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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Investments:    
Debt securities, available-for-sale, at fair value (amortized cost; $270,975 in 2023 and $434,119 in 2022; allowance for expected credit losses of $0 in 2023) $ 267,684 $ 426,597
Equity securities (cost; $21,142 in 2023 and $30,058 in 2022) 19,759 28,199
Total investments 287,443 454,796
Cash and cash equivalents 75,667 59,133
Restricted cash 11,029 29,486
Ceded unearned premiums 30,881 237,086
Premiums receivable 54,393 78,355
Accounts receivable 2,384 10,859
Receivable from reinsurer   58,882
Receivable for securities 1,981 945
Reinsurance recoverable (net of allowance for expected credit losses of $200 in 2023) 591,936 578,424
Deferred policy acquisition costs 14,676 8
Federal income tax recoverable 86 2,668
Prepaid pension assets 277 163
Prepaid expenses 1,294 1,508
Other assets 20,875 24,389
Total assets 1,092,922 1,536,702
Liabilities:    
Senior unsecured notes due 2029 (less unamortized debt issuance cost of $574 in 2023 and $648 in 2022) 49,426 49,352
Subordinated debt securities (less unamortized debt issuance cost of $653 in 2023 and $691 in 2022) 56,049 56,011
Reserves for unpaid losses and loss adjustment expenses 719,987 880,869
Unearned premiums 107,574 292,691
Reinsurance payable 76,362 128,950
Accounts payable and other accrued expenses 91,292 68,535
Total liabilities 1,100,690 1,476,408
Commitments and contingencies (Note 19)
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 124,913 124,740
Retained (deficit) earnings (105,454) (33,407)
Accumulated other comprehensive loss (4,680) (8,492)
Treasury stock (268,801 shares in 2023 and 2022), at cost (24,634) (24,634)
Total stockholders' equity (7,768) 60,294
Total liabilities and stockholders' equity $ 1,092,922 $ 1,536,702