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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Fixed maturities    
Available-for-sale, at fair value (amortized cost $1,684,249 in 2023 and $1,662,680 in 2022) $ 1,591,169 $ 1,551,336
Equity securities at fair value (cost $70,565 in 2023 and $75,292 in 2022) 159,378 169,106
Mortgage loans 37,912 37,947
Less: allowance for mortgage loan losses 49 49
Mortgage loans, net 37,863 37,898
Other long-term investments 91,003 86,276
Short-term investments 275 275
Total investments 1,879,688 1,844,891
Cash and cash equivalents 53,230 96,650
Accrued investment income 15,396 14,480
Premiums receivable (net of allowance for doubtful accounts of $1,701 in 2023 and $1,575 in 2022) 398,390 365,729
Deferred policy acquisition costs 107,489 104,225
Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $62,027 in 2023 and $59,566 in 2022) 133,259 133,113
Reinsurance receivables and recoverables (net of allowance for credit losses of $94 in 2023 and $82 in 2022) 162,425 170,953
Prepaid reinsurance premiums 10,569 11,300
Intangible assets 5,147 5,324
Deferred tax asset 13,980 15,531
Income taxes receivable 29,944 31,418
Other assets 88,886 88,672
TOTAL ASSETS 2,898,403 2,882,286
Liabilities    
Losses and loss settlement expenses 1,499,391 1,497,274
Unearned premiums 490,798 474,388
Accrued expenses and other liabilities 106,419 120,510
Long term debt 50,000 50,000
TOTAL LIABILITIES 2,146,608 2,142,172
Stockholders’ Equity    
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,231,553 and 25,210,541 shares issued and outstanding in 2023 and 2022, respectively 25 25
Additional paid-in capital 208,010 207,030
Retained earnings 617,213 620,555
Accumulated other comprehensive income, net of tax (73,453) (87,496)
TOTAL STOCKHOLDERS’ EQUITY 751,795 740,114
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,898,403 $ 2,882,286