falsedesktopGBLI2020-09-30000156459020052402{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☐;\tAccelerated filer\t☒;\nNon-accelerated filer\t☐;\tSmaller reporting company\t☐;\nEmerging growth company\t☐\t\t\n", "q10k_tbl_1": "\t\tPage\nPART I - FINANCIAL INFORMATION\t\t\nItem 1.\tFinancial Statements:\t3\n\tConsolidated Balance Sheets As of September 30 2020 (Unaudited) and December 31 2019\t3\n\tConsolidated Statements of Operations Quarters and Nine Months Ended September 30 2020 (Unaudited) and September 30 2019 (Unaudited)\t4\n\tConsolidated Statements of Comprehensive Income (Loss) Quarters and Nine Months Ended September 30 2020 (Unaudited) and September 30 2019 (Unaudited)\t5\n\tConsolidated Statements of Changes in Shareholders' Equity Quarters and Nine Months Ended September 30 2020 (Unaudited) and September 30 2019 (Unaudited)\t6\n\tConsolidated Statements of Cash Flows Nine Months Ended September 30 2020 (Unaudited) and September 30 2019 (Unaudited)\t7\n\tNotes to Consolidated Financial Statements (Unaudited)\t8\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t56\nItem 3.\tQuantitative and Qualitative Disclosures about Market Risk\t78\nItem 4.\tControls and Procedures\t79\nPART II - OTHER INFORMATION\t\t\nItem 1.\tLegal Proceedings\t80\nItem 1A.\tRisk Factors\t80\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t81\nItem 3.\tDefaults Upon Senior Securities\t81\nItem 4.\tMine Safety Disclosures\t81\nItem 5.\tOther Information\t81\nItem 6.\tExhibits\t82\nSignature\t\t84\n", "q10k_tbl_2": "\t(Unaudited) September 30 2020\tDecember 31 2019\nASSETS\t\t\nFixed maturities:\t\t\nAvailable for sale at fair value (amortized cost: $1260439 and $1231568; net of allowance of: 2020 - $0)\t1303775\t1253159\nEquity securities at fair value\t75941\t263104\nOther invested assets\t37749\t47279\nTotal investments\t1417465\t1563542\nCash and cash equivalents\t37211\t44271\nPremiums receivable net of allowance for credit losses of $2869 at September 30 2020\t109820\t118035\nReinsurance receivables net of allowance for credit losses of $8992 at September 30 2020\t112633\t83938\nFunds held by ceding insurers\t46894\t48580\nFederal income taxes receivable\t0\t10989\nDeferred federal income taxes\t35300\t31077\nDeferred acquisition costs\t67470\t70677\nIntangible assets\t21094\t21491\nGoodwill\t6521\t6521\nPrepaid reinsurance premiums\t15558\t16716\nOther assets\t69791\t60048\nTotal assets\t1939757\t2075885\nLIABILITIES AND SHAREHOLDERS' EQUITY\t\t\nLiabilities:\t\t\nUnpaid losses and loss adjustment expenses\t669930\t630181\nUnearned premiums\t304074\t314861\nCeded balances payable\t9576\t20404\nPayable for securities purchased\t5630\t850\nContingent commissions\t11329\t11928\nDebt\t126253\t296640\nOther liabilities\t92252\t74212\nTotal liabilities\t1219044\t1349076\nCommitments and contingencies (Note 11)\t0\t0\nShareholders' equity:\t\t\nSeries A cumulative fixed rate preferred shares $1000 par value; 100000000 shares authorized shares issued and outstanding: 4000 and 0 shares respectively liquidation preference: $1000 per share and $0 respectively\t4000\t0\nCommon shares par value: no par at September 30 2020 and $0.0001 at December 31 2019 900000000 common shares authorized; class A common shares issued: 10242703 and 10282277 respectively; class A common shares outstanding: 10242703 and 10167056 respectively; class B common shares issued and outstanding: 4133366 and 4133366 respectively\t0\t2\nAdditional paid-in capital\t443437\t442403\nAccumulated other comprehensive income net of taxes\t35720\t17609\nRetained earnings\t237556\t270768\nClass A common shares in treasury at cost: 0 and 115221 shares respectively\t0\t(3973)\nTotal shareholders' equity\t720713\t726809\nTotal liabilities and shareholders' equity\t1939757\t2075885\n", "q10k_tbl_3": "\t(Unaudited) Quarters Ended September 30\t\t(Unaudited) Nine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues:\t\t\t\t\nGross written premiums\t143749\t157177\t464022\t478699\nNet written premiums\t130611\t138836\t416987\t421321\nNet earned premiums\t140302\t133312\t426617\t383602\nNet investment income\t11746\t11348\t19516\t32393\nNet realized investment gains (losses):\t\t\t\t\nOther than temporary impairment losses on investments\t0\t0\t0\t(1897)\nOther net realized investment gains (losses)\t7323\t(2690)\t(22332)\t13187\nTotal net realized investment gains (losses)\t7323\t(2690)\t(22332)\t11290\nOther income\t542\t264\t1473\t1274\nTotal revenues\t159913\t142234\t425274\t428559\nLosses and Expenses:\t\t\t\t\nNet losses and loss adjustment expenses\t97148\t73583\t242092\t201979\nAcquisition costs and other underwriting expenses\t53268\t53366\t163258\t153643\nCorporate and other operating expenses\t21196\t3858\t34037\t11702\nInterest expense\t3620\t5023\t13197\t15088\nLoss on extinguishment of debt\t3060\t0\t3060\t0\nIncome (loss) before income taxes\t(18379)\t6404\t(30370)\t46147\nIncome tax expense (benefit)\t(3209)\t(317)\t(8173)\t5163\nNet income (loss)\t(15170)\t6721\t(22197)\t40984\nLess: Preferred stock distributions\t42\t0\t42\t0\nNet income (loss) available to common shareholders\t(15212)\t6721\t(22239)\t40984\nPer share data:\t\t\t\t\nNet income (loss) available to common shareholders (1)\t\t\t\t\nBasic\t(1.06)\t0.47\t(1.56)\t2.89\nDiluted\t(1.06)\t0.47\t(1.56)\t2.86\nWeighted-average number of shares outstanding\t\t\t\t\nBasic\t14304426\t14202859\t14276594\t14181530\nDiluted\t14304426\t14327757\t14276594\t14328861\nCash dividends/distributions declared per common share\t0.25\t0.25\t0.75\t0.75\n", "q10k_tbl_4": "\t(Unaudited) Quarters Ended September 30\t\t(Unaudited) Nine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income (loss)\t(15170)\t6721\t(22197)\t40984\nOther comprehensive income (loss) net of tax:\t\t\t\t\nUnrealized holding gain\t(448)\t9421\t30748\t48883\nPortion of other-than-temporary impairment losses recognized in other comprehensive income (loss)\t0\t(2)\t0\t(4)\nReclassification adjustment for gains included in net income (loss)\t(2104)\t(847)\t(13205)\t(2665)\nUnrealized foreign currency translation gain (loss)\t579\t200\t568\t331\nOther comprehensive income (loss) net of tax\t(1973)\t8772\t18111\t46545\nComprehensive income (loss) net of tax\t(17143)\t15493\t(4086)\t87529\n", "q10k_tbl_5": "\t(Unaudited) Quarters Ended September 30\t\t(Unaudited) Nine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNumber of Series A Cumulative Fixed Rate Preferred Shares\t\t\t\t\nPreferred shares issued\t4000\t0\t4000\t0\nNumber at end of period\t4000\t0\t4000\t0\nNumber of class A common shares issued:\t\t\t\t\nNumber at beginning of period\t10333540\t10239520\t10282277\t10171954\nCommon shares issued / (forfeited) under share incentive plans\t(230)\t0\t(576)\t36180\nCommon shares issued to directors\t29893\t19275\t81502\t50661\nReduction in treasury shares due to redomestication\t(120500)\t0\t(120500)\t0\nNumber at end of period\t10242703\t10258795\t10242703\t10258795\nNumber of class B common shares issued:\t\t\t\t\nNumber at beginning and end of period\t4133366\t4133366\t4133366\t4133366\nPar value of Series A Cumulative Fixed Rate Preferred Shares\t\t\t\t\nPreferred shares issued\t4000\t0\t4000\t0\nBalance at end of period\t4000\t0\t4000\t0\nPar value of class A common shares:\t\t\t\t\nBalance at beginning of period\t1\t1\t1\t1\nReduction in par due to redomestication\t(1)\t0\t(1)\t0\nBalance at end of period\t0\t1\t0\t1\nPar value of class B common shares:\t\t\t\t\nBalance at beginning of period\t1\t1\t1\t1\nReduction in par due to redomestication\t(1)\t0\t(1)\t0\nBalance at end of period\t0\t1\t0\t1\nAdditional paid-in capital:\t\t\t\t\nBalance at beginning of period\t445173\t439707\t442403\t438182\nReduction in treasury shares due to redomestication\t(4126)\t0\t(4126)\t0\nShare compensation plans\t2390\t988\t5160\t2513\nBalance at end of period\t443437\t440695\t443437\t440695\nAccumulated other comprehensive income net of deferred income tax:\t\t\t\t\nBalance at beginning of period\t37693\t16542\t17609\t(21231)\nOther comprehensive income (loss):\t\t\t\t\nChange in unrealized holding gains (losses)\t(2552)\t8574\t17543\t46218\nChange in other than temporary impairment losses recognized in other comprehensive income (loss)\t0\t(2)\t0\t(4)\nUnrealized foreign currency translation gains\t579\t200\t568\t331\nOther comprehensive income (loss)\t(1973)\t8772\t18111\t46545\nBalance at end of period\t35720\t25314\t35720\t25314\nRetained earnings:\t\t\t\t\nBalance at beginning of period\t256442\t242234\t270768\t215132\nCumulative effect adjustment resulting from adoption of new accounting guidance\t0\t0\t0\t(5)\nNet income (loss)\t(15170)\t6721\t(22197)\t40984\nPreferred share distributions\t(42)\t0\t(42)\t0\nDividends / distributions to shareholders ($0.25 per share per quarter in 2020 and 2019)\t(3674)\t(3609)\t(10973)\t(10765)\nBalance at end of period\t237556\t245346\t237556\t245346\nNumber of treasury shares:\t\t\t\t\nNumber at beginning of period\t120104\t110449\t115221\t76642\nClass A common shares purchased\t396\t0\t5120\t27028\nRetirement of shares\t0\t0\t159\t6779\nReduction in treasury shares due to redomestication\t(120500)\t0\t(120500)\t0\nNumber at end of period\t0\t110449\t0\t110449\nTreasury shares at cost:\t\t\t\t\nBalance at beginning of period\t(4116)\t(3973)\t(3973)\t(3026)\nClass A common shares purchased at cost\t(10)\t0\t(153)\t(947)\nReduction in treasury shares due to redomestication\t4126\t0\t4126\t0\nBalance at end of period\t0\t(3973)\t0\t(3973)\nTotal shareholders' equity\t720713\t707384\t720713\t707384\n", "q10k_tbl_6": "\t(Unaudited) Nine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities:\t\t\nNet