77,502 81,746
Investment in unconsolidated subsidiaries 297,314 305,210
Other investments (at fair value, $59,612 and $92,447, respectively, otherwise at cost or amortized cost) 62,816 95,770
Total Investments 4,230,257 4,387,683
Cash and cash equivalents 62,110 29,959
Premiums receivable (allowance for expected credit losses, $7,921 as of September 30, 2023 and $7,658 as of December 31, 2022) 279,131 246,094
Receivable from reinsurers on paid losses and loss adjustment expenses 27,811 15,313
Receivable from reinsurers on unpaid losses and loss adjustment expenses 417,323 431,889
Prepaid reinsurance premiums 38,141 29,120
Deferred policy acquisition costs 67,257 58,148
Deferred tax asset, net 213,572 209,535
Real estate, net 29,990 29,968
Operating lease ROU assets 16,092 18,987
Intangible assets, net 61,939 66,835
Goodwill 5,500 49,610
Other assets 124,834 126,858
Total Assets 5,573,957 5,699,999
Policy liabilities and accruals    
Reserve for losses and loss adjustment expenses 3,395,651 3,471,147
Unearned premiums 492,950 422,950
Reinsurance premiums payable 32,018 28,514
Total Policy Liabilities and Accruals 3,920,619 3,922,611
Operating lease liabilities 16,926 20,008
Other liabilities 197,990 226,379
Debt less unamortized debt issuance costs 426,579 426,983
Total Liabilities 4,562,114 4,595,981
Shareholders' Equity    
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,576,311 and 63,427,796 shares issued, respectively) 636 634
Additional paid-in capital 402,144 397,919
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($80,975) and ($80,810), respectively) (296,839) (298,607)
Retained earnings 1,375,604 1,423,286
Treasury shares, at cost (12,606,968 and 9,464,160 shares, respectively) (469,702) (419,214)
Total Shareholders' Equity 1,011,843 1,104,018
Total Liabilities and Shareholders' Equity $ 5,573,957 $ 5,699,999