• Filing Date: 2018-03-07
  • Form Type: 10-K
  • Description: Annual report
v3.8.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenue      
Gross premiums earned $ 358,253 $ 378,678 $ 423,120
Premiums ceded (133,635) (135,051) (140,614)
Net premiums earned 224,618 243,627 282,506
Net investment income 11,439 9,087 3,978
Net realized investment gains (losses) 4,346 2,601 (608)
Net unrealized investment gains 92    
Net other-than-temporary impairment losses recognized in income:      
Total other-than-temporary impairment losses (1,116) (2,252) (5,275)
Portion of loss recognized in other comprehensive income, before taxes (351) (230) 594
Net other-than-temporary impairment losses (1,467) (2,482) (4,681)
Policy fee income 3,622 3,914 3,496
Gain on repurchases of convertible senior notes   153  
Gain on bargain purchase   2,071  
Gain on remeasurement of previously held interest   4,005  
Other 1,756 1,470 1,261
Total revenue 244,406 264,446 285,952
Expenses      
Losses and loss adjustment expenses 165,629 124,667 87,224
Policy acquisition and other underwriting expenses 39,663 42,642 41,984
General and administrative personnel expenses 25,127 26,200 28,276
Interest expense 16,767 11,079 10,754
Loss on repurchases of senior notes 743    
Impairment loss 38 388  
Other operating expenses 12,063 12,614 11,522
Total operating expenses 260,030 217,590 179,760
(Loss) income before income taxes (15,624) 46,856 106,192
Income tax (benefit) expense (8,731) 17,835 40,331
Net (loss) income $ (6,893) $ 29,021 $ 65,861
Basic (loss) earnings per share $ (0.75) $ 2.95 $ 6.51
Diluted (loss) earnings per share (0.75) 2.92 5.90
Dividends per share $ 1.40 $ 1.20 $ 1.20