income (loss)\t(22197)\t40984\nAdjustments to reconcile net income (loss) to net cash provided by operating activities:\t\t\nAmortization and depreciation\t5121\t5327\nAmortization of debt issuance costs\t182\t198\nRestricted stock and stock option expense\t5157\t2513\nDeferred federal income taxes\t(8303)\t5198\nAmortization of bond premium and discount net\t4828\t3697\nNet realized investment (gains) loss\t22332\t(11290)\nLoss on extinguishment of debt\t3060\t0\nEquity in the earnings of equity method limited liability investments\t8004\t0\nChanges in:\t\t\nPremiums receivable net\t8215\t(25313)\nReinsurance receivables net\t(28695)\t31406\nFunds held by ceding insurers\t2132\t786\nUnpaid losses and loss adjustment expenses\t39749\t(46744)\nUnearned premiums\t(10787)\t34885\nCeded balances payable\t(10828)\t21437\nOther assets and liabilities net\t1211\t(9929)\nContingent commissions\t(599)\t(601)\nFederal income tax receivable/payable\t10989\t(270)\nDeferred acquisition costs net\t3207\t(9185)\nPrepaid reinsurance premiums\t1158\t2831\nNet cash provided by operating activities\t33936\t45930\nCash flows from investing activities:\t\t\nProceeds from sale of fixed maturities\t600962\t642049\nProceeds from sale of equity securities\t563926\t206212\nProceeds from maturity of fixed maturities\t89875\t113480\nProceeds from other invested assets\t1823\t14201\nAmounts paid in connection with derivatives\t(20130)\t(12516)\nPurchases of fixed maturities\t(702727)\t(701684)\nPurchases of equity securities\t(393963)\t(325972)\nPurchases of other invested assets\t(297)\t(3500)\nNet cash provided by (used for) investing activities\t139469\t(67730)\nCash flows from financing activities:\t\t\nNet borrowings (repayments) under margin borrowing facility\t(73629)\t8561\nDividends paid to common shareholders\t(10683)\t(7130)\nIssuance of series A cumulative fixed rate preferred shares\t4000\t0\nPurchases of class A common shares\t(153)\t(947)\nRedemption of subordinated notes\t(100000)\t0\nNet cash provided by (used for) financing activities\t(180465)\t484\nNet change in cash and cash equivalents\t(7060)\t(21316)\nCash and cash equivalents at beginning of period\t44271\t99497\nCash and cash equivalents at end of period\t37211\t78181\n", "q10k_tbl_7": "(Dollars in thousands)\tAmortized Cost\tAllowance for Credit Losses\tGross Unrealized Gains\tGross Unrealized Losses\tEstimated Fair Value\nAs of September 30 2020\t\t\t\t\t\nFixed maturities:\t\t\t\t\t\nU.S. treasury and agency obligations\t197192\t0\t4980\t(215)\t201957\nObligations of states and political subdivisions\t59134\t0\t3055\t(188)\t62001\nMortgage-backed securities\t393325\t0\t8879\t(1120)\t401084\nAsset-backed securities\t137953\t0\t2198\t(1001)\t139150\nCommercial mortgage-backed securities\t132271\t0\t7444\t(804)\t138911\nCorporate bonds\t243082\t0\t16914\t(1135)\t258861\nForeign corporate bonds\t97482\t0\t4533\t(204)\t101811\nTotal fixed maturities\t1260439\t0\t48003\t(4667)\t1303775\n", "q10k_tbl_8": "(Dollars in thousands)\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tEstimated Fair Value\nAs of December 31 2019\t\t\t\t\nFixed maturities:\t\t\t\t\nU.S. treasury and agency obligations\t153906\t3580\t(797)\t156689\nObligations of states and political subdivisions\t63256\t853\t(271)\t63838\nMortgage-backed securities\t325448\t3177\t(251)\t328374\nAsset-backed securities\t168020\t937\t(420)\t168537\nCommercial mortgage-backed securities\t183944\t4369\t(209)\t188104\nCorporate bonds\t239860\t8478\t(79)\t248259\nForeign corporate bonds\t97134\t2247\t(23)\t99358\nTotal fixed maturities\t1231568\t23641\t(2050)\t1253159\n", "q10k_tbl_9": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nCommon stock\t0\t135329\nPreferred stock\t11268\t11656\nIndex funds that invest in fixed maturities\t64673\t54648\nIndex funds that invest in common stock\t0\t61471\nTotal\t75941\t263104\n", "q10k_tbl_10": "(Dollars in thousands)\tAmortized Cost\tEstimated Fair Value\nDue in one year or less\t43213\t43642\nDue in one year through five years\t218132\t228538\nDue in five years through ten years\t242488\t252950\nDue in ten years through fifteen years\t27757\t29337\nDue after fifteen years\t65300\t70163\nMortgage-backed securities\t393325\t401084\nAsset-backed securities\t137953\t139150\nCommercial mortgage-backed securities\t132271\t138911\nTotal\t1260439\t1303775\n", "q10k_tbl_11": "\tLess than 12 months\t\t12 months or longer\t\tTotal (1)\t\n(Dollars in thousands)\tFair Value\tGross Unrealized Losses\tFair Value\tGross Unrealized Losses\tFair Value\tGross Unrealized Losses\nFixed maturities:\t\t\t\t\t\t\nU.S. treasury and agency obligations\t37486\t(215)\t0\t0\t37486\t(215)\nObligations of states and political subdivisions\t2471\t(188)\t0\t0\t2471\t(188)\nMortgage-backed securities\t97405\t(1017)\t1421\t(103)\t98826\t(1120)\nAsset-backed securities\t31769\t(733)\t9916\t(268)\t41685\t(1001)\nCommercial mortgage-backed securities\t12098\t(689)\t1026\t(115)\t13124\t(804)\nCorporate bonds\t28337\t(1135)\t0\t0\t28337\t(1135)\nForeign corporate bonds\t11899\t(204)\t0\t0\t11899\t(204)\nTotal fixed maturities\t221465\t(4181)\t12363\t(486)\t233828\t(4667)\n", "q10k_tbl_12": "\tLess than 12 months\t\t12 months or longer\t\tTotal (1)\t\n(Dollars in thousands)\tFair Value\tGross Unrealized Losses\tFair Value\tGross Unrealized Losses\tFair Value\tGross Unrealized Losses\nFixed maturities:\t\t\t\t\t\t\nU.S. treasury and agency obligations\t35633\t(797)\t0\t0\t35633\t(797)\nObligations of states and political subdivisions\t27180\t(271)\t0\t0\t27180\t(271)\nMortgage-backed securities\t93579\t(244)\t902\t(7)\t94481\t(251)\nAsset-backed securities\t43402\t(167)\t16152\t(253)\t59554\t(420)\nCommercial mortgage-backed securities\t25698\t(196)\t1945\t(13)\t27643\t(209)\nCorporate bonds\t19407\t(79)\t0\t0\t19407\t(79)\nForeign corporate bonds\t4822\t(20)\t2035\t(3)\t6857\t(23)\nTotal fixed maturities\t249721\t(1774)\t21034\t(276)\t270755\t(2050)\n", "q10k_tbl_13": "\tQuarter Ended September 30\tNine Months Ended September 30\n(Dollars in thousands)\t2019\t2019\nFixed maturities:\t\t\nOTTI losses gross\t0\t(1897)\nPortion of loss recognized in other comprehensive income (pre-tax)\t0\t0\nNet impairment losses on fixed maturities recognized in earnings\t0\t(1897)\n", "q10k_tbl_14": "\tQuarter Ended September 30\tNine Months Ended September 30\n(Dollars in thousands)\t2019\t2019\nBalance at beginning of period\t13\t13\nAdditions where no OTTI was previously recorded\t0\t0\nAdditions where an OTTI was previously recorded\t0\t0\nReductions for securities for which the company intends to sell or more likely than not will be required to sell before recovery\t0\t0\nReductions reflecting increases in expected cashflows to be collected\t0\t0\nReductions for securities sold during the period\t0\t0\nBalance at end of period\t13\t13\n", "q10k_tbl_15": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nNet unrealized gains (losses) from:\t\t\nFixed maturities\t43336\t21591\nForeign currency fluctuations\t(587)\t(1032)\nDeferred taxes\t(7029)\t(2950)\nAccumulated other comprehensive income net of tax\t35720\t17609\n", "q10k_tbl_16": "Quarter Ended September 30 2020 (Dollars In Thousands)\tUnrealized Gains and Losses on Available for Sale Securities\tForeign Currency Items\tAccumulated Other Comprehensive Income\nBeginning balance net of tax\t38736\t(1043)\t37693\nOther comprehensive income before reclassification before tax\t1852\t456\t2308\nAmounts reclassified from accumulated other comprehensive income before tax\t(2276)\t0\t(2276)\nOther comprehensive income before tax\t(424)\t456\t32\nIncome tax (expense) benefit\t(2128)\t123\t(2005)\nEnding balance net of tax\t36184\t(464)\t35720\n", "q10k_tbl_17": "Quarter Ended September 30 2019 (Dollars In Thousands)\tUnrealized Gains and Losses on Available for Sale Securities\tForeign Currency Items\tAccumulated Other Comprehensive Income\nBeginning balance net of tax\t17745\t(1203)\t16542\nOther comprehensive income (loss) before reclassification before tax\t10767\t200\t10967\nAmounts reclassified from accumulated other comprehensive income before tax\t(946)\t0\t(946)\nOther comprehensive income (loss) before tax\t9821\t200\t10021\nIncome tax expense\t(1249)\t0\t(1249)\nEnding balance net of tax\t26317\t(1003)\t25314\n", "q10k_tbl_18": "Nine Months Ended September 30 2020 (Dollars In Thousands)\tUnrealized Gains and Losses on Available for Sale Securities\tForeign Currency Items\tAccumulated Other Comprehensive Income\nBeginning balance net of tax\t18641\t(1032)\t17609\nOther comprehensive income before reclassification before tax\t38773\t445\t39218\nAmounts reclassified from accumulated other comprehensive income before tax\t(17028)\t0\t(17028)\nOther comprehensive income before tax\t21745\t445\t22190\nIncome tax (expense) benefit\t(4202)\t123\t(4079)\nEnding balance net of tax\t36184\t(464)\t35720\n", "q10k_tbl_19": "Nine Months Ended September 30 2019 (Dollars In Thousands)\tUnrealized Gains and Losses on Available for Sale Securities\tForeign Currency Items\tAccumulated Other Comprehensive Income\nBeginning balance net of tax\t(19897)\t(1334)\t(21231)\nOther comprehensive income before reclassification before tax\t55960\t331\t56291\nAmounts reclassified from accumulated other comprehensive income before tax\t(2834)\t0\t(2834)\nOther comprehensive income before tax\t53126\t331\t53457\nIncome tax expense\t(6912)\t0\t(6912)\nEnding balance net of tax\t26317\t(1003)\t25314\n", "q10k_tbl_20": "\t\tAmounts Reclassified from Accumulated Other Comprehensive