Balance Sheet
Financial Highlights
Period Ended
2020 FQ1 YTD
3/31/2020
2019 FY
12/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
Assets ($000)
Total Equity Instruments 70,320 76,812 66,422 201,763 119,945
Total Fixed Maturities 746,856 795,538 592,645 521,853 491,904
Total Securities 817,176 872,350 659,067 723,616 611,849
Investments 848,852 929,461 728,598 799,455 689,818
Cash and Cash Equivalents 89,318 67,851 163,996 64,680 62,976
Cash and Investments 938,170 997,312 892,594 864,135 752,794
Accrued Investment Income NA 4,882 4,358 4,159 3,882
Reinsurance Assets 415,021 437,887 398,531 322,909 257,698
Premiums Receivable 89,510 111,762 102,972 87,551 64,984
VOBA and Acquired Insurance Portfolios 0 0 0 0 0
Deferred Policy Acquisition Costs NA 8,496 6,568 5,608 1,172
Deferred Acquisition Costs NA 8,496 6,568 5,608 1,172
Total Intangible Assets 0 0 0 3,152 3,152
Memo: Consolidated VIE Assets NA NA NA NA NA
Fixed Assets 94 42,669 46,645 47,317 47,225
Total Other Assets 109,300 31,352 38,463 22,185 23,230
Separate Account Assets 0 0 0 0 0
Total Assets 1,552,095 1,634,360 1,490,131 1,357,016 1,154,137
Liabilities ($000)
P&C Loss and LAE Reserves 1,001,599 988,305 865,339 680,274 576,330
L&H Policy Reserves 0 0 0 0 0
Medical Claim Liabilities 0 0 0 0 0
Unearned Premiums Reserve 70,686 74,810 71,625 53,085 21,694
Other Policy Reserves 0 0 0 0 0
Total Policy Reserves 1,072,285 1,063,115 936,964 733,359 598,024
Total Reinsurance Liabilities 47,562 65,835 66,632 62,308 43,150
Premiums Payable NA NA NA NA NA
Repurchase Agreements 0 0 0 0 0
Other Senior Debt 20,094 20,130 20,000 20,000 20,000
Senior Debt 20,094 20,130 20,000 20,000 20,000
Trust Preferred (FAS 150) 0 0 0 0 0
Other Subordinated Debt 0 0 0 0 0
Total Subordinated Debt 0 0 0 0 0
Redeemable Financial Instruments (FAS 150) 0 0 0 0 0
Total Debt 20,094 20,130 20,000 20,000 20,000
Memo: Consolidated VIE Liabilities NA NA NA NA NA
Total Other Liabilities 106,771 120,964 110,453 122,538 88,618
Separate Account Liabilities 0 0 0 0 0
Total Liabilities 1,246,712 1,270,044 1,134,049 938,205 749,792
Mezzanine ($000)
Redeemable Preferred 0 0 0 0 0
Trust Preferred Securities 0 0 0 0 0
Total Minority Interest 0 0 0 0 0
Other Mezzanine Items 0 0 0 0 0
Total Mezzanine Level Items 0 0 0 0 0
Equity ($000)
TARP Preferred Equity 0 0 0 0 0
Other Preferred Equity 0 0 0 0 0
Total Preferred Equity 0 0 0 0 0
Common Equity 305,383 364,316 356,082 418,811 404,345
Equity Attributable to Parent Company 305,383 364,316 356,082 418,811 404,345
Noncontrolling Interests 0 0 0 0 0
Total Equity 305,383 364,316 356,082 418,811 404,345
Net Unrealized Gain (10,998) 9,863 (6,208) 46,700 34,051
Cumulative Foreign Currency Translation (1,181) (494) (1,139) (309) (831)
Minimum Pension Fund Liability 0 0 0 0 0
Fair Value of Effective Hedges 0 0 0 0 0
Tot Acc Other Comprehensive Inc (12,179) 9,369 (7,347) 46,391 33,220
Total Equity, excl AOCI 317,562 354,947 363,429 372,420 371,125
Equity before Unrealized Gains 316,381 354,453 362,290 372,111 370,294
Basic Book Value per Share($) 21.53 25.51 23.95 27.83 26.81
Book Value per Share before Unrealized Gains($) 22.31 24.82 24.37 24.73 24.55
Book Value, excl AOCI($) 22.39 24.86 24.44 24.75 24.60
Shares Issued(actual) NA NA NA NA NA
Treasury Shares(actual) NA NA NA NA NA
Common Shares Outstanding(actual) 14,182,896 14,279,306 14,869,261 15,046,627 15,084,009
Balance Sheet Ratios (%)
Equity Securities/ Assets 4.53 4.70 4.46 14.87 10.39
Fixed Maturities/ Cash & Investments 79.61 79.77 66.40 60.39 65.34
Equity Securities/ Cash & Investments 7.50 7.70 7.44 23.35 15.93
Cash and Investments/ Assets 60.45 61.02 59.90 63.68 65.23
Total Equity/ Total Assets 19.68 22.29 23.90 30.86 35.03
Tangible Equity/ Tangible Assets 19.68 22.29 23.90 30.70 34.86
DAC/ Equity before Unrealized Gains NA 2.40 1.81 1.51 0.32
Debt plus Rdm Pfd/ Equity(x) 0.07 0.06 0.06 0.05 0.05
Total Debt/ Total Equity(x) 0.07 0.06 0.06 0.05 0.05
Debt/ Book Capitalization 6.17 5.24 5.32 4.56 4.71
Reserves/ Equity(x) 3.51 2.92 2.63 1.75 1.48
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