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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,311,567 and $1,301,723; net of allowance for expected credit losses of $0 at June 30, 2023 and December 31, 2022) $ 1,265,606 $ 1,248,198
Equity securities, at fair value 17,153 17,520
Other invested assets 37,282 38,176
Total investments 1,320,041 1,303,894
Cash and cash equivalents 45,447 38,846
Premium receivables, net of allowance for expected credit losses of $4,056 at June 30, 2023 and $3,322 at December 31, 2022 141,498 168,743
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at June 30, 2023 and December 31, 2022 95,616 85,721
Funds held by ceding insurers 16,660 19,191
Deferred federal income taxes 42,679 47,099
Deferred acquisition costs 52,019 64,894
Intangible assets 14,633 14,810
Goodwill 4,820 4,820
Prepaid reinsurance premiums 10,626 17,421
Lease right of use assets 10,790 11,739
Other assets 19,173 23,597
Total assets 1,774,002 1,800,775
Liabilities:    
Unpaid losses and loss adjustment expenses 866,951 832,404
Unearned premiums 215,187 269,353
Ceded balances payable 3,844 17,241
Payable for securities purchased 22,115 66
Contingent commissions 3,431 8,816
Lease liabilities 14,194 15,701
Other liabilities 21,872 30,965
Total liabilities 1,147,594 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: 11,000,287 and 10,876,041 respectively; class A common shares outstanding: 9,729,046 and 10,073,660, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively 0 0
Additional paid-in capital 453,427 451,305
Accumulated other comprehensive income (loss), net of tax (37,171) (43,058)
Retained earnings 238,315 233,468
Total shareholders’ equity 626,408 626,229
Total liabilities and shareholders’ equity 1,774,002 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: 1,271,241 and 802,381 shares,respectively $ (32,163) $ (19,486)