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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Invested assets:    
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2024 – $1,377,965; 2023 – $1,405,136) $ 1,287,466 $ 1,324,476
Equity securities, at fair value (cost: 2024 – $119,788; 2023 – $114,107) 128,690 119,945
Bank loan participations, at fair value 173,046 156,169
Short-term investments 84,534 72,137
Other invested assets 33,082 33,134
Total invested assets 1,706,818 1,705,861
Cash and cash equivalents 305,496 274,298
Restricted cash equivalents 73,396 72,449
Accrued investment income 11,664 12,106
Premiums receivable and agents’ balances, net 221,566 249,490
Reinsurance recoverable on unpaid losses, net 1,377,863 1,358,474
Reinsurance recoverable on paid losses 142,288 157,991
Prepaid reinsurance premiums 289,383 293,108
Deferred policy acquisition costs 26,991 31,497
Intangible assets, net 32,722 32,813
Goodwill 181,831 181,831
Other assets 148,731 163,939
Assets held-for-sale (Note 2 - discontinued operations) 732,170 783,393
Total assets 5,250,919 5,317,250
Liabilities:    
Reserve for losses and loss adjustment expenses 2,661,909 2,606,107
Unearned premiums 550,688 587,899
Payables to reinsurers 126,538 158,670
Funds held 65,235 65,235
Deferred reinsurance gain 16,731 20,733
Senior debt 222,300 222,300
Junior subordinated debt 104,055 104,055
Accrued expenses 42,708 56,722
Other liabilities 179,614 174,513
Liabilities held-for-sale (Note 2 - discontinued operations) 596,706 641,497
Total liabilities 4,566,484 4,637,731
Commitments and contingent liabilities
Series A redeemable preferred shares – 2024 and 2023: $0.00125 par value; 20,000,000 shares authorized; 150,000 shares issued and outstanding 144,898 144,898
Shareholders’ equity:    
Common shares – 2024 and 2023: $0.0002 par value; 200,000,000 shares authorized; 37,822,340 and 37,641,563 shares issued and outstanding, respectively 7 7
Additional paid-in capital 878,091 876,240
Retained deficit (267,067) (277,905)
Accumulated other comprehensive loss (71,494) (63,721)
Total shareholders’ equity 539,537 534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 5,250,919 $ 5,317,250