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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturity securities - held-to-maturity, at amortized cost net of allowance for credit losses of $116 and $182 in 2024 and 2023, respectively, (fair value $399,721 and $473,092 in 2024 and 2023, respectively) $ 413,061 $ 483,575
Fixed maturity securities-available-for-sale, at fair value (amortized cost $318,975, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023) 307,750 317,064
Equity securities, at fair value (cost $36,020 and $44,046 in 2024 and 2023, respectively) 58,629 57,147
Short-term investments 9,338  
Total investments 788,778 857,786
Cash and cash equivalents 44,045 38,682
Amounts recoverable from reinsurers (net of allowance for credit losses of $300 and $360 in 2024 and 2023, respectively) 117,019 129,963
Premiums receivable (net of allowance for credit losses of $4,238 and $4,674 in 2024 and 2023, respectively) 142,659 132,861
Deferred income taxes 19,448 20,403
Accrued interest receivable 7,327 8,274
Property and equipment, net 5,887 6,349
Deferred policy acquisition costs 19,151 17,975
Federal income tax recoverable 2,180 1,781
Other assets 11,297 15,088
Total assets 1,157,791 1,229,162
Liabilities:    
Reserves for loss and loss adjustment expenses 651,309 673,994
Unearned premiums 121,926 116,585
Amounts held for others 38,657 53,694
Policyholder deposits 33,867 34,522
Insurance-related assessments 14,852 16,896
Accounts payable and other liabilities 38,409 41,020
Payable for investments purchased 1,430  
Total liabilities 900,450 936,711
Shareholders’ equity:    
Common stock: voting-$0.01 par value authorized shares-50,000,000 in 2024 and 2023; 20,733,166 and 20,704,448 shares issued; and 19,050,315 and 19,135,008 shares outstanding in 2024 and 2023, respectively 207 207
Additional paid-in capital 223,956 222,078
Treasury stock, at cost (1,682,851 and 1,569,440 shares in 2024 and 2023, respectively) (42,052) (36,929)
Accumulated earnings 84,105 114,289
Accumulated other comprehensive loss, net (8,875) (7,194)
Total shareholders’ equity 257,341 292,451
Total liabilities and shareholders’ equity $ 1,157,791 $ 1,229,162