v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,341,639 and $1,394,639; net of allowance for expected credit losses of $0 at June 30, 2025 and December 31, 2024) $ 1,336,344 $ 1,381,908
Equity securities, at fair value 12,569 12,284
Other invested assets 22,072 29,413
Total investments 1,370,985 1,423,605
Cash and cash equivalents 67,344 17,009
Premium receivables, net of allowance for expected credit losses of $3,371 at June 30, 2025 and $3,530 at December 31, 2024 70,433 75,088
Reinsurance receivables, net of allowance for expected credit losses of $8,992 at June 30, 2025 and December 31, 2024 67,566 66,855
Funds held by ceding insurers 24,416 30,026
Deferred income taxes 20,002 22,459
Deferred acquisition costs 43,915 41,136
Intangible assets 14,000 14,103
Goodwill 4,820 4,820
Prepaid reinsurance premiums 3,605 3,320
Receivable for securities 0 52
Income tax receivable 2,150 825
Lease right of use assets 8,779 9,295
Other assets 22,570 22,660
Total assets 1,720,585 1,731,253
Liabilities:    
Unpaid losses and loss adjustment expenses 776,127 800,391
Unearned premiums 195,013 183,411
Reinsurance balances payable 3,051 8,181
Payable for securities 5,341 0
Contingent commissions 4,116 6,826
Lease liabilities 9,346 10,371
Other liabilities 32,303 32,924
Total liabilities 1,025,297 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: 11,790,484 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: 10,502,716 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 463,816 459,578
Accumulated other comprehensive income (loss), net of tax (4,657) (10,410)
Retained earnings 264,821 268,673
Total shareholders’ equity 695,288 689,149
Total liabilities and shareholders’ equity 1,720,585 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)