Income\t\n(Dollars in thousands)\t\tQuarters Ended September 30\t\nDetails about Accumulated Other Comprehensive Income Components\tAffected Line Item in the Consolidated Statements of Operations\t2020\t2019\nUnrealized gains and losses on available for sale securities\tOther net realized investment (gains) losses\t(2276)\t(946)\n\tOther than temporary impairment losses on investments\t0\t0\n\tTotal before tax\t(2276)\t(946)\n\tIncome tax expense (benefit)\t172\t99\n\tUnrealized gains and losses on available for sale securities net of tax\t(2104)\t(847)\nForeign currency items\tOther net realized investment (gains) losses\t0\t0\n\tIncome tax expense\t0\t0\n\tForeign currency items net of tax\t0\t0\nTotal reclassifications\tTotal reclassifications net of tax\t(2104)\t(847)\n", "q10k_tbl_21": "\t\tAmounts Reclassified from Accumulated Other Comprehensive Income\t\n(Dollars in thousands)\t\tNine Months Ended September 30\t\nDetails about Accumulated Other Comprehensive Income Components\tAffected Line Item in the Consolidated Statements of Operations\t2020\t2019\nUnrealized gains and losses on available for sale securities\tOther net realized investment (gains) losses\t(17028)\t(4731)\n\tOther than temporary impairment losses on investments\t0\t1897\n\tTotal before tax\t(17028)\t(2834)\n\tIncome tax expense (benefit)\t3823\t169\n\tUnrealized gains and losses on available for sale securities net of tax\t(13205)\t(2665)\nForeign currency items\tOther net realized investment (gains) losses\t0\t0\n\tIncome tax expense\t0\t0\n\tForeign currency items net of tax\t0\t0\nTotal reclassifications\tTotal reclassifications net of tax\t(13205)\t(2665)\n", "q10k_tbl_22": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nFixed maturities:\t\t\t\t\nGross realized gains\t2705\t1054\t21685\t5765\nGross realized losses\t(429)\t(108)\t(4657)\t(2931)\nNet realized gains (losses)\t2276\t946\t17028\t2834\nEquity securities:\t\t\t\t\nGross realized gains\t4942\t1681\t14669\t26936\nGross realized losses\t(55)\t(3146)\t(31870)\t(9076)\nNet realized gains (losses)\t4887\t(1465)\t(17201)\t17860\nDerivatives:\t\t\t\t\nGross realized gains\t1520\t341\t19514\t341\nGross realized losses\t(1360)\t(2512)\t(41673)\t(9745)\nNet realized gains (losses) (1)\t160\t(2171)\t(22159)\t(9404)\nTotal net realized investment gains (losses)\t7323\t(2690)\t(22332)\t11290\n", "q10k_tbl_23": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nNet gains and (losses) recognized during the period on equity securities\t4887\t(1465)\t(17201)\t17860\nLess: Net gains (losses) recognized during the period on equity securities sold during the period\t3419\t(614)\t(366)\t9836\nUnrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting date\t1468\t(851)\t(16835)\t8024\n", "q10k_tbl_24": "\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\nFixed maturities\t600962\t642049\nEquity securities\t563926\t206212\n", "q10k_tbl_25": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nFixed maturities\t7421\t8806\t25013\t27692\nEquity securities\t1390\t1704\t4161\t4384\nCash and cash equivalents\t260\t372\t492\t1242\nOther invested assets\t3485\t1280\t(8004)\t1394\nTotal investment income\t12556\t12162\t21662\t34712\nInvestment expense\t(810)\t(814)\t(2146)\t(2319)\nNet investment income\t11746\t11348\t19516\t32393\n", "q10k_tbl_26": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nNet investment income\t11746\t11348\t19516\t32393\nNet realized investment gains (losses)\t7323\t(2690)\t(22332)\t11290\nChange in unrealized holding gains and losses\t32\t10021\t22190\t53457\nNet realized and unrealized investment returns\t7355\t7331\t(142)\t64747\nTotal investment return\t19101\t18679\t19374\t97140\nTotal investment return % (1)\t1.2%\t1.2%\t1.3%\t6.2%\nAverage investment portfolio (2)\t1541227\t1585165\t1528005\t1562177\n", "q10k_tbl_27": "\tEstimated Fair Value\t\n(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nOn deposit with governmental authorities\t27082\t26431\nIntercompany trusts held for the benefit of U.S. policyholders\t142496\t179116\nHeld in trust pursuant to third party requirements\t84174\t133122\nLetter of credit held for third party requirements\t2645\t1458\nSecurities held as collateral\t555\t91229\nTotal\t256952\t431356\n", "q10k_tbl_28": "(Dollars in thousands)\t\tSeptember 30 2020\t\tDecember 31 2019\t\nDerivatives Not Designated as Hedging Instruments under ASC 815\tBalance Sheet Location\tNotional Amount\tFair Value\tNotional Amount\tFair Value\nInterest rate swap agreements\tOther assets/liabilities\t200000\t(17931)\t200000\t(10275)\nFutures contracts on bonds (1)\tOther assets/liabilities\t30418\t0\t16894\t0\nFutures contracts on equities (1)\tOther assets/liabilities\t0\t0\t57816\t0\nTotal\t\t230418\t(17931)\t274710\t(10275)\n", "q10k_tbl_29": "\t\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\tConsolidated Statements of Operations Line\t2020\t2019\t2020\t2019\nInterest rate swap agreements\tNet realized investment gains (losses)\t45\t(1831)\t(10827)\t(9064)\nFutures contracts on bonds\tNet realized investment gains (losses)\t115\t15\t(2343)\t15\nFutures contracts on equities\tNet realized investment gains (losses)\t0\t(355)\t(8989)\t(355)\nTotal\t\t160\t(2171)\t(22159)\t(9404)\n", "q10k_tbl_30": "\tFair Value Measurements\t\t\t\nAs of September 30 2020 (Dollars in thousands)\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets:\t\t\t\t\nFixed maturities:\t\t\t\t\nU.S. treasury and agency obligations\t200457\t1500\t0\t201957\nObligations of states and political subdivisions\t0\t62001\t0\t62001\nMortgage-backed securities\t0\t401084\t0\t401084\nCommercial mortgage-backed securities\t0\t138911\t0\t138911\nAsset-backed securities\t0\t139150\t0\t139150\nCorporate bonds\t0\t258861\t0\t258861\nForeign corporate bonds\t0\t101811\t0\t101811\nTotal fixed maturities\t200457\t1103318\t0\t1303775\nEquity securities\t64673\t11268\t0\t75941\nTotal assets measured at fair value\t265130\t1114586\t0\t1379716\nLiabilities:\t\t\t\t\nDerivative instruments\t0\t17931\t0\t17931\nTotal liabilities measured at fair value\t0\t17931\t0\t17931\n", "q10k_tbl_31": "\tFair Value Measurements\t\t\t\nAs of December 31 2019 (Dollars in thousands)\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets:\t\t\t\t\nFixed maturities:\t\t\t\t\nU.S. treasury and agency obligations\t156689\t0\t0\t156689\nObligations of states and political subdivisions\t0\t63838\t0\t63838\nMortgage-backed securities\t0\t328374\t0\t328374\nCommercial mortgage-backed securities\t0\t188104\t0\t188104\nAsset-backed securities\t0\t168537\t0\t168537\nCorporate bonds\t0\t248259\t0\t248259\nForeign corporate bonds\t0\t99358\t0\t99358\nTotal fixed maturities\t156689\t1096470\t0\t1253159\nEquity securities\t251448\t11656\t0\t263104\nTotal assets measured at fair value\t408137\t1108126\t0\t1516263\nLiabilities:\t\t\t\t\nDerivative instruments\t0\t10275\t0\t10275\nTotal liabilities measured at fair value\t0\t10275\t0\t10275\n", "q10k_tbl_32": "\tSeptember 30 2020\t\tDecember 31 2019\t\n(Dollars in thousands)\tCarrying Value\tFair Value\tCarrying Value\tFair Value\nMargin Borrowing Facility (1)\t0\t0\t73629\t73629\n7.75% Subordinated Notes due 2045 (2)\t0\t0\t96864\t100264\n7.875% Subordinated Notes due 2047 (3)\t126253\t130153\t126147\t134462\nTotal\t126253\t130153\t296640\t308355\n", "q10k_tbl_33": "\tSeptember 30 2020\t\tDecember 31 2019\t\n(Dollars in thousands)\tFair Value\tFuture Funding Commitment\tFair Value\tFuture Funding Commitment\nEuropean Non-Performing Loan Fund LP (1)\t11283\t14214\t13530\t14214\nDistressed Debt Fund LP (2)\t16979\t17000\t23966\t17000\nMortgage Debt Fund LP (3)\t9487\t0\t9783\t506\nTotal\t37749\t31214\t47279\t31720\n", "q10k_tbl_34": "\tQuarter Ended September 30 2020\t\tNine Months Ended September 30 2020\t\n(Dollars in thousands)\tPremiums Receivable\tReinsurance Receivables\tPremiums Receivable\tReinsurance Receivables\nBeginning balance\t2931\t8992\t2754\t8992\nCurrent period provision for expected credit losses\t476\t0\t951\t0\nWrite-offs\t(538)\t0\t(836)\t0\nEnding balance\t2869\t8992\t2869\t8992\n", "q10k_tbl_35": "Quarter Ended September 30 2020 (Dollars in thousands)\tNon-U.S. Subsidiaries\tU.S. Subsidiaries\tEliminations\tTotal\nRevenues:\t\t\t\t\nGross written premiums\t13085\t130664\t0\t143749\nNet written premiums\t13085\t117526\t0\t130611\nNet earned premiums\t9983\t130319\t0\t140302\nNet investment income\t4054\t9851\t(2159)\t11746\nNet realized investment gains\t1511\t5812\t0\t7323\nOther income\t164\t378\t0\t542\nTotal revenues\t15712\t146360\t(2159)\t159913\nLosses and Expenses:\t\t\t\t\nNet losses and loss adjustment expenses\t519\t96629\t0\t97148\nAcquisition costs and other underwriting expenses\t3584\t49684\t0\t53268\nCorporate and other operating expenses\t17283\t3913\t0\t21196\nInterest expense\t193\t5586\t(2159)\t3620\nLoss on extinguishment of debt\t3060\t0\t0\t3060\nLoss before income taxes\t(8927)\t(9452)\t0\t(18379)\n", "q10k_tbl_36": "Quarter Ended September 30 2019 (Dollars in thousands)\tNon-U.S. Subsidiaries\tU.S. Subsidiaries\tEliminations\tTotal\nRevenues:\t\t\t\t\nGross written premiums\t19980\t137197\t0\t157177\nNet written premiums\t19990\t118846\t0\t138836\nNet earned premiums\t19512\t113800\t0\t133312\nNet investment income\t7212\t7732\t(3596)\t11348\nNet realized investment gains (losses)\t375\t(3065)\t0\t(2690)\nOther income (loss)\t(234)\t498\t0\t264\nTotal revenues\t26865\t118965\t(3596)\t142234\nLosses and Expenses:\t\t\t\t\nNet losses and loss adjustment expenses\t7628\t65955\t0\t73583\nAcquisition costs and other underwriting expenses\t6201\t47165\t0\t53366\nCorporate and