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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Investments:    
Fixed maturity securities—held-to-maturity, at amortized cost (fair value $626,603 and $616,772 in 2019 and 2018, respectively) $ 604,161 $ 613,878
Fixed maturity securities—available-for-sale, at fair value (amortized cost $424,270 and $479,772 in 2019 and 2018, respectively) 440,217 478,730
Equity securities, at fair value (cost $24,082 and $19,962 in 2019 and 2018, respectively) 25,936 18,651
Short-term investments 20,964 14,231
Total investments 1,091,278 1,125,490
Cash and cash equivalents 125,870 40,344
Amounts recoverable from reinsurers 102,866 112,006
Premiums receivable, net of allowance 170,649 162,478
Deferred income taxes 18,480 21,852
Accrued interest receivable 10,404 10,197
Property and equipment, net 6,430 6,258
Deferred policy acquisition costs 20,341 19,734
Other assets 28,221 17,572
Total assets 1,574,539 1,515,931
Liabilities:    
Reserves for loss and loss adjustment expenses 790,812 798,409
Unearned premiums 154,635 149,296
Amounts held for others 45,216 41,388
Policyholder deposits 45,383 46,795
Insurance-related assessments 29,035 28,258
Federal income tax payable 1,549 3,412
Accounts payable and other liabilities 39,180 38,611
Total liabilities 1,105,810 1,106,169
Shareholders’ equity:    
Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2019 and 2018; 20,558,559 and 20,528,230 shares issued and 19,300,309 and 19,269,980 shares outstanding in 2019 and 2018, respectively 205 205
Additional paid-in capital 212,743 211,431
Treasury stock, at cost (1,258,250 shares in 2019 and 2018) (22,370) (22,370)
Accumulated earnings 265,536 221,328
Accumulated other comprehensive income (loss), net 12,615 (832)
Total shareholders’ equity 468,729 409,762
Total liabilities and shareholders’ equity $ 1,574,539 $ 1,515,931