v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments    
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,775,708 and $3,793,777, respectively; allowance for expected credit losses, $4,299 and $4,306, respectively) $ 3,643,213 $ 3,685,787
Fixed maturities, trading, at fair value (cost, $13,487 and $14,202, respectively) 13,567 14,316
Equity investments, at fair value (cost, $121,742 and $121,766, respectively) 105,708 106,988
Short-term investments 309,510 285,629
Business owned life insurance 83,241 82,787
Investment in unconsolidated subsidiaries 240,411 245,472
Other investments (at fair value, $0 and $1,215, respectively, otherwise at cost or amortized cost) 7,207 8,400
Total Investments 4,402,857 4,429,379
Cash and cash equivalents 14,054 36,494
Premiums receivable, net (allowance for expected credit losses, $7,951 and $7,829, respectively) 237,511 227,757
Receivable from reinsurers on paid losses and loss adjustment expenses 16,432 19,671
Receivable from reinsurers on unpaid losses and loss adjustment expenses 334,900 334,612
Prepaid reinsurance premiums 38,180 32,933
Deferred policy acquisition costs 60,344 57,406
Deferred tax asset, net 126,162 121,868
Real estate, net 13,235 13,055
Operating lease ROU assets 13,164 13,820
Intangible assets, net 47,610 48,538
Goodwill 5,500 5,500
Other assets 105,042 106,159
Total Assets 5,414,991 5,447,192
Policy liabilities and accruals    
Reserve for losses and loss adjustment expenses 2,980,278 3,018,396
Unearned premiums 444,228 403,876
Reinsurance premiums payable 20,669 14,422
Total Policy Liabilities and Accruals 3,445,175 3,436,694
Operating lease liabilities 13,976 14,643
Other liabilities 197,764 226,304
Debt less unamortized debt issuance costs 419,306 420,417
Total Liabilities 4,076,221 4,098,058
Shareholders' Equity    
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 64,214,694 and 64,020,611 shares issued, respectively) 642 640
Additional paid-in capital 412,703 413,594
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($26,942) and ($21,905), respectively) (98,982) (81,046)
Retained earnings 1,494,101 1,485,640
Treasury shares, at cost (12,606,968 shares as of each respective period end) (469,694) (469,694)
Total Shareholders' Equity 1,338,770 1,349,134
Total Liabilities and Shareholders' Equity $ 5,414,991 $ 5,447,192