Balance Sheet

Financial Highlights
2019 FY
12/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Assets ($000)
Total Equity Instruments 116,610 80,978 61,593 26,891 49,454
Total Fixed Maturities 884,861 862,345 762,855 494,516 396,698
Total Securities 1,001,471 943,323 826,150 522,914 447,504
Investments 1,083,311 1,023,277 901,250 528,647 452,714
Cash and Cash Equivalents 215,469 112,679 229,556 150,688 84,786
Cash and Investments 1,298,780 1,135,956 1,130,806 679,335 537,500
Accrued Investment Income 5,901 6,017 5,577 3,735 2,915
Reinsurance Assets 820,170 843,883 597,678 156,592 82,360
Premiums Receivable 86,568 95,816 75,275 38,883 41,170
VOBA and Acquired Insurance Portfolios NA NA NA NA NA
Deferred Policy Acquisition Costs NA NA 103,882 65,473 46,732
Deferred Acquisition Costs 104,572 105,582 103,882 65,473 46,732
Total Intangible Assets 99,124 104,396 118,316 26,625 3,413
Memo: Consolidated VIE Assets NA NA NA NA NA
Fixed Assets 34,326 17,137 17,291 17,860 17,135
Total Other Assets 17,777 12,641 11,096 11,183 8,796
Separate Account Assets 0 0 0 0 0
Total Assets 2,467,218 2,321,428 2,059,921 999,686 740,021
Liabilities ($000)
P&C Loss and LAE Reserves 760,357 661,203 482,232 140,855 76,792
L&H Policy Reserves 0 0 0 0 0
Medical Claim Liabilities 0 0 0 0 0
Unearned Premiums Reserve 674,055 627,313 555,873 372,223 304,653
Other Policy Reserves 0 0 0 0 0
Total Policy Reserves 1,434,412 1,288,516 1,038,105 513,078 381,445
Total Reinsurance Liabilities 166,131 175,272 149,117 99,891 64,542
Premiums Payable NA NA NA NA NA
Repurchase Agreements 0 0 0 0 0
Other Senior Debt 159,290 160,118 161,364 54,175 12,353
Senior Debt 159,290 160,118 161,364 54,175 12,353
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 159,290 160,118 161,364 54,175 12,353
Memo: Consolidated VIE Liabilities NA NA NA NA NA
Total Other Liabilities 183,520 157,153 174,210 91,215 42,470
Separate Account Liabilities 0 0 0 0 0
Total Liabilities 1,943,353 1,781,059 1,522,796 758,359 500,810
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 ($000)
TARP Preferred Equity 0 0 0 0 0
Other Preferred Equity 0 0 0 0 0
Total Preferred Equity 0 0 0 0 0
Common Equity 503,138 520,230 537,125 241,327 239,211
Equity Attributable to Parent Company 503,138 520,230 537,125 241,327 239,211
Noncontrolling Interests 20,727 20,139 0 0 0
Total Equity 523,865 540,369 537,125 241,327 239,211
Net Unrealized Gain 11,319 (9,030) 9,221 822 1,620
Cumulative Foreign Currency Translation 0 0 0 0 0
Minimum Pension Fund Liability 0 0 0 0 0
Fair Value of Effective Hedges 0 0 0 0 0
Tot Acc Other Comprehensive Inc 11,319 (9,030) 9,221 822 1,620
Total Equity, excl AOCI 512,546 549,399 527,904 240,505 237,591
Equity before Unrealized Gains 512,546 549,399 527,904 240,505 237,591
Basic Book Value per Share($) 11.69 12.10 12.56 11.15 11.11
Book Value per Share before Unrealized Gains($) 11.43 12.31 12.35 11.11 11.04
Book Value, excl AOCI($) 11.43 12.31 12.35 11.11 11.04
Shares Issued(actual) 43,056,310 43,029,845 42,965,137 21,858,697 21,736,431
Treasury Shares(actual) 212,083 212,083 212,083 212,083 212,083
Common Shares Outstanding(actual) 43,028,074 42,984,578 42,753,054 21,646,614 21,524,348
Balance Sheet Ratios (%)
Equity Securities/ Assets 4.73 3.49 2.99 2.69 6.68
Fixed Maturities/ Cash & Investments 68.13 75.91 67.46 72.79 73.80
Equity Securities/ Cash & Investments 8.98 7.13 5.45 3.96 9.20
Cash and Investments/ Assets 52.64 48.93 54.90 67.95 72.63
Total Equity/ Total Assets 21.23 23.28 26.08 24.14 32.32
Tangible Equity/ Tangible Assets 17.94 19.66 21.57 22.06 32.01
DAC/ Equity before Unrealized Gains 20.40 19.22 19.68 27.22 19.67
Debt plus Rdm Pfd/ Equity(x) 0.30 0.30 0.30 0.22 0.05
Total Debt/ Total Equity(x) 0.30 0.30 0.30 0.22 0.05
Debt/ Book Capitalization 23.32 22.86 23.10 18.33 4.91
Reserves/ Equity(x) 2.74 2.38 1.93 2.13 1.59
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.