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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,334,130 and $1,301,723; net of allowance for expected credit losses of $0 at September 30, 2023 and December 31, 2022) $ 1,287,095 $ 1,248,198
Equity securities, at fair value 16,954 17,520
Other invested assets 36,868 38,176
Total investments 1,340,917 1,303,894
Cash and cash equivalents 46,470 38,846
Premium receivables, net of allowance for expected credit losses of $4,120 at September 30, 2023 and $3,322 at December 31, 2022 131,107 168,743
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at September 30, 2023 and December 31, 2022 85,581 85,721
Funds held by ceding insurers 19,884 19,191
Deferred federal income taxes 41,220 47,099
Deferred acquisition costs 45,942 64,894
Intangible assets 14,545 14,810
Goodwill 4,820 4,820
Prepaid reinsurance premiums 7,190 17,421
Lease right of use assets 10,115 11,739
Other assets 20,055 23,597
Total assets 1,767,846 1,800,775
Liabilities:    
Unpaid losses and loss adjustment expenses 861,803 832,404
Unearned premiums 195,680 269,353
Ceded balances payable 3,532 17,241
Payable for securities purchased 20,607 66
Contingent commissions 4,801 8,816
Lease liabilities 13,515 15,701
Other liabilities 37,253 30,965
Total liabilities 1,137,191 1,174,546
Commitments and contingencies (Note 12)
Shareholders’ equity:    
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,020,174 and 10,876,041 respectively; class A common shares outstanding: 9,748,933 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 454,416 451,305
Accumulated other comprehensive income (loss), net of tax (38,117) (43,058)
Retained earnings 242,519 233,468
Total shareholders’ equity 630,655 626,229
Total liabilities and shareholders’ equity 1,767,846 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)