other operating expenses\t1514\t2344\t0\t3858\nInterest expense\t351\t8268\t(3596)\t5023\nIncome (loss) before income taxes\t11171\t(4767)\t0\t6404\n", "q10k_tbl_37": "Nine Months Ended September 30 2020 (Dollars in thousands)\tNon-U.S. Subsidiaries\tU.S. Subsidiaries\tEliminations\tTotal\nRevenues:\t\t\t\t\nGross written premiums\t46654\t417368\t0\t464022\nNet written premiums\t46654\t370333\t0\t416987\nNet earned premiums\t53384\t373233\t0\t426617\nNet investment income\t17336\t11324\t(9144)\t19516\nNet realized investment losses\t(3867)\t(18465)\t0\t(22332)\nOther income\t148\t1325\t0\t1473\nTotal revenues\t67001\t367417\t(9144)\t425274\nLosses and Expenses:\t\t\t\t\nNet losses and loss adjustment expenses\t12874\t229218\t0\t242092\nAcquisition costs and other underwriting expenses\t17828\t145430\t0\t163258\nCorporate and other operating expenses\t23357\t10680\t0\t34037\nInterest expense\t869\t21472\t(9144)\t13197\nLoss on extinguishment of debt\t3060\t0\t0\t3060\nIncome (loss) before income taxes\t9013\t(39383)\t0\t(30370)\n", "q10k_tbl_38": "Nine Months Ended September 30 2019 (Dollars in thousands)\tNon-U.S. Subsidiaries\tU.S. Subsidiaries\tEliminations\tTotal\nRevenues:\t\t\t\t\nGross written premiums\t69588\t409111\t0\t478699\nNet written premiums\t69591\t351730\t0\t421321\nNet earned premiums\t52798\t330804\t0\t383602\nNet investment income\t22254\t20824\t(10685)\t32393\nNet realized investment gains\t1768\t9522\t0\t11290\nOther income (loss)\t(256)\t1530\t0\t1274\nTotal revenues\t76564\t362680\t(10685)\t428559\nLosses and Expenses:\t\t\t\t\nNet losses and loss adjustment expenses\t24076\t177903\t0\t201979\nAcquisition costs and other underwriting expenses\t16556\t137087\t0\t153643\nCorporate and other operating expenses\t4822\t6880\t0\t11702\nInterest expense\t1059\t24714\t(10685)\t15088\nIncome before income taxes\t30051\t16096\t0\t46147\n", "q10k_tbl_39": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nCurrent income tax expense (benefit):\t\t\t\t\nForeign\t130\t(17)\t130\t(35)\nU.S. Federal\t0\t0\t0\t0\nTotal current income tax expense (benefit)\t130\t(17)\t130\t(35)\nDeferred income tax expense (benefit):\t\t\t\t\nU.S. Federal\t(3339)\t(300)\t(8303)\t5198\nTotal deferred income tax expense (benefit)\t(3339)\t(300)\t(8303)\t5198\nTotal income tax expense (benefit)\t(3209)\t(317)\t(8173)\t5163\n", "q10k_tbl_40": "\tQuarters Ended September 30\t\t\t\n\t2020\t\t2019\t\n(Dollars in thousands)\tAmount\t% of Pre- Tax Income\tAmount\t% of Pre- Tax Income\nExpected tax provision at weighted average tax rate\t(1985)\t10.8%\t(1001)\t15.6%\nAdjustments:\t\t\t\t\nTax exempt interest\t(1)\t0\t0\t0\nDividend exclusion\t(86)\t0.5\t(33)\t0.5\nNon-deductible interest\t416\t(2.3)\t695\t(10.8)\nChange in tax status\t(1704)\t9.3\t0\t0\nParent income treated as partnership for tax\t(146)\t0.8\t0\t0\nOther\t297\t(1.6)\t22\t(0.3)\nEffective income tax benefit\t(3209)\t17.5%\t(317)\t5.0%\n", "q10k_tbl_41": "\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n(Dollars in thousands)\tAmount\t% of Pre- Tax Income\tAmount\t% of Pre- Tax Income\nExpected tax provision at weighted average tax rate\t(8270)\t27.2%\t3380\t7.3%\nAdjustments:\t\t\t\t\nTax exempt interest\t(2)\t0\t(1)\t0\nDividend exclusion\t(198)\t0.6\t(256)\t(0.6)\nNon-deductible interest\t1773\t(5.8)\t2063\t4.5\nChange in tax status\t(1704)\t5.6\t0\t0\nParent income treated as partnership for tax\t(146)\t0.5\t0\t0\nOther\t374\t(1.2)\t(23)\t0\nEffective income tax expense (benefit)\t(8173)\t26.9%\t5163\t11.2%\n", "q10k_tbl_42": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nBalance at beginning of period\t651073\t608773\t630181\t680031\nLess: Ceded reinsurance receivables\t87221\t59834\t76273\t109342\nNet balance at beginning of period\t563852\t548939\t553908\t570689\nIncurred losses and loss adjustment expenses related to:\t\t\t\t\nCurrent year\t108859\t80533\t273709\t225022\nPrior years\t(11711)\t(6950)\t(31617)\t(23043)\nTotal incurred losses and loss adjustment expenses\t97148\t73583\t242092\t201979\nPaid losses and loss adjustment expenses related to:\t\t\t\t\nCurrent year\t60114\t47290\t119541\t102806\nPrior years\t29612\t20789\t105185\t115419\nTotal paid losses and loss adjustment expenses\t89726\t68079\t224726\t218225\nNet balance at end of period\t571274\t554443\t571274\t554443\nPlus: Ceded reinsurance receivables\t98656\t78844\t98656\t78844\nBalance at end of period\t669930\t633287\t669930\t633287\n", "q10k_tbl_43": "(Dollars in thousands)\tSeptember 30 2020\tDecember 31 2019\nMargin Borrowing Facility\t0\t73629\n7.75% Subordinated Notes due 2045\t0\t96864\n7.875% Subordinated Notes due 2047\t126253\t126147\nTotal\t126253\t296640\n", "q10k_tbl_44": "\tSeptember 30 2020\t\t\n(Dollars in thousands)\tOutstanding Principal\tUnamortized Debt Issuance Costs\tNet Carrying Amount\n7.875% Subordinated Notes due 2047\t130000\t(3747)\t126253\n\t130000\t(3747)\t126253\n", "q10k_tbl_45": "\tDecember 31 2019\t\t\n(Dollars in thousands)\tOutstanding Principal\tUnamortized Debt Issuance Costs\tNet Carrying Amount\n7.75% Subordinated Notes due 2045\t100000\t(3136)\t96864\n7.875% Subordinated Notes due 2047\t130000\t(3853)\t126147\n\t230000\t(6989)\t223011\n", "q10k_tbl_46": "Period (1)\tTotal Number of Shares Purchased\t\tAverage Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plan or Program\tApproximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs\nAugust 1-31 2020\t396\t(2)\t24.95\t0\t0\nTotal\t396\t\t24.95\t0\t\n", "q10k_tbl_47": "Period (1)\tTotal Number of Shares Purchased\t\tAverage Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plan or Program\tApproximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs\nJanuary 1-31 2020\t3124\t(2)\t29.63\t0\t0\nFebruary 1-29 2020\t1600\t(2)\t31.13\t0\t0\nAugust 1-31 2020\t396\t\t24.95\t0\t0\nTotal\t5120\t\t29.74\t0\t\n", "q10k_tbl_48": "Period (1)\tTotal Number of Shares Purchased\t\tAverage Price Paid Per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plan or Program\tApproximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs\nJanuary 1-31 2019\t7945\t(2)\t36.23\t0\t0\nFebruary 1-28 2019\t19083\t(2)\t34.59\t0\t0\nTotal\t27028\t\t35.07\t0\t\n", "q10k_tbl_49": "Approval Date\tRecord Date\tPayment Date\tTotal Dividends / Distributions Declared (Dollars in thousands)\nFebruary 9 2020 (1)\tMarch 24 2020\tMarch 31 2020\t3539\nJune 7 2020 (1)\tJune 23 2020\tJune 30 2020\t3545\nSeptember 13 2020 (2)\tSeptember 25 2020\tSeptember 30 2020\t3552\nVarious (3)\tVarious\tVarious\t337\nTotal\t\t\t10973\n", "q10k_tbl_50": "Approval Date\tRecord Date\tPayment Date\tTotal Dividends Declared (Dollars in thousands)\nFebruary 10 2019\tMarch 22 2019\tMarch 29 2019\t3521\nJune 2 2019\tJune 21 2019\tJune 28 2019\t3525\nSeptember 15 2019\tSeptember 26 2019\tOctober 2 2019\t3528\nVarious (1)\tVarious\tVarious\t191\nTotal\t\t\t10765\n", "q10k_tbl_51": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands except share and per share data)\t2020\t2019\t2020\t2019\nNumerator:\t\t\t\t\nNet income (loss)\t(15170)\t6721\t(22197)\t40984\nLess: preferred stock distributions\t42\t0\t42\t0\nNet income (loss) available to common shareholders\t(15212)\t6721\t(22239)\t40984\nDenominator:\t\t\t\t\nWeighted average shares for basic earnings per share\t14304426\t14202859\t14276594\t14181530\nNon-vested restricted stock\t0\t23059\t0\t19201\nNon-vested restricted stock units\t0\t0\t0\t2954\nOptions\t0\t101839\t0\t125176\nWeighted average shares for diluted earnings per share (1)\t14304426\t14327757\t14276594\t14328861\nEarnings per share - Basic\t(1.06)\t0.47\t(1.56)\t2.89\nEarnings per share - Diluted\t(1.06)\t0.47\t(1.56)\t2.86\n", "q10k_tbl_52": "Quarter Ended September 30 2020 (Dollars in thousands)\tCommercial Specialty\t(1) Specialty Property\t\t(1) Farm Ranch & Stable\t\t(1) Reinsurance Operations\t\t(2) Total\t\nRevenues:\t\t\t\t\t\t\t\t\t\nGross written premiums\t74971\t34730\t\t19443\t\t14605\t\t143749\t\nNet written premiums\t69074\t29971\t\t16961\t\t14605\t\t130611\t\nNet earned premiums\t73887\t31388\t\t19978\t\t15049\t\t140302\t\nOther income\t0\t\t450\t\t35\t\t112\t\t597\nTotal revenues\t73887\t\t31838\t\t20013\t\t15161\t\t140899\nLosses and Expenses:\t\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t42879\t\t34430\t\t14649\t\t5190\t\t97148\nAcquisition costs and other underwriting expenses\t26943\t\t13364\t\t7443\t\t5518\t\t53268\nIncome (loss) from segments\t4065\t(15956)\t\t(2079)\t\t4453\t\t(9517)\t\nUnallocated Items:\t\t\t\t\t\t\t\t\t\nNet investment income\t\t\t\t\t\t\t\t\t11746\nNet realized investment gains\t\t\t\t\t\t\t\t\t7323\nOther loss\t\t\t\t\t\t\t\t\t(55)\nCorporate and other operating expenses\t\t\t\t\t\t\t\t\t(21196)\nInterest expense\t\t\t\t\t\t\t\t\t(3620)\nLoss on extinguishment of debt\t\t\t\t\t\t\t\t\t(3060)\nLoss before income taxes\t\t\t\t\t\t\t\t\t(18379)\nIncome tax benefit\t\t\t\t\t\t\t\t\t3209\nNet loss\t\t\t\t\t\t\t\t\t(15170)\nSegment assets\t752002\t207831\t\t137697\t\t269771\t\t1367301\t\nCorporate assets\t\t\t\t\t\t\t\t\t572456\nTotal assets\t\t\t\t\t\t\t\t1939757\t\n", "q10k_tbl_53": "Quarter Ended September 30 2019 (Dollars in thousands)\tCommercial Specialty\t(1) Specialty Property\t\t(1) Farm Ranch & Stable\t\t(1) Reinsurance Operations\t\t(2) Total\t\nRevenues:\t\t\t\t\t\t\t\t\t\nGross written premiums\t73175\t42611\t\t21410\t\t19981\t\t157177\t\nNet written premiums\t62925\t37628\t\t18294\t\t19989\t\t138836\t\nNet earned premiums\t60869\t34554\t\t18377\t\t19512\t\t133312\t\nOther income (loss)\t0\t\t465\t\t34\t\t(235)\t\t264\nTotal revenues\t60869\t\t35019\t\t18411\t\t19277\t\t133576\nLosses and