Balance Sheet
Financial Highlights
3/31/2017
12/31/2017
3/31/2018
6/30/2018
Assets ($000)
Total Equity Instruments 135,514 201,763 149,027 125,407
Total Fixed Maturities 508,802 521,853 544,116 576,388
Total Securities 644,316 723,616 693,143 701,795
Investments 711,555 806,824 766,570 775,090
Cash and Cash Equivalents 61,761 64,680 79,209 75,952
Cash and Investments 773,316 871,504 845,779 851,042
Accrued Investment Income NA 4,159 NA NA
Reinsurance Assets 262,423 322,909 322,055 326,346
Premiums Receivable 67,303 87,551 104,377 108,145
VOBA and Acquired Insurance Portfolios 0 0 0 0
Deferred Policy Acquisition Costs NA 5,608 NA NA
Deferred Acquisition Costs NA 5,608 NA NA
Total Intangible Assets 3,152 3,152 3,152 3,152
Memo: Consolidated VIE Assets NA NA NA NA
Fixed Assets NA 47,317 NA NA
Total Other Assets 71,996 14,816 91,887 101,210
Separate Account Assets 0 0 0 0
Total Assets 1,178,190 1,357,016 1,367,250 1,389,895
Liabilities ($000)
P&C Loss and LAE Reserves 578,841 680,274 694,450 716,281
L&H Policy Reserves 0 0 0 0
Medical Claim Liabilities 0 0 0 0
Unearned Premiums Reserve 25,968 53,085 64,005 65,535
Other Policy Reserves 0 0 0 0
Total Policy Reserves 604,809 733,359 758,455 781,816
Total Reinsurance Liabilities NA 62,308 NA NA
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 140,479 122,538 176,984 180,844
Separate Account Liabilities 0 0 0 0
Total Liabilities 765,288 938,205 955,439 982,660
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 ($000)
TARP Preferred Equity 0 0 0 0
Other Preferred Equity 0 0 0 0
Total Preferred Equity 0 0 0 0
Common Equity 412,902 418,811 411,811 407,235
Equity Attributable to Parent Company 412,902 418,811 411,811 407,235
Noncontrolling Interests 0 0 0 0
Total Equity 412,902 418,811 411,811 407,235
Net Unrealized Gain 39,386 46,700 (2,461) (4,487)
Cumulative Foreign Currency Translation (766) (309) (532) (720)
Minimum Pension Fund Liability 0 0 0 0
Fair Value of Effective Hedges 0 0 0 0
Tot Acc Other Comprehensive Inc 38,620 46,391 (2,993) (5,207)
Total Equity, excl AOCI 374,282 372,420 414,804 412,442
Equity before Unrealized Gains 373,516 372,111 414,272 411,722
Basic Book Value per Share($) 27.34 27.83 27.38 27.14
Book Value per Share before Unrealized Gains($) 24.73 24.73 27.54 27.44
Book Value, excl AOCI($) 24.78 24.75 27.58 27.49
Shares Issued(actual) NA NA NA NA
Treasury Shares(actual) NA NA NA NA
Common Shares Outstanding(actual) 15,104,190 15,046,627 15,041,191 15,002,370
Balance Sheet Ratios (%)
Equity Securities/ Assets 11.50 14.87 10.90 9.02
Fixed Maturities/ Cash & Investments 65.79 59.88 64.33 67.73
Equity Securities/ Cash & Investments 17.52 23.15 17.62 14.74
Cash and Investments/ Assets 65.64 64.22 61.86 61.23
Total Equity/ Total Assets 35.05 30.86 30.12 29.30
Tangible Equity/ Tangible Assets 34.87 30.70 29.96 29.14
DAC/ Equity before Unrealized Gains NA 1.51 NA NA
Debt plus Rdm Pfd/ Equity(x) 0.05 0.05 0.05 0.05
Total Debt/ Total Equity(x) 0.05 0.05 0.05 0.05
Debt/ Book Capitalization 4.62 4.56 4.63 4.68
Reserves/ Equity(x) 1.46 1.75 1.84 1.92
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.