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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Net premiums earned $ 234,228 $ 259,225
Investment income, net of investment expenses 11,276 17,081
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $318 in 2022 and $(807) in 2021; previously included in accumulated other comprehensive income (loss)) (465) 24,508
Other income (loss) (25) (79)
Total revenues 245,014 300,735
Benefits, Losses and Expenses    
Losses and loss settlement expenses 130,376 206,398
Amortization of deferred policy acquisition costs 50,471 53,265
Other underwriting expenses (includes reclassifications for employee benefit costs of $900 in 2022 and $1,667 in 2021; previously included in accumulated other comprehensive income (loss)) 28,644 18,368
Interest expense 797 0
Total benefits, losses and expenses 210,288 278,031
Income before income taxes 34,726 22,704
Federal income tax expense (includes reclassifications of $122 in 2022 and $520 in 2021; previously included in accumulated other comprehensive income (loss)) 6,377 4,002
Net Income 28,349 18,702
Other comprehensive income (loss)    
Change in net unrealized appreciation on investments (82,965) (30,497)
Change in liability for underfunded employee benefit plans (4,591) 6,505
Other comprehensive income (loss), before tax and reclassification adjustments (87,556) (23,992)
Income tax effect 18,387 5,038
Other comprehensive income (loss), after tax, before reclassification adjustments (69,169) (18,954)
Reclassification adjustment for net realized investment losses included in income (318) 807
Reclassification adjustment for employee benefit costs included in expense 900 1,667
Total reclassification adjustments, before tax 582 2,474
Income tax effect (122) (520)
Total reclassification adjustments, after tax 460 1,954
Comprehensive income (loss) $ (40,360) $ 1,702
Diluted weighted average common shares outstanding (in shares) 25,323,105 25,379,812
Earnings per common share:    
Basic (in dollars per share) $ 1.13 $ 0.75
Diluted (in dollars per share) $ 1.12 $ 0.74