Expenses:\t\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t27389\t\t25997\t\t10939\t\t9258\t\t73583\nAcquisition costs and other underwriting expenses\t24820\t\t14571\t\t7776\t\t6199\t\t53366\nIncome (loss) from segments\t8660\t(5549)\t\t(304)\t\t3820\t\t6627\t\nUnallocated Items:\t\t\t\t\t\t\t\t\t\nNet investment income\t\t\t\t\t\t\t\t\t11348\nNet realized investment loss\t\t\t\t\t\t\t\t\t(2690)\nCorporate and other operating expenses\t\t\t\t\t\t\t\t\t(3858)\nInterest expense\t\t\t\t\t\t\t\t\t(5023)\nIncome before income taxes\t\t\t\t\t\t\t\t\t6404\nIncome tax benefit\t\t\t\t\t\t\t\t\t317\nNet income\t\t\t\t\t\t\t\t\t6721\nSegment assets\t705260\t246080\t\t136420\t\t346137\t\t1433897\t\nCorporate assets\t\t\t\t\t\t\t\t\t650259\nTotal assets\t\t\t\t\t\t\t\t2084156\t\n", "q10k_tbl_54": "Nine Months Ended September 30 2020 (Dollars in thousands)\tCommercial Specialty\t(1) Specialty Property\t\t(1) Farm Ranch & Stable\t\t(1) Reinsurance Operations\t\t(2) Total\t\nRevenues:\t\t\t\t\t\t\t\t\t\nGross written premiums\t243099\t107951\t\t64798\t\t48174\t\t464022\t\nNet written premiums\t219437\t93053\t\t56323\t\t48174\t\t416987\t\nNet earned premiums\t211329\t99147\t\t57691\t\t58450\t\t426617\t\nOther income\t0\t\t1306\t\t107\t\t96\t\t1509\nTotal revenues\t211329\t\t100453\t\t57798\t\t58546\t\t428126\nLosses and Expenses:\t\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t109191\t\t65619\t\t37698\t\t29584\t\t242092\nAcquisition costs and other underwriting expenses\t79452\t\t41357\t\t22687\t\t19762\t\t163258\nIncome (loss) from segments\t22686\t(6523)\t\t(2587)\t\t9200\t\t22776\t\nUnallocated Items:\t\t\t\t\t\t\t\t\t\nNet investment income\t\t\t\t\t\t\t\t\t19516\nNet realized investment loss\t\t\t\t\t\t\t\t\t(22332)\nOther loss\t\t\t\t\t\t\t\t\t(36)\nCorporate and other operating expenses\t\t\t\t\t\t\t\t\t(34037)\nInterest expense\t\t\t\t\t\t\t\t\t(13197)\nLoss on extinguishment of debt\t\t\t\t\t\t\t\t\t(3060)\nLoss before income taxes\t\t\t\t\t\t\t\t\t(30370)\nIncome tax benefit\t\t\t\t\t\t\t\t\t8173\nNet loss\t\t\t\t\t\t\t\t\t(22197)\nSegment assets\t752002\t207831\t\t137697\t\t269771\t\t1367301\t\nCorporate assets\t\t\t\t\t\t\t\t\t572456\nTotal assets\t\t\t\t\t\t\t\t1939757\t\n", "q10k_tbl_55": "Nine Months Ended September 30 2019 (Dollars in thousands)\tCommercial Specialty\t(1) Specialty Property\t\t(1) Farm Ranch & Stable\t\t(1) Reinsurance Operations\t\t(2) Total\t\nRevenues:\t\t\t\t\t\t\t\t\t\nGross written premiums\t214467\t128771\t\t65872\t\t69589\t\t478699\t\nNet written premiums\t185202\t110668\t\t55861\t\t69590\t\t421321\t\nNet earned premiums\t173215\t104740\t\t52849\t\t52798\t\t383602\t\nOther income (loss)\t0\t\t1406\t\t96\t\t(228)\t\t1274\nTotal revenues\t173215\t\t106146\t\t52945\t\t52570\t\t384876\nLosses and Expenses:\t\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t81731\t\t57611\t\t32203\t\t30434\t\t201979\nAcquisition costs and other underwriting expenses\t70522\t\t44163\t\t22403\t\t16555\t\t153643\nIncome (loss) from segments\t20962\t4372\t\t(1661)\t\t5581\t\t29254\t\nUnallocated Items:\t\t\t\t\t\t\t\t\t\nNet investment income\t\t\t\t\t\t\t\t\t32393\nNet realized investment gain\t\t\t\t\t\t\t\t\t11290\nCorporate and other operating expenses\t\t\t\t\t\t\t\t\t(11702)\nInterest expense\t\t\t\t\t\t\t\t\t(15088)\nIncome before income taxes\t\t\t\t\t\t\t\t\t46147\nIncome tax expense\t\t\t\t\t\t\t\t\t(5163)\nNet income\t\t\t\t\t\t\t\t\t40984\nSegment assets\t705260\t246080\t\t136420\t\t346137\t\t1433897\t\nCorporate assets\t\t\t\t\t\t\t\t\t650259\nTotal assets\t\t\t\t\t\t\t\t2084156\t\n", "q10k_tbl_56": "Condensed Consolidating Balance Sheets at September 30 2020 (Dollars in thousands)\tGlobal Indemnity Group LLC (Parent co- obligor)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Group LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Group LLC Consolidated\nASSETS\t\t\t\t\t\nTotal investments\t212050\t48940\t1156475\t0\t1417465\nCash and cash equivalents\t13765\t2575\t20871\t0\t37211\nInvestments in subsidiaries\t491851\t387913\t339384\t(1219148)\t0\nDue from subsidiaries and affiliates\t(3999)\t(7522)\t11521\t0\t0\nNotes receivable - affiliate\t11283\t0\t0\t(11283)\t0\nInterest receivable - affiliate\t16\t0\t0\t(16)\t0\nPremiums receivable net\t0\t0\t109820\t0\t109820\nReinsurance receivables net\t0\t0\t112633\t0\t112633\nFunds held by ceding insurers\t0\t0\t46894\t0\t46894\nFederal income taxes receivable\t0\t2892\t(2892)\t0\t0\nDeferred federal income taxes\t0\t38805\t(3505)\t0\t35300\nDeferred acquisition costs\t0\t0\t67470\t0\t67470\nIntangible assets\t0\t0\t21094\t0\t21094\nGoodwill\t0\t0\t6521\t0\t6521\nPrepaid reinsurance premiums\t0\t0\t15558\t0\t15558\nOther assets\t13240\t19444\t40854\t(3747)\t69791\nTotal assets\t738206\t493047\t1942698\t(1234194)\t1939757\nLIABILITIES AND SHAREHOLDERS' EQUITY\t\t\t\t\t\nLiabilities:\t\t\t\t\t\nUnpaid losses and loss adjustment expenses\t0\t0\t669930\t0\t669930\nUnearned premiums\t0\t0\t304074\t0\t304074\nCeded balances payable\t0\t0\t9576\t0\t9576\nPayable for Securities\t2207\t0\t3423\t0\t5630\nContingent commissions\t0\t0\t11329\t0\t11329\nDebt\t0\t130000\t0\t(3747)\t126253\nNotes payable - affiliates\t0\t0\t11283\t(11283)\t0\nAccrued interest payable - affiliates\t0\t0\t16\t(16)\t0\nOther liabilities\t15286\t23663\t53303\t0\t92252\nTotal liabilities\t17493\t153663\t1062934\t(15046)\t1219044\nShareholders' equity\t\t\t\t\t\nTotal shareholders' equity\t720713\t339384\t879764\t(1219148)\t720713\nTotal liabilities and shareholders' equity\t738206\t493047\t1942698\t(1234194)\t1939757\n", "q10k_tbl_57": "Condensed Consolidating Balance Sheets at December 31 2019 (Dollars in thousands)\tGlobal Indemnity Limited (Parent co-obligor)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Limited Consolidated\nASSETS\t\t\t\t\t\nTotal investments\t44468\t257317\t1261757\t0\t1563542\nCash and cash equivalents\t977\t2663\t40631\t0\t44271\nInvestments in subsidiaries\t1218491\t355777\t434278\t(2008546)\t0\nDue from subsidiaries and affiliates\t(3612)\t(3965)\t7577\t0\t0\nNotes receivable - affiliate\t0\t80049\t445498\t(525547)\t0\nInterest receivable - affiliate\t0\t5014\t17258\t(22272)\t0\nPremiums receivable net\t0\t0\t118035\t0\t118035\nReinsurance receivables net\t0\t0\t83938\t0\t83938\nFunds held by ceding insurers\t0\t0\t48580\t0\t48580\nFederal income taxes receivable\t0\t14197\t(3208)\t0\t10989\nDeferred federal income taxes\t0\t31833\t(756)\t0\t31077\nDeferred acquisition costs\t0\t0\t70677\t0\t70677\nIntangible assets\t0\t0\t21491\t0\t21491\nGoodwill\t0\t0\t6521\t0\t6521\nPrepaid reinsurance premiums\t0\t0\t16716\t0\t16716\nOther assets\t9394\t12622\t45021\t(6989)\t60048\nTotal assets\t1269718\t755507\t2614014\t(2563354)\t2075885\nLIABILITIES AND SHAREHOLDERS' EQUITY\t\t\t\t\t\nLiabilities:\t\t\t\t\t\nUnpaid losses and loss adjustment expenses\t0\t0\t630181\t0\t630181\nUnearned premiums\t0\t0\t314861\t0\t314861\nCeded balances payable\t0\t0\t20404\t0\t20404\nPayable for securities purchased\t0\t0\t850\t0\t850\nContingent commissions\t0\t0\t11928\t0\t11928\nDebt\t0\t303629\t0\t(6989)\t296640\nNotes payable - affiliates\t520498\t0\t5049\t(525547)\t0\nAccrued interest payable - affiliates\t20343\t0\t1929\t(22272)\t0\nOther liabilities\t2068\t17600\t54544\t0\t74212\nTotal liabilities\t542909\t321229\t1039746\t(554808)\t1349076\nShareholders' equity\t\t\t\t\t\nTotal shareholders' equity\t726809\t434278\t1574268\t(2008546)\t726809\nTotal liabilities and shareholders' equity\t1269718\t755507\t2614014\t(2563354)\t2075885\n", "q10k_tbl_58": "Condensed Consolidating Statements of Operations for the Quarter Ended September 30 2020 (Dollars in thousands)\tGlobal Indemnity Group LLC (Parent co-obligor)(3)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Group LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Group LLC Consolidated\nRevenues:\t\t\t\t\t\nNet earned premiums\t0\t0\t140302\t0\t140302\nNet investment income\t1300\t4642\t5976\t(172)\t11746\nNet realized investment gains\t451\t4107\t2765\t0\t7323\nOther income (loss)\t(1)\t0\t543\t0\t542\nTotal revenues\t1750\t8749\t149586\t(172)\t159913\nLosses and Expenses:\t\t\t\t\t\nNet losses and loss adjustment expenses\t0\t0\t97148\t0\t97148\nAcquisition costs and other underwriting expenses\t0\t0\t53268\t0\t53268\nCorporate and other operating expenses\t17324\t3662\t210\t0\t21196\nInterest expense\t179\t3569\t44\t(172)\t3620\nLoss on extinguishment of debt\t3060\t0\t0\t0\t3060\nIncome (loss) before equity in net income (loss) of subsidiaries and income taxes\t(18813)\t1518\t(1084)\t0\t(18379)\nEquity in net income (loss) of subsidiaries\t3643\t(10312)\t(5784)\t12453\t0\nLoss before income taxes\t(15170)\t(8794)\t(6868)\t12453\t(18379)\nIncome tax benefit\t0\t(3010)\t(199)\t0\t(3209)\nNet loss\t(15170)\t(5784)\t(6669)\t12453\t(15170)\n", "q10k_tbl_59": "Condensed Consolidating Statements of Operations for the Quarter Ended September 30 2019 (Dollars in thousands)\tGlobal Indemnity Limited (Parent co-obligor)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Limited Consolidated\nRevenues:\t\t\t\t\t\nNet earned premiums\t0\t0\t133312\t0\t133312\nNet investment income\t393\t2798\t8442\t(285)\t11348\nNet realized investment gains (losses)\t(101)\t(3525)\t936\t0\t(2690)\nOther income\t0\t0\t264\t0\t264\nTotal revenues\t292\t(727)\t142954\t(285)\t142234\nLosses and Expenses:\t\t\t\t\t\nNet losses and loss adjustment expenses\t0\t0\t73583\t0\t73583\nAcquisition costs and other underwriting expenses\t0\t0\t53366\t0\t53366\nCorporate and other operating expenses\t1320\t2159\t379\t0\t3858\nInterest expense\t278\t4957\t73\t(285)\t5023\nIncome (loss) before equity in