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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,300,148 and $1,301,723 ; net of allowance for expected credit losses of $0 at March 31, 2023 and December 31, 2022) $ 1,257,357 $ 1,248,198
Equity securities, at fair value 17,342 17,520
Other invested assets 37,669 38,176
Total investments 1,312,368 1,303,894
Cash and cash equivalents 35,737 38,846
Premium receivables, net of allowance for expected credit losses of $3,379 at March 31, 2023 and $3,322 at December 31, 2022 154,624 168,743
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at March 31, 2023 and December 31, 2022 86,772 85,721
Funds held by ceding insurers 17,339 19,191
Deferred federal income taxes 44,489 47,099
Deferred acquisition costs 58,354 64,894
Intangible assets 14,721 14,810
Goodwill 4,820 4,820
Prepaid reinsurance premiums 14,224 17,421
Lease right of use assets 11,265 11,739
Other assets 22,565 23,597
Total assets 1,777,278 1,800,775
Liabilities:    
Unpaid losses and loss adjustment expenses 857,520 832,404
Unearned premiums 241,945 269,353
Ceded balances payable 5,997 17,241
Payable for securities purchased 1,008 66
Contingent commissions 3,772 8,816
Lease liabilities 15,042 15,701
Other liabilities 23,756 30,965
Total liabilities 1,149,040 1,174,546
Commitments and contingencies (Note 11)
Shareholders’ equity:    
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: and 10,876,041 respectively; class A common shares outstanding: 0 and 10,073,660, respectively; class B common shares issued and outstanding: and 3,793,612, respectively 0 0
Additional paid-in capital 452,385 451,305
Accumulated other comprehensive income (loss), net of tax (34,615) (43,058)
Retained earnings 232,506 233,468
Total shareholders’ equity 628,238 626,229
Total liabilities and shareholders’ equity 1,777,278 1,800,775
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: and 802,381 shares, respectively $ (26,038) $ (19,486)