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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Investments:    
Fixed maturity securities held to maturity at amortized cost net of allowance for credit losses of $239 and $195 in 2022 and 2021, respectively, (fair value $468,144 and $575,850 in 2022 and 2021, respectively) $ 491,688 $ 549,231
Fixed maturity securities available for sale, at fair value (amortized cost $338,593, allowance for credit losses of $0 in 2022and amortized cost $324,597, allowance for credit losses of $0 in 2021) 321,121 341,769
Equity securities, at fair value(cost $50,185 and $44,175 in 2022 and 2021, respectively) 62,058 64,140
Short-term investments 14,120 57,431
Total investments 888,987 1,012,571
Cash and cash equivalents 61,469 70,722
Amounts recoverable from reinsurers(net of allowance for credit losses of $372 and $440 in 2022 and 2021, respectively) 125,677 120,561
Premiums receivable(net of allowance for credit losses of $4,852 and $4,386 in 2022 and 2021, respectively) 121,713 135,100
Deferred income taxes 22,794 14,384
Accrued interest receivable 8,428 8,080
Property and equipment, net 7,225 6,459
Deferred policy acquisition costs 17,401 17,059
Federal income tax recoverable 1,453 6,414
Other assets 14,132 11,374
Total assets 1,269,279 1,402,724
Liabilities:    
Reserves for loss and loss adjustment expenses 696,037 745,278
Unearned premiums 114,976 121,092
Amounts held for others 48,811 42,915
Policyholder deposits 36,312 39,383
Insurance-related assessments 17,653 16,850
Accounts payable and other liabilities 38,058 37,883
Total liabilities 951,847 1,003,401
Shareholders’ equity:    
Common stock voting $0.01 par value authorized shares 50,000,000 in 2022 and 2021; 20,678,572 and 20,622,304 shares issued; and 19,155,873and 19,364,054 shares outstanding in 2022 and 2021, respectively 207 206
Additional paid-in capital 220,299 217,458
Treasury stock, at cost (1,522,699 and 1,258,250 shares in 2022 and 2021 respectively (34,758) (22,370)
Accumulated earnings 145,512 190,492
Accumulated other comprehensive income (loss), net (13,828) 13,537
Total shareholders’ equity 317,432 399,323
Total liabilities and shareholders’ equity $ 1,269,279 $ 1,402,724