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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,301,723 and $1,193,746; net of allowance for expected credit losses of: $0 at December 31, 2022 and 2021 $ 1,248,198 $ 1,201,866
Equity securities, at fair value 17,520 99,978
Other invested assets 38,176 152,651
Total investments 1,303,894 1,454,495
Cash and cash equivalents 38,846 78,278
Premium receivables, net of allowance for expected credit losses of $3,322 and $2,996 at December 31, 2022 and 2021, respectively 168,743 128,444
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at December 31, 2022 and 2021 85,721 99,864
Funds held by ceding insurers 19,191 27,958
Deferred federal income taxes 47,099 37,329
Deferred acquisition costs 64,894 60,331
Intangible assets 14,810 20,261
Goodwill 4,820 5,398
Prepaid reinsurance premiums 17,421 53,494
Lease right of use assets 11,739 16,051
Other assets 23,597 30,906
Total assets 1,800,775 2,012,809
Liabilities:    
Unpaid losses and loss adjustment expenses 832,404 759,904
Unearned premiums 269,353 316,566
Ceded balances payable 17,241 35,340
Payable for securities purchased 66 794
Contingent commissions 8,816 7,903
Debt 0 126,430
Lease liabilities 15,701 [1] 19,079
Other liabilities 30,965 40,172
Total liabilities 1,174,546 1,306,188
Commitments and contingencies (Note 18)
Shareholders’ equity:    
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 10,876,041 and 10,574,589, respectively; class A common shares outstanding: 10,073,660 and 10,557,093, respectively; class B common shares issued and outstanding: 3,793,612 and 3,947,206, respectively 0 0
Additional paid-in capital 451,305 447,406
Accumulated other comprehensive income, net of tax (43,058) 6,404
Retained earnings 233,468 249,301
Total shareholders’ equity 626,229 706,621
Total liabilities and shareholders’ equity 1,800,775 2,012,809
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 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively 4,000 4,000
Class A Common Shares    
Shareholders’ equity:    
Class A common shares in treasury, at cost: 802,381 and 17,496 shares, respectively $ (19,486) $ (490)
[1] Includes future minimum lease payments of $4.6 million on leases that have been impaired because the property is no longer in use.