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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues      
Net premiums earned $ 962,823 $ 1,055,082 $ 1,086,972
Investment income, net of investment expenses 55,778 39,670 60,414
Net investment gains (losses) (includes reclassifications for net unrealized gains on available-for-sale securities of $2,256 in 2021; $1,750 in 2020; and $(1,521) in 2019 previously included in accumulated other comprehensive income) 47,383 (32,395) 53,779
Other income 207 6,270 0
Total revenues 1,066,191 1,068,627 1,201,165
Benefits, losses and expenses      
Losses and loss settlement expenses 652,155 869,467 830,172
Amortization of deferred policy acquisition costs 203,432 210,252 216,699
Other underwriting expenses (includes reclassifications for employee benefit costs of $(6,603) in 2021; $(4,289) in 2020; and $(4,497) in 2019 previously included in accumulated other comprehensive income) 110,574 143,332 137,415
Goodwill impairment 0 15,091 0
Interest Expense 3,187 0 0
Total benefits, losses and expenses 969,348 1,238,142 1,184,286
Income (loss) before income taxes 96,843 (169,515) 16,879
Federal income tax expense (benefit) (includes reclassifications of $913 in 2021; $534 in 2020 and $1,263 in 2019 previously included in accumulated other comprehensive income) 16,249 (56,809) 2,059
Net income (loss) 80,594 (112,706) 14,820
Other comprehensive income (loss)      
Change in net unrealized appreciation on investments (39,901) 47,054 70,127
Change in liability for underfunded employee benefit plans 19,633 18,456 (20,924)
Other comprehensive income (loss), before tax and reclassification adjustments (20,268) 65,510 49,203
Income tax effect 4,260 (13,757) (10,334)
Other comprehensive income (loss), after tax, before reclassification adjustments (16,008) 51,753 38,869
Reclassification adjustment for net (gains) losses included in income (2,256) (1,750) 1,521
Reclassification adjustment for employee benefit costs included in expense 6,603 4,289 4,497
Total reclassification adjustments, before tax 4,347 2,539 6,018
Income tax effect (913) (534) (1,263)
Total reclassification adjustments, after tax 3,434 2,005 4,755
Comprehensive income (loss) $ 68,020 $ (58,948) $ 58,444
Weighted average common shares outstanding (in shares) 25,092,297 25,027,358 25,138,039
Earnings (loss) per common share:      
Basic (in dollars per share) $ 3.21 $ (4.50) $ 0.59
Diluted (in dollars per share) $ 3.16 $ (4.50) $ 0.58