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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Investments:    
Debt securities, available-for-sale, at fair value (amortized cost; $299,544 in 2023 and $434,119 in 2022; allowance for expected credit losses of $0 in 2023) $ 295,761 $ 426,597
Equity securities (cost; $24,284 in 2023 and $30,058 in 2022) 22,763 28,199
Total investments 318,524 454,796
Cash and cash equivalents 150,528 59,133
Restricted cash 14,781 29,486
Ceded unearned premiums 86,661 237,086
Premiums receivable 49,506 78,355
Accounts receivable 1,076 10,859
Receivable from reinsurer   58,882
Receivable for securities 476 945
Reinsurance recoverable (net of allowance for expected credit losses of $200 in 2023) 593,635 578,424
Deferred policy acquisition costs 9,858 8
Federal income tax recoverable   2,668
Prepaid pension assets 239 163
Prepaid expenses 1,878 1,508
Other assets 22,186 24,389
Total assets 1,249,348 1,536,702
Liabilities:    
Senior unsecured notes due 2029 (less unamortized debt issuance cost of $599 in 2023 and $648 in 2022) 49,401 49,352
Subordinated debt securities (less unamortized debt issuance cost of $666 in 2023 and $691 in 2022) 56,036 56,011
Reserves for unpaid losses and loss adjustment expenses 784,846 880,869
Unearned premiums 156,394 292,691
Reinsurance payable 111,176 128,950
Federal income tax payable 464  
Accounts payable and other accrued expenses 78,646 68,535
Total liabilities 1,236,963 1,476,408
Commitments and contingencies (Note 18)
Stockholders' equity:    
Common stock, $1.00 par value, authorized 3,333,333 shares; issued 2,087,283 shares in 2023 and 2022 2,087 2,087
Additional paid-in capital 124,879 124,740
Retained (deficit) earnings (84,458) (33,407)
Accumulated other comprehensive loss (5,489) (8,492)
Treasury stock (268,801 shares in 2023 and 2022), at cost (24,634) (24,634)
Total stockholders' equity 12,385 60,294
Total liabilities and stockholders' equity $ 1,249,348 $ 1,536,702