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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments    
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,798,274 and $3,803,835, respectively; allowance for expected credit losses, $4,031 and $3,399, respectively) $ 3,679,182 $ 3,582,207
Fixed maturities, trading, at fair value (cost, $12,304 and $52,493, respectively) 12,390 53,157
Equity investments, at fair value (cost, $120,665 and $145,411, respectively) 110,198 130,158
Short-term investments 291,345 254,922
Business owned life insurance 82,346 80,179
Investment in unconsolidated subsidiaries 253,085 259,538
Other investments (at fair value, $2,137 and $2,077, respectively, otherwise at cost or amortized cost) 9,309 7,266
Total Investments 4,437,855 4,367,427
Cash and cash equivalents 54,457 54,881
Premiums receivable, net (allowance for expected credit losses, $7,957 and $8,141, respectively) 255,677 228,900
Receivable from reinsurers on paid losses and loss adjustment expenses 17,787 18,226
Receivable from reinsurers on unpaid losses and loss adjustment expenses 363,663 409,069
Prepaid reinsurance premiums 39,164 30,623
Deferred policy acquisition costs 59,895 59,026
Deferred tax asset, net 132,952 163,928
Real estate, net 14,873 29,581
Operating lease ROU assets 14,491 16,514
Intangible assets, net 49,822 54,208
Goodwill 5,500 5,500
Other assets 106,037 136,390
Total Assets 5,552,173 5,574,273
Policy liabilities and accruals    
Reserve for losses and loss adjustment expenses 3,118,937 3,257,696
Unearned premiums 458,376 418,756
Reinsurance premiums payable 26,091 27,289
Total Policy Liabilities and Accruals 3,603,404 3,703,741
Operating lease liabilities 15,321 17,390
Other liabilities 207,673 226,520
Debt less unamortized debt issuance costs 421,523 424,873
Total Liabilities 4,247,921 4,372,524
Shareholders' Equity    
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 64,020,611 and 63,763,789 shares issued, respectively) 640 638
Additional paid-in capital 411,877 408,471
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($24,560) and ($46,681), respectively) (90,841) (172,391)
Retained earnings 1,452,270 1,434,725
Treasury shares, at cost (12,606,968 shares as of each respective period end) (469,694) (469,694)
Total Shareholders' Equity 1,304,252 1,201,749
Total Liabilities and Shareholders' Equity $ 5,552,173 $ 5,574,273