v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Investments    
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,849,715 and $3,758,720, respectively; allowance for expected credit losses, $3,403 as of September 30, 2024 and $555 as of December 31, 2023) $ 3,686,132 $ 3,493,597
Fixed maturities, trading, at fair value (cost, $51,947 and $48,449, respectively) 51,774 48,324
Equity investments, at fair value (cost, $145,891 and $164,262, respectively) 134,693 151,295
Short-term investments 230,575 235,785
Business owned life insurance 80,292 78,205
Investment in unconsolidated subsidiaries 271,490 276,756
Other investments (at fair value, $2,084 and $62,604, respectively, otherwise at cost or amortized cost) 6,160 65,819
Total Investments 4,461,116 4,349,781
Cash and cash equivalents 45,298 65,898
Premiums receivable, net (allowance for expected credit losses, $8,177 as of September 30, 2024 and $7,809 as of December 31, 2023) 264,981 235,569
Receivable from reinsurers on paid losses and loss adjustment expenses 6,477 21,122
Receivable from reinsurers on unpaid losses and loss adjustment expenses 461,302 445,573
Prepaid reinsurance premiums 37,248 31,149
Deferred policy acquisition costs 63,827 60,336
Deferred tax asset, net 157,026 186,164
Real estate, net 29,778 29,757
Operating lease ROU assets 17,241 16,275
Intangible assets, net 55,669 60,308
Goodwill 5,500 5,500
Other assets 126,909 124,493
Total Assets 5,732,372 5,631,925
Policy liabilities and accruals    
Reserve for losses and loss adjustment expenses 3,339,683 3,401,281
Unearned premiums 477,894 433,715
Reinsurance premiums payable 33,596 24,019
Total Policy Liabilities and Accruals 3,851,173 3,859,015
Operating lease liabilities 18,161 17,179
Other liabilities 205,868 216,618
Debt less unamortized debt issuance costs 425,944 427,133
Total Liabilities 4,501,146 4,519,945
Shareholders' Equity    
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,763,271 and 63,576,932 shares issued, respectively) 638 636
Additional paid-in capital 406,842 403,554
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($33,848) and ($55,738), respectively) (125,108) (204,489)
Retained earnings 1,418,556 1,381,981
Treasury shares, at cost (12,606,968 shares as of each respective period end) (469,702) (469,702)
Total Shareholders' Equity 1,231,226 1,111,980
Total Liabilities and Shareholders' Equity $ 5,732,372 $ 5,631,925