v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,323,666 and $1,394,639; net of allowance for expected credit losses of $0 at March 31, 2025 and December 31, 2024) $ 1,315,399 $ 1,381,908
Equity securities, at fair value 12,408 12,284
Other invested assets 23,915 29,413
Total investments 1,351,722 1,423,605
Cash and cash equivalents 81,146 17,009
Premium receivables, net of allowance for expected credit losses of $3,475 at March 31, 2025 and $3,530 at December 31, 2024 67,844 75,088
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at March 31, 2025 and December 31, 2024 69,542 66,855
Funds held by ceding insurers 24,920 30,026
Deferred income taxes 22,899 22,459
Deferred acquisition costs 41,689 41,136
Intangible assets 14,015 14,103
Goodwill 4,820 4,820
Prepaid reinsurance premiums 3,436 3,320
Receivable for securities 0 52
Income tax receivable 605 825
Lease right of use assets 9,102 9,295
Other assets 21,866 22,660
Total assets 1,713,606 1,731,253
Liabilities:    
Unpaid losses and loss adjustment expenses 794,848 800,391
Unearned premiums 186,076 183,411
Reinsurance balances payable 2,786 8,181
Payable for securities purchased 1,098 0
Contingent commissions 3,386 6,826
Lease liabilities 9,860 10,371
Other liabilities 28,501 32,924
Total liabilities 1,026,555 1,042,104
Commitments and contingencies (Note 9)
Shareholders’ equity:    
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,768,844 and 11,202,355, respectively, (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class A common shares outstanding: 10,481,076 and 9,914,587, respectively (inclusive of class A common shares designated as class A-2 common shares of 550,000 and 0, respectively); class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively 0 0
Additional paid-in capital 463,072 459,578
Accumulated other comprehensive income (loss), net of tax (6,913) (10,410)
Retained earnings 259,584 268,673
Total shareholders’ equity 687,051 689,149
Total liabilities and shareholders’ equity 1,713,606 1,731,253
Series A Cumulative Fixed Rate Preferred Shares    
Shareholders’ equity:    
Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: $1,000 per share and $1,000 per share, respectively 4,000 4,000
Class A Common Shares    
Shareholders’ equity:    
Class A common shares in treasury, at cost: 1,287,768 and 1,287,768 shares, respectively $ (32,692) $ (32,692)