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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,404,854 and $1,322,092; net of allowance for expected credit losses of $0 at September 30, 2024 and December 31, 2023) $ 1,395,229 $ 1,293,793
Equity securities, at fair value 12,347 16,508
Other invested assets 29,459 38,236
Total investments 1,437,035 1,348,537
Cash and cash equivalents 31,019 38,037
Premium receivables, net of allowance for expected credit losses of $3,486 at September 30, 2024 and $4,796 at December 31, 2023 73,425 102,158
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at September 30, 2024 and December 31, 2023 76,393 80,439
Funds held by ceding insurers 27,194 16,989
Deferred federal income taxes 24,491 36,802
Deferred acquisition costs 40,855 42,445
Intangible assets 14,191 14,456
Goodwill 4,820 4,820
Prepaid reinsurance premiums 3,260 4,958
Receivable for securities 19 3,858
Federal income tax receivable 1,062 0
Lease right of use assets 8,519 9,715
Other assets 18,834 26,362
Total assets 1,761,117 1,729,576
Liabilities:    
Unpaid losses and loss adjustment expenses 840,176 850,599
Unearned premiums 183,362 182,852
Ceded balances payable 963 2,642
Federal income tax payable 0 1,595
Contingent commissions 5,203 5,632
Lease liabilities 10,836 12,733
Other liabilities 33,851 24,770
Total liabilities 1,074,391 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: 11,181,998 and 11,042,670 respectively; class A common shares outstanding: 9,894,230 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 458,714 454,791
Accumulated other comprehensive income (loss), net of tax (7,847) (22,863)
Retained earnings 264,551 244,988
Total shareholders’ equity 686,726 648,753
Total liabilities and shareholders’ equity 1,761,117 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)