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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Net premiums earned $ 254,638 $ 231,262 $ 510,765 $ 465,490
Investment income, net of investment expenses 11,327 9,180 24,049 20,456
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $(152) and $(692) in 2023 and $(716) and $(398) in 2022; previously included in accumulated other comprehensive income (loss)) 1,124 (20,932) (621) (21,397)
Other income (loss) 0 26 0 1
Total revenues 267,089 219,536 534,193 464,550
Benefits, Losses and Expenses        
Losses and loss settlement expenses 250,730 151,508 425,327 281,884
Amortization of deferred policy acquisition costs 59,156 52,538 118,991 103,009
Other underwriting expenses (includes reclassifications for employee benefit costs of $52 and $104 in 2023 and $900 and $1,800 in 2022; previously included in accumulated other comprehensive income (loss)) 28,633 28,754 60,509 57,398
Interest expense 797 797 1,594 1,594
Total benefits, losses and expenses 339,316 233,597 606,421 443,885
Income (loss) before income taxes (72,227) (14,061) (72,228) 20,665
Federal income tax expense (benefit) (includes reclassifications of $43 and $167 in 2023 and $339 and $461 in 2022; previously included in accumulated other comprehensive income (loss)) (15,845) (3,604) (16,540) 2,773
Net Income (loss) (56,382) (10,457) (55,688) 17,892
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments (19,616) (50,691) (1,612) (133,656)
Change in liability for underfunded employee benefit plans (820) (4,591) (1,640) (9,183)
Other comprehensive income (loss), before tax and reclassification adjustments (20,436) (55,282) (3,252) (142,839)
Income tax effect 4,293 11,609 684 29,997
Other comprehensive income (loss), after tax, before reclassification adjustments (16,143) (43,673) (2,568) (112,842)
Reclassification adjustment for net investment losses included in income 152 716 692 398
Reclassification adjustment for employee benefit costs included in expense (52) (900) (104) (1,800)
Total reclassification adjustments, before tax 204 1,616 796 2,198
Income tax effect 43 339 167 461
Total reclassification adjustments, after tax 161 1,277 629 1,737
Comprehensive income (loss) $ (72,364) $ (52,853) $ (57,627) $ (93,213)
Diluted weighted average common shares outstanding (in shares) 25,249,073 25,148,143 25,234,834 25,410,649
Earnings Per Share [Abstract]        
Basic (in dollars per share) $ (2.23) $ (0.42) $ (2.21) $ 0.71
Diluted (in dollars per share) $ (2.23) $ (0.42) $ (2.21) $ 0.70