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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,260,439 and $1,231,568; net of allowance of: 2020 - $0) $ 1,303,775 $ 1,253,159
Equity securities, at fair value 75,941 263,104
Other invested assets 37,749 47,279
Total investments 1,417,465 1,563,542
Cash and cash equivalents 37,211 44,271
Premiums receivable, net of allowance for credit losses of $2,869 at September 30, 2020 109,820 118,035
Reinsurance receivables, net of allowance for credit losses of $8,992 at September 30, 2020 112,633 83,938
Funds held by ceding insurers 46,894 48,580
Federal income taxes receivable 0 10,989
Deferred federal income taxes 35,300 31,077
Deferred acquisition costs 67,470 70,677
Intangible assets 21,094 21,491
Goodwill 6,521 6,521
Prepaid reinsurance premiums 15,558 16,716
Other assets 69,791 60,048
Total assets 1,939,757 2,075,885
Liabilities:    
Unpaid losses and loss adjustment expenses 669,930 630,181
Unearned premiums 304,074 314,861
Ceded balances payable 9,576 20,404
Payable for securities purchased 5,630 850
Contingent commissions 11,329 11,928
Debt 126,253 296,640
Other liabilities 92,252 74,212
Total liabilities 1,219,044 1,349,076
Commitments and contingencies (Note 11)
Shareholders’ equity:    
Common shares, par value: no par at September 30, 2020 and $0.0001 at December 31, 2019, 900,000,000 common shares authorized; class A common shares issued: 10,242,703 and 10,282,277 respectively; class A common shares outstanding: 10,242,703 and 10,167,056, respectively; class B common shares issued and outstanding: 4,133,366 and 4,133,366, respectively 0 2
Additional paid-in capital 443,437 442,403
Accumulated other comprehensive income, net of taxes 35,720 17,609
Retained earnings 237,556 270,768
Total shareholders’ equity 720,713 726,809
Total liabilities and shareholders’ equity 1,939,757 2,075,885
Series A Cumulative Fixed Rate Preferred Shares    
Shareholders’ equity:    
Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 0 shares, respectively, liquidation preference: $1,000 per share and $0, respectively 4,000  
Total shareholders’ equity 4,000  
Class A Common Shares    
Shareholders’ equity:    
Class A common shares in treasury, at cost: 0 and 115,221 shares, respectively 0 (3,973)
Total shareholders’ equity $ 0 $ 1