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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Net premiums earned $ 224,703 $ 263,609 $ 483,928 $ 532,458
Investment income, net of investment expenses 13,795 12,696 30,876 15,059
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $141 and $(666) in 2021 and $80 and $(41) in 2020; previously included in accumulated other comprehensive income) 6,004 15,779 30,512 (77,628)
Other income (loss) (90) 5,719 (169) 5,719
Total revenues 244,412 297,803 545,147 475,608
Benefits, Losses and Expenses        
Losses and loss settlement expenses 152,139 204,973 358,537 391,476
Amortization of deferred policy acquisition costs 46,007 51,893 99,272 106,345
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,645 and $3,312 in 2021 and $1,072 and $2,144 in 2020; previously included in accumulated other comprehensive income) 28,400 36,701 46,768 78,550
Interest Expense 1,594 0 1,594 0
Total benefits, losses and expenses 228,140 293,567 506,171 576,371
Income (loss) before income taxes 16,272 4,236 38,976 (100,763)
Federal income tax expense (benefit) (includes reclassifications of $316 and $835 in 2021 and $207 and $458 in 2020; previously included in accumulated other comprehensive income) 2,522 (1,724) 6,524 (34,189)
Net Income (loss) 13,750 5,960 32,452 (66,574)
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments 9,496 34,895 (21,001) 40,470
Change in liability for underfunded employee benefit plans (3,765) 0 2,740 0
Other comprehensive income, before tax and reclassification adjustments 5,731 34,895 (18,261) 40,470
Income tax effect (1,202) (7,329) 3,835 (8,499)
Change in accumulated other comprehensive income before reclassifications 4,529 27,566 (14,426) 31,971
Reclassification adjustment for net realized investment losses included in income (141) (80) 666 41
Reclassification adjustment for employee benefit costs included in expense 1,645 1,072 3,312 2,144
Total reclassification adjustments, before tax 1,504 992 3,978 2,185
Income tax effect (316) (207) (835) (458)
Total reclassification adjustments, after tax 1,188 785 3,143 1,727
Comprehensive income (loss) $ 19,467 $ 34,311 $ 21,169 $ (32,876)
Diluted weighted average common shares outstanding (in shares) 25,416,868 25,255,604 25,394,728 25,019,441
Earnings (loss) per common share:        
Basic (in dollars per share) $ 0.55 $ 0.24 $ 1.29 $ (2.66)
Diluted (in dollars per share) $ 0.54 $ 0.24 $ 1.28 $ (2.66)