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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments    
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,813,857 and $3,758,720, respectively; allowance for expected credit losses, $1,137 as of March 31, 2024 and $555 as of December 31, 2023) $ 3,544,137 $ 3,493,597
Fixed maturities, trading, at fair value (cost, $49,409 and $48,449, respectively) 50,106 48,324
Equity investments, at fair value (cost, $150,099 and $164,262, respectively) 137,914 151,295
Short-term investments 184,001 235,785
Business owned life insurance 78,657 78,205
Investment in unconsolidated subsidiaries 278,931 276,756
Other investments (at fair value, $55,732 and $62,604, respectively, otherwise at cost or amortized cost) 59,796 65,819
Total Investments 4,333,542 4,349,781
Cash and cash equivalents 65,400 65,898
Premiums receivable, net (allowance for expected credit losses, $8,072 as of March 31, 2024 and $7,809 as of December 31, 2023) 262,270 235,569
Receivable from reinsurers on paid losses and loss adjustment expenses 9,387 21,122
Receivable from reinsurers on unpaid losses and loss adjustment expenses 447,157 445,573
Prepaid reinsurance premiums 35,808 31,149
Deferred policy acquisition costs 63,619 60,336
Deferred tax asset, net 184,897 186,164
Real estate, net 29,523 29,757
Operating lease ROU assets 17,530 16,275
Intangible assets, net 58,676 60,308
Goodwill 5,500 5,500
Other assets 136,727 124,493
Total Assets 5,650,036 5,631,925
Policy liabilities and accruals    
Reserve for losses and loss adjustment expenses 3,382,512 3,401,281
Unearned premiums 476,941 433,715
Reinsurance premiums payable 29,435 24,019
Total Policy Liabilities and Accruals 3,888,888 3,859,015
Operating lease liabilities 18,517 17,179
Other liabilities 201,792 216,618
Debt less unamortized debt issuance costs 427,774 427,133
Total Liabilities 4,536,971 4,519,945
Shareholders' Equity    
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,616,659 and 63,576,932 shares issued, respectively) 636 636
Additional paid-in capital 402,485 403,554
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($55,743) and ($55,738), respectively) (206,961) (204,489)
Retained earnings 1,386,607 1,381,981
Treasury shares, at cost (12,606,968 shares as of each respective period end) (469,702) (469,702)
Total Shareholders' Equity 1,113,065 1,111,980
Total Liabilities and Shareholders' Equity $ 5,650,036 $ 5,631,925