|
|
|
|
|
|
|
|
|
|
|
(Unaudited) March 31, 2024 |
|
|
December 31, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Fixed maturities: |
|
|
|
|
|
|
|
|
Available for sale, at fair value (amortized cost: $1,250,975 and $1,322,092; net of allowance for
expected credit losses of $0 at March 31, 2024 and December 31, 2023) |
|
$ |
1,226,309 |
|
|
$ |
1,293,793 |
|
Equity securities, at fair value |
|
|
17,045 |
|
|
|
16,508 |
|
Other invested assets |
|
|
34,021 |
|
|
|
38,236 |
|
|
|
|
|
|
|
|
|
|
Total investments |
|
|
1,277,375 |
|
|
|
1,348,537 |
|
|
|
|
Cash and cash equivalents |
|
|
38,857 |
|
|
|
38,037 |
|
Premium receivables, net of allowance for expected credit losses of $4,423 at March 31, 2024
and $4,796 at December 31, 2023 |
|
|
92,440 |
|
|
|
102,158 |
|
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at March 31,
2024 and December 31, 2023 |
|
|
77,664 |
|
|
|
80,439 |
|
Funds held by ceding insurers |
|
|
17,395 |
|
|
|
16,989 |
|
Deferred federal income taxes |
|
|
33,224 |
|
|
|
36,802 |
|
Deferred acquisition costs |
|
|
40,231 |
|
|
|
42,445 |
|
Intangible assets |
|
|
14,368 |
|
|
|
14,456 |
|
Goodwill |
|
|
4,820 |
|
|
|
4,820 |
|
Prepaid reinsurance premiums |
|
|
3,229 |
|
|
|
4,958 |
|
Receivable for securities matured |
|
|
101,091 |
|
|
|
3,858 |
|
Lease right of use assets |
|
|
9,288 |
|
|
|
9,715 |
|
Other assets |
|
|
18,260 |
|
|
|
26,362 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,728,242 |
|
|
$ |
1,729,576 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Unpaid losses and loss adjustment expenses |
|
$ |
853,602 |
|
|
$ |
850,599 |
|
Unearned premiums |
|
|
176,630 |
|
|
|
182,852 |
|
Ceded balances payable |
|
|
1,651 |
|
|
|
2,642 |
|
Federal income tax payable |
|
|
1,600 |
|
|
|
1,595 |
|
Contingent commissions |
|
|
2,598 |
|
|
|
5,632 |
|
Lease liabilities |
|
|
11,910 |
|
|
|
12,733 |
|
Other liabilities |
|
|
20,756 |
|
|
|
24,770 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
$ |
1,068,747 |
|
|
$ |
1,080,823 |
|
|
|
|
|
|
|
|
|
|
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 |
|
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued:
11,082,004 and 11,042,670, respectively; class A common shares outstanding: 9,810,763 and 9,771,429, respectively; class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively |
|
|
|
|
|
|
|
|
Additional paid-in capital (1) |
|
|
456,179 |
|
|
|
454,791 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(19,995 |
) |
|
|
(22,863 |
) |
Retained earnings (1) |
|
|
251,474 |
|
|
|
244,988 |
|
Class A common shares in treasury, at cost: 1,271,241 and 1,271,241 shares,
respectively |
|
|
(32,163 |
) |
|
|
(32,163 |
) |
|
|
|
|
|
|
|
|
|
Total shareholders equity |
|
|
659,495 |
|
|
|
648,753 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
1,728,242 |
|
|
$ |
1,729,576 |
|
|
|
|
|
|
|
|
|
|