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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues    
Net premiums earned $ 256,127 $ 234,228
Investment income, net of investment expenses 12,722 11,276
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $(540) in 2023 and $318 in 2022; previously included in accumulated other comprehensive income (loss)) (1,745) (465)
Other income (loss) 0 (25)
Total revenues 267,104 245,014
Benefits, Losses and Expenses    
Losses and loss settlement expenses 174,597 130,376
Amortization of deferred policy acquisition costs 59,835 50,471
Other underwriting expenses (includes reclassifications for employee benefit costs of $52 in 2023 and $900 in 2022; previously included in accumulated other comprehensive income (loss)) 31,876 28,644
Interest expense 797 797
Total benefits, losses and expenses 267,105 210,288
Income (loss) before income taxes (1) 34,726
Federal income tax expense (benefit) (includes reclassifications of $124 in 2023 and $122 in 2022; previously included in accumulated other comprehensive income (loss)) (695) 6,377
Net Income (loss) 694 28,349
Other comprehensive income (loss)    
Change in net unrealized appreciation on investments 18,004 (82,965)
Change in liability for underfunded employee benefit plans (820) (4,591)
Other comprehensive income (loss), before tax and reclassification adjustments 17,184 (87,556)
Income tax effect (3,609) 18,387
Other comprehensive income (loss), after tax, before reclassification adjustments 13,575 (69,169)
Reclassification adjustment for net investment losses included in income 540 (318)
Reclassification adjustment for employee benefit costs included in expense 52 900
Total reclassification adjustments, before tax 592 582
Income tax effect 124 122
Total reclassification adjustments, after tax 468 460
Comprehensive income (loss) $ 14,737 $ (40,360)
Diluted weighted average common shares outstanding (in shares) 25,500,115 25,323,105
Earnings per common share:    
Basic (in dollars per share) $ 0.03 $ 1.13
Diluted (in dollars per share) $ 0.03 $ 1.12