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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Net premiums earned $ 242,420,000 $ 258,355,000 $ 730,068,000 $ 771,337,000
Net investment income 32,754,000 24,745,000 94,714,000 67,132,000
Equity in earnings (loss) of unconsolidated subsidiaries (61,000) (6,852,000) 5,450,000 5,948,000
Net investment gains (losses):        
Impairment losses (141,000) 0 (3,117,000) (972,000)
Portion of impairment losses recognized in other comprehensive income (loss) before taxes 0 0 0 419,000
Net impairment losses recognized in earnings (141,000) 0 (3,117,000) (553,000)
Other net investment gains (losses) (2,561,000) (8,262,000) 6,273,000 (45,099,000)
Total net investment gains (losses) (2,702,000) (8,262,000) 3,156,000 (45,652,000)
Other income 3,336,000 5,097,000 6,864,000 13,215,000
Total revenues 275,747,000 273,083,000 840,252,000 811,980,000
Expenses        
Net losses and loss adjustment expenses 208,891,000 198,073,000 605,245,000 585,166,000
Underwriting, policy acquisition and operating expenses:        
Operating expense 41,132,000 45,847,000 118,394,000 127,595,000
DPAC amortization 32,882,000 34,832,000 100,385,000 102,193,000
SPC U.S. federal income tax expense (benefit) (175,000) 433,000 1,351,000 1,424,000
SPC dividend expense (income) (2,518,000) 183,000 3,171,000 1,697,000
Interest expense 5,514,000 5,513,000 16,478,000 14,872,000
Goodwill impairment 44,110,000 0 44,110,000 0
Total expenses 329,836,000 284,881,000 889,134,000 832,947,000
Income (loss) before income taxes (54,089,000) (11,798,000) (48,882,000) (20,967,000)
Provision for income taxes:        
Current expense (benefit) (1,228,000) 1,953,000 (453,000) 1,411,000
Deferred expense (benefit) (3,427,000) (4,626,000) (3,448,000) (8,034,000)
Total income tax expense (benefit) (4,655,000) (2,673,000) (3,901,000) (6,623,000)
Net income (loss) (49,434,000) (9,125,000) (44,981,000) (14,344,000)
Other comprehensive income (loss), after tax, net of reclassification adjustments (29,359,000) (90,053,000) 1,768,000 (340,525,000)
Comprehensive income (loss) $ (78,793,000) $ (99,178,000) $ (43,213,000) $ (354,869,000)
Earnings (loss) per share:        
Basic (in usd per share) $ (0.95) $ (0.17) $ (0.85) $ (0.27)
Diluted (in usd per share) $ (0.95) $ (0.17) $ (0.85) $ (0.27)
Weighted average number of common shares outstanding:        
Basic (in shares) 51,837 53,990 53,205 54,023
Diluted (in shares) 52,006 54,124 53,339 54,151
Cash dividends declared per common share (in usd per share) $ 0 $ 0.05 $ 0.05 $ 0.15