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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues      
Net premiums earned $ 1,034,587 $ 951,541 $ 962,823
Investment income, net of investment expenses 59,606 44,932 55,778
Net investment gains (losses) (includes reclassifications for net unrealized gains (losses) on available-for-sale securities of $(718) in 2023; $(1,323) in 2022; and $2,256 in 2021 previously included in accumulated other comprehensive income) 1,274 (15,892) 47,383
Other income (loss) 0 (295) 207
Total revenues 1,095,467 980,286 1,066,191
Benefits, losses and expenses      
Losses and loss settlement expenses 769,414 637,301 652,155
Amortization of deferred policy acquisition costs 244,991 213,075 203,432
Other underwriting expenses (includes reclassifications for employee benefit costs of $(207) in 2023; $(3,601) in 2022; and $(6,603) in 2021 previously included in accumulated other comprehensive income) 115,800 115,169 110,103
Interest Expense 3,260 3,188 3,187
Other nonunderwriting expenses 1,723 (524) 471
Total benefits, losses and expenses 1,135,188 968,209 969,348
Income (loss) before income taxes (39,721) 12,077 96,843
Federal income tax expense (benefit) (includes reclassifications of $194 in 2023; $1,034 in 2022 and $913 in 2021 previously included in accumulated other comprehensive income) 10,021 2,954 (16,249)
Net income (loss) (29,700) 15,031 80,594
Other comprehensive income (loss)      
Change in net unrealized appreciation on investments 26,373 (176,181) (39,901)
Change in liability for underfunded employee benefit plans 18,953 (8,278) 19,633
Other comprehensive income (loss), before tax and reclassification adjustments 45,326 (184,459) (20,268)
Income tax effect (9,518) 38,736 4,260
Other comprehensive income (loss), after tax, before reclassification adjustments 35,808 (145,723) (16,008)
Reclassification adjustment for net (gains) losses included in income 718 1,323 (2,256)
Reclassification adjustment for employee benefit costs included in expense 207 3,601 6,603
Total reclassification adjustments, before tax 925 4,924 4,347
Income tax effect (194) (1,034) (913)
Total reclassification adjustments, after tax 731 3,890 3,434
Comprehensive income (loss) $ 6,839 $ (126,802) $ 68,020
Earnings (loss) per common share:      
Basic (in dollars per share) $ (1.18) $ 0.60 $ 3.21
Diluted (in dollars per share) $ (1.18) $ 0.59 $ 3.16