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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,314,418 and $1,394,639; net of allowance for expected credit losses of $0 at September 30, 2025 and December 31, 2024) $ 1,309,379 $ 1,381,908
Equity securities, at fair value 33,625 12,284
Other invested assets 19,084 29,413
Total investments 1,362,088 1,423,605
Cash and cash equivalents 75,360 17,009
Premium receivables, net of allowance for expected credit losses of $3,476 at September 30, 2025 and $3,530 at December 31, 2024 75,870 75,088
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at September 30, 2025 and December 31, 2024 64,262 66,855
Funds held by ceding insurers 23,919 30,026
Deferred income taxes 17,947 22,459
Deferred acquisition costs 45,523 41,136
Intangible assets 17,000 14,103
Goodwill 4,820 4,820
Prepaid reinsurance premiums 3,661 3,320
Receivable for securities 0 52
Income tax receivable 6,071 825
Lease right of use assets 8,424 9,295
Other assets 29,143 22,660
Total assets 1,734,088 1,731,253
Liabilities:    
Unpaid losses and loss adjustment expenses 761,681 800,391
Unearned premiums 200,941 183,411
Reinsurance balances payable 2,700 8,181
Payable for securities 2,227 0
Contingent commissions 5,606 6,826
Lease liabilities 8,922 10,371
Other liabilities 47,876 32,924
Total liabilities 1,029,953 1,042,104
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,818,110 and 11,202,355, respectively, (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class A common shares outstanding: 10,530,342 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively 0 0
Additional paid-in capital 464,796 459,578
Accumulated other comprehensive income (loss), net of tax (4,200) (10,410)
Retained earnings 272,231 268,673
Total shareholders’ equity 704,135 689,149
Total liabilities and shareholders’ equity 1,734,088 1,731,253
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 1,287,768 shares, respectively $ (32,692) $ (32,692)