v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fixed maturities:    
Available for sale, at fair value (amortized cost: $1,331,715 and $1,330,310; net of allowance for expected credit losses of $0 at March 31, 2026 and December 31, 2025) $ 1,323,562 $ 1,325,502
Equity securities, at fair value 26,409 33,673
Other invested assets 10,183 17,097
Total investments 1,360,154 1,376,272
Cash and cash equivalents 34,830 65,542
Premium receivables, net of allowance for expected credit losses of $3,687 at March 31, 2026 and $3,640 at December 31, 2025 71,411 66,969
Reinsurance receivables, net of allowance for expected credit losses of $1,488 at March 31, 2026 and December 31, 2025 64,416 62,595
Funds held by ceding insurers 21,979 22,114
Deferred income taxes 21,818 20,076
Deferred acquisition costs 40,226 41,183
Intangible assets 16,729 16,845
Goodwill 4,820 4,820
Prepaid reinsurance premiums 4,196 3,607
Income tax receivable 0 2,617
Lease right of use assets 7,806 8,166
Other assets 31,731 29,956
Total assets 1,680,116 1,720,762
Liabilities:    
Unpaid losses and loss adjustment expenses 747,143 750,191
Unearned premiums 177,530 182,728
Reinsurance balances payable 3,098 1,860
Payable for securities 4,467 21,594
Contingent commissions 2,828 7,159
Income tax payable 196 0
Lease liabilities 7,902 8,331
Other liabilities 32,842 42,309
Total liabilities 976,006 1,014,172
Commitments and contingencies (Note 9)
Shareholders’ equity:    
Common shares 0 0
Additional paid-in capital 466,723 465,720
Accumulated other comprehensive income (loss), net of tax (6,596) (4,000)
Retained earnings 272,675 273,562
Total shareholders’ equity 704,110 706,590
Total liabilities and shareholders’ equity 1,680,116 1,720,762
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)