XML 42 R28.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Quarterly Results for 2021 and 2020 (Unaudited) | 12 Months Ended
--- | ---
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results for 2021 and 2020 (Unaudited) | QUARTERLY RESULTS FOR 2021 AND 2020 (UNAUDITED) The following table provides a summary of quarterly results for the periods presented (in thousands except per share data):
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
For the Year Ended December 31, 2021 |  |  |  |  |  |  |  |
Premiums earned, net |  | $ | 243,305 |  |  | $ | 256,172 |  |  | $ | 264,654 |  |  | $ | 271,332 |
Net investment income |  | 2,986 |  |  | 2,858 |  |  | 2,797 |  |  | 3,894 |
Total revenues |  | 262,757 |  |  | 279,181 |  |  | 287,254 |  |  | 292,659 |
Total expenses |  | 226,406 |  |  | 249,122 |  |  | 260,790 |  |  | 357,120 |
Net income (loss) |  | 26,408 |  |  | 21,941 |  |  | 20,183 |  |  | (48,125) |
Basic earnings (loss) per share |  | $ | 0.85 |  |  | $ | 0.70 |  |  | $ | 0.65 |  |  | $ | (1.54) |
Diluted earnings (loss) per share |  | $ | 0.84 |  |  | $ | 0.70 |  |  | $ | 0.64 |  |  | $ | (1.54) |
For the Year Ended December 31, 2020 |  |  |  |  |  |  |  |
Premiums earned, net |  | $ | 220,829 |  |  | $ | 226,370 |  |  | $ | 234,191 |  |  | $ | 242,173 |
Net investment income |  | 6,834 |  |  | 6,179 |  |  | 4,557 |  |  | 2,823 |
Total revenues |  | 235,275 |  |  | 252,704 |  |  | 311,665 |  |  | 273,126 |
Total expenses |  | 207,691 |  |  | 225,266 |  |  | 315,457 |  |  | 300,125 |
Net income (loss) |  | 20,067 |  |  | 19,882 |  |  | (3,169) |  |  | (17,675) |
Basic earnings (loss) per share |  | $ | 0.62 |  |  | $ | 0.62 |  |  | $ | (0.10) |  |  | $ | (0.57) |
Diluted earnings (loss) per share |  | $ | 0.61 |  |  | $ | 0.62 |  |  | $ | (0.10) |  |  | $ | (0.57) |
Total revenues in the fourth quarter of 2021 exceeded 2020 driven by an increase in premium rates offset by an increase in ceded earned premium reflecting both an increase in the exposures covered by reinsurance and its pricing. The increase in expenses was due to a higher amount of net losses and loss adjustment expenses recorded in the fourth quarter of 2021 compared to 2020 which was due primarily to an increase in loss experience in the 2021 accident year due to increased core losses as a result of rising construction and labor costs to settle claims and weather events in the current year and prior years’ adverse development.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration