Note 5 - Policy Acquisition Costs

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Deferred Policy Acquisition Costs [Text Block]

5. Policy Acquisition Costs

The following tables present the policy acquisition costs deferred and amortized over the terms of the policies in force:

	Year ended December 31,
	2023			2022			2021
	(in thousands)
Deferred Policy Acquisition Costs:
Balance, beginning of year	$	56,740		$	55,953		$	35,481
Additions to deferred balance:
Direct commissions		220,822			209,061			133,242
Ceding commissions and fronting fees		(123,911	)		(109,302	)		(32,249	)
Premium taxes		13,690			10,166			8,209
Total net additions		110,601			109,925			109,202
Amortization of net policy acquisition costs		(106,351	)		(109,138	)		(88,730	)
Balance, end of year	$	60,990		$	56,740		$	55,953
Acquisition expenses:
Amortization of net policy acquisition costs	$	106,351		$	109,138		$	88,730
Period costs		1,394			1,633			6,703
Total Acquisition expenses	$	107,745		$	110,771		$	95,433