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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,394,639 and $1,322,092; net of allowance for expected credit losses of: $0 at December 31, 2024 and 2023 $ 1,381,908 $ 1,293,793
Equity securities, at fair value 12,284 16,508
Other invested assets 29,413 38,236
Total investments 1,423,605 1,348,537
Cash and cash equivalents 17,009 38,037
Premium receivables, net of allowance for expected credit losses of $3,530 and $4,796 at December 31, 2024 and 2023, respectively 75,088 102,158
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at December 31, 2024 and 2023 66,855 80,439
Funds held by ceding insurers 30,026 16,989
Deferred federal income taxes 22,459 36,802
Deferred acquisition costs 41,136 42,445
Intangible assets 14,103 14,456
Goodwill 4,820 4,820
Prepaid reinsurance premiums 3,320 4,958
Receivable for securities 52 3,858
Federal income tax receivable 825 0
Lease right of use assets 9,295 9,715
Other assets 22,660 26,362
Total assets 1,731,253 1,729,576
Liabilities:    
Unpaid losses and loss adjustment expenses 800,391 850,599
Unearned premiums 183,411 182,852
Reinsurance balances payable 8,181 2,642
Federal income tax payable 0 1,595
Contingent commissions 6,826 5,632
Lease liabilities 10,371 [1] 12,733
Other liabilities 32,924 24,770
Total liabilities 1,042,104 1,080,823
Commitments and contingencies (Note 17)
Shareholders’ equity:    
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,202,355 and 11,042,670, respectively; class A common shares outstanding: 9,914,587 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 459,578 454,791
Accumulated other comprehensive income (loss), net of tax (10,410) (22,863)
Retained earnings 268,673 244,988
Total shareholders’ equity 689,149 648,753
Total liabilities and shareholders’ equity 1,731,253 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)
[1] Includes future minimum lease payments of $2.2 million on leases that have been impaired because the property is no longer in use.