net income (loss) of subsidiaries and income taxes\t(1306)\t(7843)\t15553\t0\t6404\nEquity in net income (loss) of subsidiaries\t8027\t1699\t(4462)\t(5264)\t0\nIncome (loss) before income taxes\t6721\t(6144)\t11091\t(5264)\t6404\nIncome tax expense (benefit)\t0\t(1682)\t1365\t0\t(317)\nNet income (loss)\t6721\t(4462)\t9726\t(5264)\t6721\n", "q10k_tbl_60": "Condensed Consolidating Statements of Operations for the Nine Months Ended September 30 2020 (Dollars in thousands)\tGlobal Indemnity Group LLC (Parent co-obligor)(3)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Group LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Group LLC Consolidated\nRevenues:\t\t\t\t\t\nNet earned premiums\t0\t0\t426617\t0\t426617\nNet investment income (loss)\t1898\t(3870)\t22203\t(715)\t19516\nNet realized investment gains (losses)\t(2295)\t(36600)\t16563\t0\t(22332)\nOther income (loss)\t(1)\t19\t1455\t0\t1473\nTotal revenues\t(398)\t(40451)\t466838\t(715)\t425274\nLosses and Expenses:\t\t\t\t\t\nNet losses and loss adjustment expenses\t0\t0\t242092\t0\t242092\nAcquisition costs and other underwriting expenses\t0\t0\t163258\t0\t163258\nCorporate and other operating expenses\t23466\t10143\t428\t0\t34037\nInterest expense\t732\t13005\t175\t(715)\t13197\nLoss on extinguishment of debt\t3060\t0\t0\t0\t3060\nIncome (loss) before equity in net income (loss) of subsidiaries and income taxes\t(27656)\t(63599)\t60885\t0\t(30370)\nEquity in net income (loss) of subsidiaries\t5459\t22509\t(25649)\t(2319)\t0\nIncome (loss) before income taxes\t(22197)\t(41090)\t35236\t(2319)\t(30370)\nIncome tax expense (benefit)\t0\t(15441)\t7268\t0\t(8173)\nNet income (loss)\t(22197)\t(25649)\t27968\t(2319)\t(22197)\n", "q10k_tbl_61": "Condensed Consolidating Statements of Operations for the Nine Months Ended September 30 2019 (Dollars in thousands)\tGlobal Indemnity Limited (Parent co-obligor)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Limited Consolidated\nRevenues:\t\t\t\t\t\nNet earned premiums\t0\t0\t383602\t0\t383602\nNet investment income\t1764\t5743\t25747\t(861)\t32393\nNet realized investment gains\t298\t7969\t3023\t0\t11290\nOther income\t0\t30\t1244\t0\t1274\nTotal revenues\t2062\t13742\t413616\t(861)\t428559\nLosses and Expenses:\t\t\t\t\t\nNet losses and loss adjustment expenses\t0\t0\t201979\t0\t201979\nAcquisition costs and other underwriting expenses\t0\t0\t153643\t0\t153643\nCorporate and other operating expenses\t4306\t6406\t990\t0\t11702\nInterest expense\t829\t14875\t245\t(861)\t15088\nIncome (loss) before equity in net income of subsidiaries and income taxes\t(3073)\t(7539)\t56759\t0\t46147\nEquity in net income of subsidiaries\t44057\t16597\t10903\t(71557)\t0\nIncome before income taxes\t40984\t9058\t67662\t(71557)\t46147\nIncome tax expense (benefit)\t0\t(1845)\t7008\t0\t5163\nNet income\t40984\t10903\t60654\t(71557)\t40984\n", "q10k_tbl_62": "Condensed Consolidating Statements of Comprehensive Income (Loss) for the Quarter Ended September 30 2020 (Dollars in thousands)\tGlobal Indemnity Group LLC (Parent co-obligor)(3)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Group LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Group LLC Consolidated\nNet loss\t(15170)\t(5784)\t(6669)\t12453\t(15170)\nOther comprehensive income net of tax:\t\t\t\t\t\nUnrealized holding gains (losses)\t(1310)\t(1049)\t1911\t0\t(448)\nEquity in other comprehensive income of unconsolidated subsidiaries\t(561)\t1596\t603\t(1638)\t0\nReclassification adjustment for gains included in net income\t(102)\t56\t(2058)\t0\t(2104)\nUnrealized foreign currency translation gains\t0\t0\t579\t0\t579\nOther comprehensive income net of tax\t(1973)\t603\t1035\t(1638)\t(1973)\nComprehensive loss net of tax\t(17143)\t(5181)\t(5634)\t10815\t(17143)\n", "q10k_tbl_63": "Condensed Consolidating Statements of Comprehensive Income (Loss) for the Quarter Ended September 30 2019 (Dollars in thousands)\tGlobal Indemnity Limited (Parent co-obligor)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Limited Consolidated\nNet income (loss)\t6721\t(4462)\t9726\t(5264)\t6721\nOther comprehensive income net of tax:\t\t\t\t\t\nUnrealized holding gains (losses)\t0\t0\t9421\t0\t9421\nEquity in other comprehensive income of unconsolidated subsidiaries\t8772\t4711\t4703\t(18186)\t0\nPortion of other-than-temporary impairment losses recognized in other comprehensive income\t0\t0\t(2)\t0\t(2)\nReclassification adjustment for gains included in net income\t0\t(8)\t(839)\t0\t(847)\nUnrealized foreign currency translation losses\t0\t0\t200\t0\t200\nOther comprehensive income net of tax\t8772\t4703\t13483\t(18186)\t8772\nComprehensive income net of tax\t15493\t241\t23209\t(23450)\t15493\n", "q10k_tbl_64": "Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine Months Ended September 30 2020 (Dollars in thousands)\tGlobal Indemnity Group LLC (Parent co-obligor)(3)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Group LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Group LLC Consolidated\nNet income (loss)\t(22197)\t(25649)\t27968\t(2319)\t(22197)\nOther comprehensive income net of tax:\t\t\t\t\t\nUnrealized holding gains\t322\t(257)\t30683\t0\t30748\nEquity in other comprehensive income (loss) of unconsolidated subsidiaries\t17891\t8643\t8405\t(34939)\t0\nReclassification adjustment for (gains) losses included in net income\t(102)\t19\t(13122)\t0\t(13205)\nUnrealized foreign currency translation gains\t0\t0\t568\t0\t568\nOther comprehensive income net of tax\t18111\t8405\t26534\t(34939)\t18111\nComprehensive income (loss) net of tax\t(4086)\t(17244)\t54502\t(37258)\t(4086)\n", "q10k_tbl_65": "Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine Months Ended September 30 2019 (Dollars in thousands)\tGlobal Indemnity Limited (Parent co-obligor)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tConsolidating Adjustments (2)\tGlobal Indemnity Limited Consolidated\nNet income\t40984\t10903\t60654\t(71557)\t40984\nOther comprehensive income net of tax:\t\t\t\t\t\nUnrealized holding gains\t880\t1567\t46436\t0\t48883\nEquity in other comprehensive income (loss) of unconsolidated subsidiaries\t46226\t24201\t26003\t(96430)\t0\nPortion of other-than-temporary impairment losses recognized in other comprehensive losses\t0\t0\t(4)\t0\t(4)\nReclassification adjustment for (gains) losses included in net income\t(561)\t235\t(2339)\t0\t(2665)\nUnrealized foreign currency translation gains\t0\t0\t331\t0\t331\nOther comprehensive income net of tax\t46545\t26003\t70427\t(96430)\t46545\nComprehensive income net of tax\t87529\t36906\t131081\t(167987)\t87529\n", "q10k_tbl_66": "Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30 2020 (Dollars in thousands)\tGlobal Indemnity Group LLC (Parent co-obligor)(2)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Group LLC Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tGlobal Indemnity Group LLC Consolidated\nCash flows from operating activities:\t\t\t\t\nNet cash provided by (used for) operating activities\t(10423)\t1526\t42833\t33936\nCash flows from investing activities:\t\t\t\t\nProceeds from sale of fixed maturities\t18451\t36898\t545613\t600962\nProceeds from sale of equity securities\t103002\t460924\t0\t563926\nProceeds from maturity of fixed maturities\t280\t0\t89595\t89875\nProceeds from other invested assets\t1700\t123\t0\t1823\nAmounts paid in connection with derivatives\t0\t(20130)\t0\t(20130)\nPurchases of fixed maturities\t(185692)\t(50283)\t(466752)\t(702727)\nPurchases of equity securities\t(107228)\t(286735)\t0\t(393963)\nPurchases of other invested assets\t0\t(297)\t0\t(297)\nNet cash provided by (used for) investing activities\t(169487)\t140500\t168456\t139469\nCash flows from financing activities:\t\t\t\t\nNet borrowings under margin borrowing facility\t0\t(73629)\t0\t(73629)\nProceeds (repayment) of note to affiliates\t0\t5049\t(5049)\t0\nDividends paid to shareholders\t(10683)\t0\t0\t(10683)\nIssuance of series A cumulative fixed rate preferred shares\t4000\t0\t0\t4000\nDividends from subsidiaries\t226000\t0\t(226000)\t0\nCapital contribution\t(26466)\t26466\t0\t0\nPurchase of class A common shares\t(153)\t0\t0\t(153)\nRedemption of subordinated notes\t0\t(100000)\t0\t(100000)\nNet cash provided by (used for) financing activities\t192698\t(142114)\t(231049)\t(180465)\nNet change in cash and cash equivalents\t12788\t(88)\t(19760)\t(7060)\nCash and cash equivalents at beginning of period\t977\t2663\t40631\t44271\nCash and cash equivalents at end of period\t13765\t2575\t20871\t37211\n", "q10k_tbl_67": "Condensed Consolidating Statements of Cash Flows for the Nine Months Ended September 30 2019 (Dollars in thousands)\tGlobal Indemnity Limited (Parent co-obligor)\tGBLI Holdings LLC (Subsidiary co-obligor)\tOther Global Indemnity Limited Subsidiaries and Eliminations (non-co-obligor subsidiaries) (1)\tGlobal Indemnity Limited Consolidated\nCash flows from operating activities:\t\t\t\t\nNet cash provided by operating activities\t1718\t2593\t41619\t45930\nCash flows from investing activities:\t\t\t\t\nProceeds from sale of fixed maturities\t48393\t101525\t492131\t642049\nProceeds from sale of equity securities\t7300\t198912\t0\t206212\nProceeds from maturity of fixed maturities\t0\t0\t113480\t113480\nProceeds from other invested assets\t3161\t11040\t0\t14201\nAmounts paid in connection with derivatives\t0\t(12516)\t0\t(12516)\nPurchases of fixed maturities\t(10548)\t(24280)\t(666856)\t(701684)\nPurchases of equity securities\t(40564)\t(285408)\t0\t(325972)\nPurchases of other invested assets\t0\t(3500)\t0\t(3500)\nNet cash provided by (used for) investing