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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net premiums earned $ 263,609 $ 276,486 $ 532,458 $ 538,800
Investment income, net of investment expenses 12,696 14,120 15,059 30,632
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $80 and $(41) in 2020 and $37 and $127 in 2019; previously included in accumulated other comprehensive income) 15,779 13,591 (77,628) 40,304
Other income 5,719 0 5,719 0
Total revenues 297,803 304,197 475,608 609,736
Benefits, Losses and Expenses        
Losses and loss settlement expenses 204,973 220,009 391,476 384,249
Amortization of deferred policy acquisition costs 51,893 54,795 106,345 107,014
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,072 and $2,144 in 2020 and $1,124 and $2,248 in 2019; previously included in accumulated other comprehensive income) 36,701 33,964 78,550 68,367
Total benefits, losses and expenses 293,567 308,768 576,371 559,630
Income (loss) before income taxes 4,236 (4,571) (100,763) 50,106
Federal income tax expense (benefit) (includes reclassifications of $207 and $458 in 2020 and $229 and $445 in 2019; previously included in accumulated other comprehensive income) (1,724) (375) (34,189) 9,781
Net Income (loss) 5,960 (4,196) (66,574) 40,325
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments 33,037 28,596 40,205 61,950
Change in net unrealized appreciation on investments for which an allowance for a credit loss has been recorded 1,858 0 265 0
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income, before tax and reclassification adjustments 34,895 28,596 40,470 61,950
Income tax effect (7,329) (6,004) (8,499) (13,009)
Other comprehensive income, after tax, before reclassification adjustments 27,566 22,592 31,971 48,941
Reclassification adjustment for net realized investment (gains) losses included in income (80) (37) 41 (127)
Reclassification adjustment for employee benefit costs included in expense 1,072 1,124 2,144 2,248
Total reclassification adjustments, before tax 992 1,087 2,185 2,121
Reclassifications for federal income tax benefit 207 229 458 445
Total reclassification adjustments, after tax 785 858 1,727 1,676
Comprehensive income (loss) $ 34,311 $ 19,254 $ (32,876) $ 90,942
Diluted weighted average common shares outstanding (in shares) 25,255,604 25,210,354 25,019,441 25,659,803
Earnings (loss) per common share:        
Basic (in dollars per share) $ 0.24 $ (0.17) $ (2.66) $ 1.60
Diluted (in dollars per share) $ 0.24 $ (0.17) $ (2.66) $ 1.57