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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Net premiums earned $ 287,569 $ 254,638 $ 568,428 $ 510,765
Net investment income 18,029 11,327 34,371 24,049
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $(1,229) and $(3,793) in 2024 and $(152) and $(692) in 2023; previously included in accumulated other comprehensive income (loss)) (1,229) 1,124 (2,431) (621)
Other income (loss) (3,200) 0 (3,200) 0
Total revenues 301,169 267,089 597,168 534,193
Benefits, Losses and Expenses        
Losses and loss settlement expenses 201,325 250,730 380,971 425,327
Amortization of deferred policy acquisition costs 67,389 59,156 133,079 118,991
Other underwriting expenses (includes reclassifications for employee benefit costs of $0 and $0 in 2024 and $52 and $104 in 2023; previously included in accumulated other comprehensive income (loss)) 34,613 28,832 67,078 59,135
Interest expense 1,460 797 2,319 1,594
Other non-underwriting expenses 152 (199) 1,207 1,374
Total benefits, losses and expenses 304,939 339,316 584,654 606,421
Income (loss) before income taxes (3,770) (72,227) 12,514 (72,228)
Federal income tax expense (benefit) (includes reclassifications of $259 and $797 in 2024 and $43 and $167 in 2023; previously included in accumulated other comprehensive income (loss)) (1,035) (15,845) 1,747 (16,540)
Net Income (loss) (2,735) (56,382) 10,767 (55,688)
Other comprehensive income (loss)        
Change in net unrealized gain (loss) on investments (6,654) (19,616) (17,750) (1,612)
Change in liability for underfunded employee benefit plans (724) (820) (1,448) (1,640)
Foreign currency translation adjustment 35 0 12 0
Other comprehensive income (loss), before tax and reclassification adjustments (7,343) (20,436) (19,186) (3,252)
Income tax effect 1,549 4,293 4,031 684
Other comprehensive income (loss), after tax, before reclassification adjustments (5,794) (16,143) (15,155) (2,568)
Reclassification adjustment for net investment losses included in income 1,229 152 3,793 692
Reclassification adjustment for employee benefit costs included in expense 0 52 0 104
Total reclassification adjustments, before tax 1,229 204 3,793 796
Income tax effect (259) (43) (797) (167)
Total reclassification adjustments, after tax 970 161 2,996 629
Comprehensive income (loss) $ (7,559) $ (72,364) $ (1,392) $ (57,627)
Diluted weighted average common shares outstanding (in shares) 25,314,456 25,249,073 25,895,481 25,234,834
Earnings per common share:        
Basic (in dollars per share) $ (0.11) $ (2.23) $ 0.43 $ (2.21)
Diluted (in dollars per share) $ (0.11) $ (2.23) $ 0.42 $ (2.21)