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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Net premiums earned $ 238,256 $ 238,909 $ 703,746 $ 722,837
Investment income, net of investment expenses 11,606 11,571 32,062 42,447
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $(1,079) and $(1,478) in 2022 and $214 and $(453) in 2021; previously included in accumulated other comprehensive income (loss)) (14,250) (2,269) (35,647) 28,243
Other income (loss) (39) 332 (38) 163
Total revenues 235,573 248,543 700,123 793,690
Benefits, Losses and Expenses        
Losses and loss settlement expenses 182,411 175,444 464,295 533,981
Amortization of deferred policy acquisition costs 53,107 51,261 156,116 150,533
Other underwriting expenses (includes reclassifications for employee benefit costs of $900 and $2,700 in 2022 and $1,586 and $4,899 in 2021; previously included in accumulated other comprehensive income (loss)) 30,487 35,468 87,885 82,236
Interest expense 797 797 2,391 2,391
Total benefits, losses and expenses 266,802 262,970 710,687 769,141
Income (loss) before income taxes (31,229) (14,427) (10,564) 24,549
Federal income tax expense (benefit) (includes reclassifications of $416 and $877 in 2022 and $285 and $1,122 in 2021; previously included in accumulated other comprehensive income (loss)) (8,248) (4,834) (5,475) 1,690
Net Income (loss) (22,981) (9,593) (5,089) 22,859
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (65,415) (12,230) (199,071) (33,231)
Change in liability for underfunded employee benefit plans (4,591) (3,765) (13,774) (1,025)
Other comprehensive income (loss), before tax and reclassification adjustments (70,006) (15,995) (212,845) (34,256)
Income tax effect 14,701 3,359 44,697 7,194
Other comprehensive income (loss), after tax, before reclassification adjustments (55,305) (12,636) (168,148) (27,062)
Reclassification adjustment for net investment losses included in income 1,079 (214) 1,478 453
Reclassification adjustment for employee benefit costs included in expense 900 1,586 2,700 4,899
Total reclassification adjustments, before tax 1,979 1,372 4,178 5,352
Income tax effect (416) (285) (877) (1,122)
Total reclassification adjustments, after tax 1,563 1,087 3,301 4,230
Comprehensive income (loss) $ (76,723) $ (21,142) $ (169,936) $ 27
Diluted weighted average common shares outstanding (in shares) 25,188,958 25,092,167 25,146,318 25,427,318
Earnings per common share:        
Basic (in dollars per share) $ (0.91) $ (0.38) $ (0.20) $ 0.91
Diluted (in dollars per share) $ (0.91) $ (0.38) $ (0.20) $ 0.90