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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,362,384 and $1,322,092; net of allowance for expected credit losses of $0 at June 30, 2024 and December 31, 2023) $ 1,340,046 $ 1,293,793
Equity securities, at fair value 14,657 16,508
Other invested assets 33,710 38,236
Total investments 1,388,413 1,348,537
Cash and cash equivalents 46,731 38,037
Premium receivables, net of allowance for expected credit losses of $4,043 at June 30, 2024 and $4,796 at December 31, 2023 80,587 102,158
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at June 30, 2024 and December 31, 2023 75,643 80,439
Funds held by ceding insurers 27,114 16,989
Deferred federal income taxes 30,201 36,802
Deferred acquisition costs 41,109 42,445
Intangible assets 14,280 14,456
Goodwill 4,820 4,820
Prepaid reinsurance premiums 3,498 4,958
Receivable for securities 65 3,858
Federal income tax receivable 899 0
Lease right of use assets 8,978 9,715
Other assets 16,211 26,362
Total assets 1,738,549 1,729,576
Liabilities:    
Unpaid losses and loss adjustment expenses 844,206 850,599
Unearned premiums 181,834 182,852
Ceded balances payable 948 2,642
Federal income tax payable 0 1,595
Contingent commissions 3,599 5,632
Lease liabilities 11,448 12,733
Other liabilities 29,024 24,770
Total liabilities 1,071,059 1,080,823
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,158,442 and 11,042,670 respectively; class A common shares outstanding: 9,870,674 and 9,771,429, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively 0 0
Additional paid-in capital 457,550 454,791
Accumulated other comprehensive income (loss), net of tax (18,051) (22,863)
Retained earnings 256,683 244,988
Total shareholders’ equity 667,490 648,753
Total liabilities and shareholders’ equity 1,738,549 1,729,576
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: 1,287,768 and 1,271,241 shares, respectively $ (32,692) $ (32,163)