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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Net premiums earned $ 259,456 $ 238,256 $ 770,221 $ 703,746
Investment income, net of investment expenses 16,459 11,606 40,508 32,062
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $(79) and $(771) in 2023 and $(1,079) and $(1,478) in 2022; previously included in accumulated other comprehensive income (loss)) (1,960) (14,250) (2,581) (35,647)
Other income (loss) 0 (39) 0 (38)
Total revenues 273,955 235,573 808,148 700,123
Benefits, Losses and Expenses        
Losses and loss settlement expenses 172,798 182,411 598,125 464,295
Amortization of deferred policy acquisition costs 62,709 53,107 181,700 156,116
Other underwriting expenses (includes reclassifications for employee benefit costs of $51 and $155 in 2023 and $900 and $2,700 in 2022; previously included in accumulated other comprehensive income (loss)) 29,275 30,487 89,784 87,885
Interest expense 797 797 2,391 2,391
Total benefits, losses and expenses 265,579 266,802 872,000 710,687
Income (loss) before income taxes 8,376 (31,229) (63,852) (10,564)
Federal income tax expense (benefit) (includes reclassifications of $28 and $195 in 2023 and $416 and $877 in 2022; previously included in accumulated other comprehensive income (loss)) 1,996 (8,248) (14,544) (5,475)
Net Income (loss) 6,380 (22,981) (49,308) (5,089)
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (43,245) (65,415) (44,857) (199,071)
Change in liability for underfunded employee benefit plans (820) (4,591) (2,460) (13,774)
Other comprehensive income (loss), before tax and reclassification adjustments (44,065) (70,006) (47,317) (212,845)
Income tax effect 9,253 14,701 9,937 44,697
Other comprehensive income (loss), after tax, before reclassification adjustments (34,812) (55,305) (37,380) (168,148)
Reclassification adjustment for net investment losses included in income 79 1,079 771 1,478
Reclassification adjustment for employee benefit costs included in expense 51 900 155 2,700
Total reclassification adjustments, before tax 130 1,979 926 4,178
Income tax effect (28) (416) (195) (877)
Total reclassification adjustments, after tax 102 1,563 731 3,301
Comprehensive income (loss) $ (28,330) $ (76,723) $ (85,957) $ (169,936)
Diluted weighted average common shares outstanding (in shares) 25,579,334 25,188,958 25,244,502 25,146,318
Earnings per common share:        
Basic (in dollars per share) $ 0.25 $ (0.91) $ (1.95) $ (0.20)
Diluted (in dollars per share) $ 0.25 $ (0.91) $ (1.95) $ (0.20)