activities\t7742\t(14227)\t(61245)\t(67730)\nCash flows from financing activities:\t\t\t\t\nNet borrowings under margin borrowing facility\t0\t8561\t0\t8561\nDividends paid to shareholders\t(7130)\t0\t0\t(7130)\nPurchase of class A common shares\t(947)\t0\t0\t(947)\nNet cash provided by (used for) financing activities\t(8077)\t8561\t0\t484\nNet change in cash and cash equivalents\t1383\t(3073)\t(19626)\t(21316)\nCash and cash equivalents at beginning of period\t2221\t26039\t71237\t99497\nCash and cash equivalents at end of period\t3604\t22966\t51611\t78181\n", "q10k_tbl_68": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\t\n(Dollars in thousands)\t2020\t2019\tChange\t\t2020\t2019\tChange\t\nGross written premiums\t143749\t157177\t(8.5\t%)\t464022\t478699\t(3.1\t%)\nNet written premiums\t130611\t138836\t(5.9\t%)\t416987\t421321\t(1.0\t%)\nNet earned premiums\t140302\t133312\t5.2%\t\t426617\t383602\t11.2%\t\nOther income\t597\t264\t126.1%\t\t1509\t1274\t18.4%\t\nTotal revenues\t140899\t133576\t5.5%\t\t428126\t384876\t11.2%\t\nLosses and expenses:\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t97148\t73583\t32.0%\t\t242092\t201979\t19.9%\t\nAcquisition costs and other underwriting expenses\t53268\t53366\t(0.2\t%)\t163258\t153643\t6.3%\t\nUnderwriting income (loss)\t(9517)\t6627\tNM\t\t22776\t29254\t(22.1\t%)\nNet investment income\t11746\t11348\t3.5%\t\t19516\t32393\t(39.8\t%)\nNet realized investment gains (losses)\t7323\t(2690)\tNM\t\t(22332)\t11290\tNM\t\nOther loss\t(55)\t0\t100.0%\t\t(36)\t0\t100.0%\t\nCorporate and other operating expenses\t(21196)\t(3858)\tNM\t\t(34037)\t(11702)\t190.9%\t\nInterest expense\t(3620)\t(5023)\t(27.9\t%)\t(13197)\t(15088)\t(12.5\t%)\nLoss on extinguishment of debt\t(3060)\t0\tNM\t\t(3060)\t0\tNM\t\nIncome (loss) before income taxes\t(18379)\t6404\tNM\t\t(30370)\t46147\t(165.8\t%)\nIncome tax expense (benefit)\t(3209)\t(317)\tNM\t\t(8173)\t5163\tNM\t\nNet income (loss)\t(15170)\t6721\tNM\t\t(22197)\t40984\t(154.2\t%)\nUnderwriting Ratios:\t\t\t\t\t\t\t\t\nLoss ratio (1):\t69.2%\t55.2%\t\t\t56.7%\t52.7%\t\t\nExpense ratio (2)\t38.0%\t40.0%\t\t\t38.3%\t40.1%\t\t\nCombined ratio (3)\t107.2%\t95.2%\t\t\t95.0%\t92.8%\t\t\n", "q10k_tbl_69": "\tQuarters Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n(Dollars in thousands)\t2020\t2019\t% Change\t\t2020\t2019\t% Change\t\nGross written premiums (1)\t\t\t\t\t\t\t\t\nCommercial Specialty\t74971\t73175\t2.5%\t\t243099\t214467\t13.4%\t\nSpecialty Property\t34730\t42611\t(18.5\t%)\t107951\t128771\t(16.2\t%)\nFarm Ranch & Stable\t19443\t21410\t(9.2\t%)\t64798\t65872\t(1.6\t%)\nReinsurance (3)\t14605\t19981\t(26.9\t%)\t48174\t69589\t(30.8\t%)\nTotal gross written premiums\t143749\t157177\t(8.5\t%)\t464022\t478699\t(3.1\t%)\nCeded written premiums\t\t\t\t\t\t\t\t\nCommercial Specialty\t5897\t10250\t(42.5\t%)\t23662\t29265\t(19.1\t%)\nSpecialty Property\t4759\t4983\t(4.5\t%)\t14898\t18103\t(17.7\t%)\nFarm Ranch & Stable\t2482\t3116\t(20.3\t%)\t8475\t10011\t(15.3\t%)\nReinsurance (3)\t0\t(8)\t(100.0\t%)\t0\t(1)\t(100.0\t%)\nTotal ceded written premiums\t13138\t18341\t(28.4\t%)\t47035\t57378\t(18.0\t%)\nNet written premiums (2)\t\t\t\t\t\t\t\t\nCommercial Specialty\t69074\t62925\t9.8%\t\t219437\t185202\t18.5%\t\nSpecialty Property\t29971\t37628\t(20.3\t%)\t93053\t110668\t(15.9\t%)\nFarm Ranch & Stable\t16961\t18294\t(7.3\t%)\t56323\t55861\t0.8%\t\nReinsurance (3)\t14605\t19989\t(26.9\t%)\t48174\t69590\t(30.8\t%)\nTotal net written premiums\t130611\t138836\t(5.9\t%)\t416987\t421321\t(1.0\t%)\nNet earned premiums\t\t\t\t\t\t\t\t\nCommercial Specialty\t73887\t60869\t21.4%\t\t211329\t173215\t22.0%\t\nSpecialty Property\t31388\t34554\t(9.2\t%)\t99147\t104740\t(5.3\t%)\nFarm Ranch & Stable\t19978\t18377\t8.7%\t\t57691\t52849\t9.2%\t\nReinsurance (3)\t15049\t19512\t(22.9\t%)\t58450\t52798\t10.7%\t\nTotal net earned premiums\t140302\t133312\t5.2%\t\t426617\t383602\t11.2%\t\n", "q10k_tbl_70": "\tQuarters Ended September 30\t\tPoint\tNine Months Ended September 30\t\tPoint\n(Dollars in thousands)\t2020\t2019\tChange\t2020\t2019\tChange\nCommercial Specialty\t92.1%\t86.0%\t6.1\t90.3%\t86.4%\t3.9\nSpecialty Property\t86.3%\t88.3%\t(2.0)\t86.2%\t85.9%\t0.3\nFarm Ranch & Stable\t87.2%\t85.4%\t1.8\t86.9%\t84.8%\t2.1\nReinsurance\t100.0%\t100.0%\t0\t100.0%\t100.0%\t0\nTotal\t90.9%\t88.3%\t2.6\t89.9%\t88.0%\t1.9\n", "q10k_tbl_71": "\tGross Reserves\t\t\n(Dollars in thousands)\tCase\tIBNR (1)\tTotal\nCommercial Specialty\t139513\t275802\t415315\nSpecialty Property\t22738\t35307\t58045\nFarm Ranch & Stable\t16812\t33987\t50799\nReinsurance Operations\t56627\t89144\t145771\nTotal\t235690\t434240\t669930\n", "q10k_tbl_72": "\tNet Reserves (2)\t\t\n(Dollars in thousands)\tCase\tIBNR (1)\tTotal\nCommercial Specialty\t113322\t234304\t347626\nSpecialty Property\t11536\t25806\t37342\nFarm Ranch & Stable\t12608\t27927\t40535\nReinsurance Operations\t56627\t89144\t145771\nTotal\t194093\t377181\t571274\n", "q10k_tbl_73": "\t\tSeverity Change\t\t\t\t\n(Dollars in thousands)\t\t-10%\t-5%\t0%\t5%\t10%\nFrequency Change\t-5%\t(39687)\t(26686)\t(13685)\t(684)\t12317\n\t-3%\t(34760)\t(21485)\t(8211)\t5063\t18338\n\t-2%\t(32297)\t(18885)\t(5474)\t7937\t21349\n\t-1%\t(29833)\t(16285)\t(2737)\t10811\t24359\n\t0%\t(27370)\t(13685)\t0\t13685\t27370\n\t1%\t(24907)\t(11085)\t2737\t16559\t30381\n\t2%\t(22443)\t(8485)\t5474\t19433\t33391\n\t3%\t(19980)\t(5885)\t8211\t22307\t36402\n\t5%\t(15054)\t(684)\t13685\t28054\t42424\n", "q10k_tbl_74": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\n(Dollars in thousands)\t2020 (1)\t2019 (1)\tChange\t\t2020 (1)\t2019 (1)\tChange\nGross written premiums\t74971\t73175\t2.5%\t\t243099\t214467\t13.4%\nNet written premiums\t69074\t62925\t9.8%\t\t219437\t185202\t18.5%\nNet earned premiums\t73887\t60869\t21.4%\t\t211329\t173215\t22.0%\nTotal revenues\t73887\t60869\t21.4%\t\t211329\t173215\t22.0%\nLosses and expenses:\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t42879\t27389\t56.6%\t\t109191\t81731\t33.6%\nAcquisition costs and other underwriting expenses\t26943\t24820\t8.6%\t\t79452\t70522\t12.7%\nUnderwriting income\t4065\t8660\t(53.1\t%)\t22686\t20962\t8.2%\n", "q10k_tbl_75": "\tQuarters Ended September 30\t\t\t\tPoint\tNine Months Ended September 30\t\t\t\tPoint\n\t2020\t\t2019\t\tChange\t2020\t\t2019\t\tChange\nUnderwriting Ratios:\t\t\t\t\t\t\t\t\t\t\nLoss ratio:\t\t\t\t\t\t\t\t\t\t\nCurrent accident year\t62.8%\t\t53.5%\t\t9.3\t60.1%\t\t54.2%\t\t5.9\nPrior accident year\t(4.8\t%)\t(8.5\t%)\t3.7\t(8.4\t%)\t(7.0\t%)\t(1.4)\nCalendar year loss ratio\t58.0%\t\t45.0%\t\t13.0\t51.7%\t\t47.2%\t\t4.5\nExpense ratio\t36.5%\t\t40.8%\t\t(4.3)\t37.6%\t\t40.7%\t\t(3.1)\nCombined ratio\t94.5%\t\t85.8%\t\t8.7\t89.3%\t\t87.9%\t\t1.4\n", "q10k_tbl_76": "\tQuarters Ended September 30\t\t\t\t\t\tNine Months Ended September 30\t\t\t\t\t\n(Dollars in thousands)\t2020\t\t\t2019\t\t\t2020\t\t\t2019\t\t\n\tLosses $\tLoss Ratio\t\tLosses $\tLoss Ratio\t\tLosses $\tLoss Ratio\t\tLosses $\tLoss Ratio\t\nProperty\t\t\t\t\t\t\t\t\t\t\t\t\nNon catastrophe property losses and ratio excluding the effect of prior accident year (1)\t14769\t42.4%\t\t13641\t48.5%\t\t41581\t42.8%\t\t35694\t43.5%\t\nEffect of prior accident year\t(568)\t(1.6\t%)\t16\t0.1%\t\t(238)\t(0.2\t%)\t(959)\t(1.2\t%)\nNon catastrophe property losses and ratio (2)\t14201\t40.8%\t\t13657\t48.6%\t\t41343\t42.6%\t\t34735\t42.3%\t\nCatastrophe losses and ratio excluding the effect of prior accident year (1)\t9537\t27.4%\t\t1731\t6.2%\t\t23116\t23.8%\t\t7088\t8.6%\t\nEffect of prior accident year\t626\t1.8%\t\t(14)\t(0.1\t%)\t6063\t6.2%\t\t34\t0.1%\t\nCatastrophe losses and ratio (2)\t10163\t29.2%\t\t1717\t6.1%\t\t29179\t30.0%\t\t7122\t8.7%\t\nTotal property losses and ratio excluding the effect of prior accident year (1)\t24306\t69.8%\t\t15372\t54.7%\t\t64697\t66.6%\t\t42782\t52.1%\t\nEffect of prior accident year\t58\t0.2%\t\t2\t-%\t\t5825\t6.0%\t\t(925)\t(1.1\t%)\nTotal property losses and ratio (2)\t24364\t70.0%\t\t15374\t54.7%\t\t70522\t72.6%\t\t41857\t51.0%\t\nCasualty\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Casualty losses and ratio excluding the effect of prior accident year (1)\t22119\t56.6%\t\t17205\t52.5%\t\t62289\t54.6%\t\t51023\t56.0%\t\nEffect of prior accident year\t(3604)\t(9.2\t%)\t(5190)\t(15.8\t%)\t(23620)\t(20.7\t%)\t(11149)\t(12.2\t%)\nTotal Casualty losses and ratio (2)\t18515\t47.4%\t\t12015\t36.7%\t\t38669\t33.9%\t\t39874\t43.8%\t\nTotal\t\t\t\t\t\t\t\t\t\t\t\t\nTotal net losses and loss adjustment expense and total loss ratio excluding the effect of prior accident year (1)\t46425\t62.8%\t\t32577\t53.5%\t\t126986\t60.1%\t\t93805\t54.2%\t\nEffect of prior accident year\t(3546)\t(4.8\t%)\t(5188)\t(8.5\t%)\t(17795)\t(8.4\t%)\t(12074)\t(7.0\t%)\nTotal net losses and loss adjustment expense and total loss ratio (2)\t42879\t58.0%\t\t27389\t45.0%\t\t109191\t51.7%\t\t81731\t47.2%\t\n", "q10k_tbl_77": "\tQuarters Ended September 30\t\t%\tNine Months Ended September 30\t\t%\n(Dollars in thousands)\t2020\t2019\tChange\t2020\t2019\tChange\nProperty losses\t\t\t\t\t\t\nNon-catastrophe\t14769\t13641\t8.3%\t41581\t35694\t16.5%\nCatastrophe\t9537\t1731\tNM\t23116\t7088\tNM\nProperty losses\t24306\t15372\t58.1%\t64697\t42782\t51.2%\nCasualty losses\t22119\t17205\t28.6%\t62289\t51023\t22.1%\nTotal accident year losses\t46425\t32577\t42.5%\t126986\t93805\t35.4%\n", "q10k_tbl_78": "\tQuarters Ended September 30\t\tPoint\tNine Months Ended September 30\t\tPoint\n\t2020\t2019\tChange\t2020\t2019\tChange\nCurrent accident year loss ratio:\t\t\t\t\t\t\nProperty\t\t\t\t\t\t\nNon-catastrophe\t42.4%\t48.5%\t(6.1)\t42.8%\t43.5%\t(0.7)\nCatastrophe\t27.4%\t6.2%\t21.2\t23.8%\t8.6%\t15.2\nProperty