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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Investments    
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,840,973 and $3,803,835, respectively; allowance for expected credit losses, $3,656 and $3,399, respectively) $ 3,663,483 $ 3,582,207
Fixed maturities, trading, at fair value (cost, $16,147 and $52,493, respectively) 16,182 53,157
Equity investments, at fair value (cost, $134,110 and $145,411, respectively) 120,072 130,158
Short-term investments 244,041 254,922
Business owned life insurance 80,797 80,179
Investment in unconsolidated subsidiaries 256,606 259,538
Other investments (at fair value, $2,559 and $2,077, respectively, otherwise at cost or amortized cost) 7,801 7,266
Total Investments 4,388,982 4,367,427
Cash and cash equivalents 43,541 54,881
Premiums receivable, net (allowance for expected credit losses, $8,265 and $8,141, respectively) 247,002 228,900
Receivable from reinsurers on paid losses and loss adjustment expenses 18,120 18,226
Receivable from reinsurers on unpaid losses and loss adjustment expenses 369,413 409,069
Prepaid reinsurance premiums 35,686 30,623
Deferred policy acquisition costs 61,241 59,026
Deferred tax asset, net 153,932 163,928
Real estate, net 15,082 29,581
Operating lease ROU assets 15,819 16,514
Intangible assets, net 52,746 54,208
Goodwill 5,500 5,500
Other assets 118,956 136,390
Total Assets 5,526,020 5,574,273
Policy liabilities and accruals    
Reserve for losses and loss adjustment expenses 3,180,767 3,257,696
Unearned premiums 463,694 418,756
Reinsurance premiums payable 22,166 27,289
Total Policy Liabilities and Accruals 3,666,627 3,703,741
Operating lease liabilities 16,671 17,390
Other liabilities 185,353 226,520
Debt less unamortized debt issuance costs 423,749 424,873
Total Liabilities 4,292,400 4,372,524
Shareholders' Equity    
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,898,971 and 63,763,789 shares issued, respectively) 639 638
Additional paid-in capital 408,630 408,471
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($36,776) and ($46,681), respectively) (134,858) (172,391)
Retained earnings 1,428,903 1,434,725
Treasury shares, at cost (12,606,968 shares as of each respective period end) (469,694) (469,694)
Total Shareholders' Equity 1,233,620 1,201,749
Total Liabilities and Shareholders' Equity $ 5,526,020 $ 5,574,273