Balance Sheet
Financial Highlights
3/31/2017
3/31/2018
6/30/2018
12/31/2018
Assets ($000)
Total Equity Instruments 135,514 149,027 125,407 66,422
Total Fixed Maturities 508,802 544,116 576,388 592,645
Total Securities 644,316 693,143 701,795 659,067
Investments 711,555 766,570 775,090 728,598
Cash and Cash Equivalents 61,761 79,209 75,952 163,996
Cash and Investments 773,316 845,779 851,042 892,594
Accrued Investment Income NA NA NA 4,358
Reinsurance Assets 262,423 322,055 326,346 398,531
Premiums Receivable 67,303 104,377 108,145 102,972
VOBA and Acquired Insurance Portfolios 0 0 0 0
Deferred Policy Acquisition Costs NA NA NA 6,568
Deferred Acquisition Costs NA NA NA 6,568
Total Intangible Assets 3,152 3,152 3,152 0
Memo: Consolidated VIE Assets NA NA NA NA
Fixed Assets NA NA NA 46,645
Total Other Assets 71,996 91,887 101,210 38,463
Separate Account Assets 0 0 0 0
Total Assets 1,178,190 1,367,250 1,389,895 1,490,131
Liabilities ($000)
P&C Loss and LAE Reserves 578,841 694,450 716,281 865,339
L&H Policy Reserves 0 0 0 0
Medical Claim Liabilities 0 0 0 0
Unearned Premiums Reserve 25,968 64,005 65,535 71,625
Other Policy Reserves 0 0 0 0
Total Policy Reserves 604,809 758,455 781,816 936,964
Total Reinsurance Liabilities NA NA NA 66,632
Premiums Payable NA NA NA NA
Repurchase Agreements 0 0 0 0
Other Senior Debt 20,000 20,000 20,000 20,000
Senior Debt 20,000 20,000 20,000 20,000
Trust Preferred (FAS 150) 0 0 0 0
Other Subordinated Debt 0 0 0 0
Total Subordinated Debt 0 0 0 0
Redeemable Financial Instruments (FAS 150) 0 0 0 0
Total Debt 20,000 20,000 20,000 20,000
Memo: Consolidated VIE Liabilities NA NA NA NA
Total Other Liabilities 140,479 176,984 180,844 110,453
Separate Account Liabilities 0 0 0 0
Total Liabilities 765,288 955,439 982,660 1,134,049
Mezzanine ($000)
Redeemable Preferred 0 0 0 0
Trust Preferred Securities 0 0 0 0
Total Minority Interest 0 0 0 0
Other Mezzanine Items 0 0 0 0
Total Mezzanine Level Items 0 0 0 0
Equity ($000)
TARP Preferred Equity 0 0 0 0
Other Preferred Equity 0 0 0 0
Total Preferred Equity 0 0 0 0
Common Equity 412,902 411,811 407,235 356,082
Equity Attributable to Parent Company 412,902 411,811 407,235 356,082
Noncontrolling Interests 0 0 0 0
Total Equity 412,902 411,811 407,235 356,082
Net Unrealized Gain 39,386 (2,461) (4,487) (6,208)
Cumulative Foreign Currency Translation (766) (532) (720) (1,139)
Minimum Pension Fund Liability 0 0 0 0
Fair Value of Effective Hedges 0 0 0 0
Tot Acc Other Comprehensive Inc 38,620 (2,993) (5,207) (7,347)
Total Equity, excl AOCI 374,282 414,804 412,442 363,429
Equity before Unrealized Gains 373,516 414,272 411,722 362,290
Basic Book Value per Share($) 27.34 27.38 27.14 23.95
Book Value per Share before Unrealized Gains($) 24.73 27.54 27.44 24.37
Book Value, excl AOCI($) 24.78 27.58 27.49 24.44
Shares Issued(actual) NA NA NA NA
Treasury Shares(actual) NA NA NA NA
Common Shares Outstanding(actual) 15,104,190 15,041,191 15,002,370 14,869,261
Balance Sheet Ratios (%)
Equity Securities/ Assets 11.50 10.90 9.02 4.46
Fixed Maturities/ Cash & Investments 65.79 64.33 67.73 66.40
Equity Securities/ Cash & Investments 17.52 17.62 14.74 7.44
Cash and Investments/ Assets 65.64 61.86 61.23 59.90
Total Equity/ Total Assets 35.05 30.12 29.30 23.90
Tangible Equity/ Tangible Assets 34.87 29.96 29.14 23.90
DAC/ Equity before Unrealized Gains NA NA NA 1.81
Debt plus Rdm Pfd/ Equity(x) 0.05 0.05 0.05 0.06
Total Debt/ Total Equity(x) 0.05 0.05 0.05 0.06
Debt/ Book Capitalization 4.62 4.63 4.68 5.32
Reserves/ Equity(x) 1.46 1.84 1.92 2.63
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.