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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net premiums earned $ 259,061 $ 274,942 $ 791,519 $ 813,742
Investment income, net of investment expenses 7,244 13,291 22,303 43,923
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $54 and $13 in 2020 and $130 and $257 in 2019; previously included in accumulated other comprehensive income) 15,212 9,822 (62,416) 50,126
Other income 604 0 6,323 0
Total revenues 282,121 298,055 757,729 907,791
Benefits, Losses and Expenses        
Losses and loss settlement expenses 234,693 211,752 626,169 596,001
Amortization of deferred policy acquisition costs 52,095 54,828 158,440 161,842
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,072 and $3,217 in 2020 and $1,124 and $3,372 in 2019; previously included in accumulated other comprehensive income) 35,470 36,003 114,020 104,370
Goodwill impairment 15,091 0 15,091 0
Total benefits, losses and expenses 337,349 302,583 913,720 862,213
Income (loss) before income taxes (55,228) (4,528) (155,991) 45,578
Federal income tax expense (benefit) (includes reclassifications of $213 and $672 in 2020 and $209 and $654 in 2019; previously included in accumulated other comprehensive income) (17,987) (2,186) (52,176) 7,595
Net Income (loss) (37,241) (2,342) (103,815) 37,983
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments 4,116 15,410 44,586 77,360
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income, before tax and reclassification adjustments 4,116 15,410 44,586 77,360
Income tax effect (864) (3,237) (9,363) (16,246)
Other comprehensive income, after tax, before reclassification adjustments 3,252 12,173 35,223 61,114
Reclassification adjustment for net realized investment (gains) losses included in income (54) (130) (13) (257)
Reclassification adjustment for employee benefit costs included in expense 1,072 1,124 3,217 3,372
Total reclassification adjustments, before tax 1,018 994 3,204 3,115
Reclassifications for federal income tax benefit (213) (209) (672) (654)
Total reclassification adjustments, after tax 805 785 2,532 2,461
Comprehensive income (loss) $ (33,184) $ 10,616 $ (66,060) $ 101,558
Diluted weighted average common shares outstanding (in shares) 25,031,234 25,176,334 25,023,401 25,643,744
Earnings (loss) per common share:        
Basic (in dollars per share) $ (1.49) $ (0.09) $ (4.15) $ 1.51
Diluted (in dollars per share) $ (1.49) $ (0.09) $ (4.15) $ 1.48