loss ratio\t69.8%\t54.7%\t15.1\t66.6%\t52.1%\t14.5\nCasualty loss ratio\t56.6%\t52.5%\t4.1\t54.6%\t56.0%\t(1.4)\nTotal accident year loss ratio\t62.8%\t53.5%\t9.3\t60.1%\t54.2%\t5.9\n", "q10k_tbl_79": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\t\n(Dollars in thousands)\t2020 (1)\t2019 (1)\tChange\t\t2020 (1)\t2019 (1)\tChange\t\nGross written premiums\t34730\t42611\t(18.5\t%)\t107951\t128771\t(16.2\t%)\nNet written premiums\t29971\t37628\t(20.3\t%)\t93053\t110668\t(15.9\t%)\nNet earned premiums\t31388\t34554\t(9.2\t%)\t99147\t104740\t(5.3\t%)\nOther income\t450\t465\t(3.2\t%)\t1306\t1406\t(7.1\t%)\nTotal revenues\t31838\t35019\t(9.1\t%)\t100453\t106146\t(5.4\t%)\nLosses and expenses:\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t34430\t25997\t32.4%\t\t65619\t57611\t13.9%\t\nAcquisition costs and other underwriting expenses\t13364\t14571\t(8.3\t%)\t41357\t44163\t(6.4\t%)\nUnderwriting income (loss)\t(15956)\t(5549)\t187.5%\t\t(6523)\t4372\tNM\t\n", "q10k_tbl_80": "\tQuarters Ended September 30\t\t\t\tPoint\tNine Months Ended September 30\t\t\t\tPoint\n\t2020\t\t2019\t\tChange\t2020\t\t2019\t\tChange\nUnderwriting Ratios:\t\t\t\t\t\t\t\t\t\t\nLoss ratio:\t\t\t\t\t\t\t\t\t\t\nCurrent accident year\t116.1%\t\t78.9%\t\t37.2\t72.8%\t\t65.1%\t\t7.7\nPrior accident year\t(6.4\t%)\t(3.7\t%)\t(2.7)\t(6.6\t%)\t(10.0\t%)\t3.4\nCalendar year loss ratio\t109.7%\t\t75.2%\t\t34.5\t66.2%\t\t55.1%\t\t11.1\nExpense ratio\t42.6%\t\t42.2%\t\t0.4\t41.7%\t\t42.2%\t\t(0.5)\nCombined ratio\t152.3%\t\t117.4%\t\t34.9\t107.9%\t\t97.3%\t\t10.6\n", "q10k_tbl_81": "\tQuarters Ended September 30\t\t\t\t\t\tNine Months Ended September 30\t\t\t\t\t\n(Dollars in thousands)\t2020\t\t\t2019\t\t\t2020\t\t\t2019\t\t\n\tLosses $\tLoss Ratio\t\tLosses $\tLoss Ratio\t\tLosses $\tLoss Ratio\t\tLosses\tLoss Ratio\t\nProperty\t\t\t\t\t\t\t\t\t\t\t\t\nNon catastrophe property losses and ratio excluding the effect of prior accident year (1)\t15264\t52.0%\t\t19388\t60.7%\t\t40689\t44.2%\t\t53401\t55.2%\t\nEffect of prior accident year\t66\t0.2%\t\t368\t1.2%\t\t(2979)\t(3.2\t%)\t188\t0.2%\t\nNon catastrophe property losses and ratio (2)\t15330\t52.2%\t\t19756\t61.9%\t\t37710\t41.0%\t\t53589\t55.4%\t\nCatastrophe losses and ratio excluding the effect of prior accident year (1)\t20060\t68.4%\t\t5996\t18.8%\t\t28367\t30.8%\t\t10080\t10.4%\t\nEffect of prior accident year\t(1828)\t(6.2\t%)\t(1297)\t(4.1\t%)\t(1619)\t(1.8\t%)\t(10286)\t(10.6\t%)\nCatastrophe losses and ratio (2)\t18232\t62.2%\t\t4699\t14.7%\t\t26748\t29.0%\t\t(206)\t(0.2\t%)\nTotal property losses and ratio excluding the effect of prior accident year (1)\t35324\t120.4%\t\t25384\t79.5%\t\t69056\t75.0%\t\t63481\t65.6%\t\nEffect of prior accident year\t(1762)\t(6.0\t%)\t(929)\t(2.9\t%)\t(4598)\t(5.0\t%)\t(10098)\t(10.4\t%)\nTotal property losses and ratio (2)\t33562\t114.4%\t\t24455\t76.6%\t\t64458\t70.0%\t\t53383\t55.2%\t\nCasualty\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Casualty losses and ratio excluding the effect of prior accident year (1)\t1109\t53.9%\t\t1895\t72.4%\t\t3154\t45.1%\t\t4656\t57.6%\t\nEffect of prior accident year\t(241)\t(11.7\t%)\t(353)\t(13.5\t%)\t(1993)\t(28.5\t%)\t(428)\t(5.3\t%)\nTotal Casualty losses and ratio (2)\t868\t42.2%\t\t1542\t58.9%\t\t1161\t16.6%\t\t4228\t52.3%\t\nTotal\t\t\t\t\t\t\t\t\t\t\t\t\nTotal net losses and loss adjustment expense and total loss ratio excluding the effect of prior accident year (1)\t36433\t116.1%\t\t27279\t78.9%\t\t72210\t72.8%\t\t68137\t65.1%\t\nEffect of prior accident year\t(2003)\t(6.4\t%)\t(1282)\t(3.7\t%)\t(6591)\t(6.6\t%)\t(10526)\t(10.0\t%)\nTotal net losses and loss adjustment expense and total loss ratio (2)\t34430\t109.7%\t\t25997\t75.2%\t\t65619\t66.2%\t\t57611\t55.1%\t\n", "q10k_tbl_82": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\t\n(Dollars in thousands)\t2020\t2019\tChange\t\t2020\t2019\tChange\t\nProperty losses\t\t\t\t\t\t\t\t\nNon-catastrophe\t15264\t19388\t(21.3\t%)\t40689\t53401\t(23.8\t%)\nCatastrophe\t20060\t5996\tNM\t\t28367\t10080\t181.4%\t\nProperty losses\t35324\t25384\t39.2%\t\t69056\t63481\t8.8%\t\nCasualty losses\t1109\t1895\t(41.5\t%)\t3154\t4656\t(32.3\t%)\nTotal accident year losses\t36433\t27279\t33.6%\t\t72210\t68137\t6.0%\t\n", "q10k_tbl_83": "\tQuarters Ended September 30\t\tPoint\tNine Months Ended September 30\t\tPoint\n\t2020\t2019\tChange\t2020\t2019\tChange\nCurrent accident year loss ratio:\t\t\t\t\t\t\nProperty\t\t\t\t\t\t\nNon-catastrophe\t52.0%\t60.7%\t(8.7)\t44.2%\t55.2%\t(11.0)\nCatastrophe\t68.4%\t18.8%\t49.6\t30.8%\t10.4%\t20.4\nProperty loss ratio\t120.4%\t79.5%\t40.9\t75.0%\t65.6%\t9.4\nCasualty loss ratio\t53.9%\t72.4%\t(18.5)\t45.1%\t57.6%\t(12.5)\nTotal accident year loss ratio\t116.1%\t78.9%\t37.2\t72.8%\t65.1%\t7.7\n", "q10k_tbl_84": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\t\n(Dollars in thousands)\t2020 (1)\t2019 (1)\tChange\t\t2020 (1)\t2019 (1)\tChange\t\nGross written premiums\t19443\t21410\t(9.2\t%)\t64798\t65872\t(1.6\t%)\nNet written premiums\t16961\t18294\t(7.3\t%)\t56323\t55861\t0.8%\t\nNet earned premiums\t19978\t18377\t8.7%\t\t57691\t52849\t9.2%\t\nOther income\t35\t34\t2.9%\t\t107\t96\t11.5%\t\nTotal revenues\t20013\t18411\t8.7%\t\t57798\t52945\t9.2%\t\nLosses and expenses:\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t14649\t10939\t33.9%\t\t37698\t32203\t17.1%\t\nAcquisition costs and other underwriting expenses\t7443\t7776\t(4.3\t%)\t22687\t22403\t1.3%\t\nUnderwriting loss\t(2079)\t(304)\tNM\t\t(2587)\t(1661)\t(55.7\t%)\n", "q10k_tbl_85": "\tQuarters Ended September 30\t\t\t\tPoint\tNine Months Ended September 30\t\t\t\tPoint\n\t2020\t\t2019\t\tChange\t2020\t\t2019\t\tChange\nUnderwriting Ratios:\t\t\t\t\t\t\t\t\t\t\nLoss ratio:\t\t\t\t\t\t\t\t\t\t\nCurrent accident year\t79.9%\t\t65.8%\t\t14.1\t69.0%\t\t68.4%\t\t0.6\nPrior accident year\t(6.5\t%)\t(6.3\t%)\t(0.2)\t(3.7\t%)\t(7.5\t%)\t3.8\nCalendar year loss ratio\t73.4%\t\t59.5%\t\t13.9\t65.3%\t\t60.9%\t\t4.4\nExpense ratio\t37.3%\t\t42.3%\t\t(5.0)\t39.3%\t\t42.4%\t\t(3.1)\nCombined ratio\t110.7%\t\t101.8%\t\t8.9\t104.6%\t\t103.3%\t\t1.3\n", "q10k_tbl_86": "\tQuarters Ended September 30\t\t\t\t\t\tNine Months Ended September 30\t\t\t\t\t\n(Dollars in thousands)\t2020\t\t\t2019\t\t\t2020\t\t\t2019\t\t\n\tLosses $\tLoss Ratio\t\tLosses $\tLoss Ratio\t\tLosses $\tLoss Ratio\t\tLosses\tLoss Ratio\t\nProperty\t\t\t\t\t\t\t\t\t\t\t\t\nNon catastrophe property losses and ratio excluding the effect of prior accident year (1)\t6292\t41.9%\t\t7542\t57.6%\t\t16106\t38.2%\t\t21943\t58.2%\t\nEffect of prior accident year\t(850)\t(5.7\t%)\t(17)\t(0.1\t%)\t(2115)\t(5.0\t%)\t(448)\t(1.2\t%)\nNon catastrophe property losses and ratio (2)\t5442\t36.2%\t\t7525\t57.5%\t\t13991\t33.2%\t\t21495\t57.0%\t\nCatastrophe losses and ratio excluding the effect of prior accident year (1)\t6970\t46.4%\t\t2044\t15.6%\t\t15488\t36.8%\t\t6769\t18.0%\t\nEffect of prior accident year\t(472)\t(3.1\t%)\t(1089)\t(8.3\t%)\t89\t0.2%\t\t(1784)\t(4.7\t%)\nCatastrophe losses and ratio (2)\t6498\t43.3%\t\t955\t7.3%\t\t15577\t37.0%\t\t4985\t13.3%\t\nTotal property losses and ratio excluding the effect of prior accident year (1)\t13262\t88.3%\t\t9586\t73.2%\t\t31594\t75.0%\t\t28712\t76.2%\t\nEffect of prior accident year\t(1322)\t(8.8\t%)\t(1106)\t(8.4\t%)\t(2026)\t(4.8\t%)\t(2232)\t(5.9\t%)\nTotal property losses and ratio (2)\t11940\t79.5%\t\t8480\t64.8%\t\t29568\t70.2%\t\t26480\t70.3%\t\nCasualty\t\t\t\t\t\t\t\t\t\t\t\t\nTotal Casualty losses and ratio excluding the effect of prior accident year (1)\t2693\t54.4%\t\t2503\t47.4%\t\t8213\t52.7%\t\t7462\t49.2%\t\nEffect of prior accident year\t16\t0.3%\t\t(44)\t(0.8\t%)\t(83)\t(0.5\t%)\t(1739)\t(11.5\t%)\nTotal Casualty losses and ratio (2)\t2709\t54.7%\t\t2459\t46.6%\t\t8130\t52.2%\t\t5723\t37.7%\t\nTotal\t\t\t\t\t\t\t\t\t\t\t\t\nTotal net losses and loss adjustment expense and total loss ratio excluding the effect of prior accident year (1)\t15955\t79.9%\t\t12089\t65.8%\t\t39807\t69.0%\t\t36174\t68.4%\t\nEffect of prior accident year\t(1306)\t(6.5\t%)\t(1150)\t(6.3\t%)\t(2109)\t(3.7\t%)\t(3971)\t(7.5\t%)\nTotal net losses and loss adjustment expense and total loss ratio (2)\t14649\t73.4%\t\t10939\t59.5%\t\t37698\t65.3%\t\t32203\t60.9%\t\n", "q10k_tbl_87": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\t\n(Dollars in thousands)\t2020\t2019\tChange\t\t2020\t2019\tChange\t\nProperty losses\t\t\t\t\t\t\t\t\nNon-catastrophe\t6292\t7542\t(16.6\t%)\t16106\t21943\t(26.6\t%)\nCatastrophe\t6970\t2044\tNM\t\t15488\t6769\t128.8%\t\nProperty losses\t13262\t9586\t38.3%\t\t31594\t28712\t10.0%\t\nCasualty losses\t2693\t2503\t7.6%\t\t8213\t7462\t10.1%\t\nTotal accident year losses\t15955\t12089\t32.0%\t\t39807\t36174\t10.0%\t\n", "q10k_tbl_88": "\tQuarters Ended September 30\t\tPoint\tNine Months Ended September 30\t\tPoint\n\t2020\t2019\tChange\t2020\t2019\tChange\nCurrent accident year loss ratio:\t\t\t\t\t\t\nProperty\t\t\t\t\t\t\nNon-catastrophe\t41.9%\t57.6%\t(15.7)\t38.2%\t58.2%\t(20.0)\nCatastrophe\t46.4%\t15.6%\t30.8\t36.8%\t18.0%\t18.8\nProperty loss ratio\t88.3%\t73.2%\t15.1\t75.0%\t76.2%\t(1.2)\nCasualty loss ratio\t54.4%\t47.4%\t7.0\t52.7%\t49.2%\t3.5\nTotal accident year loss ratio\t79.9%\t65.8%\t14.1\t69.0%\t68.4%\t0.6\n", "q10k_tbl_89": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\t\n(Dollars in thousands)\t2020 (1)\t2019 (1)\tChange\t\t2020 (1)\t2019 (1)\tChange\t\nGross written premiums\t14605\t19981\t(26.9\t%)\t48174\t69589\t(30.8\t%)\nNet written premiums\t14605\t19989\t(26.9\t%)\t48174\t69590\t(30.8\t%)\nNet earned premiums\t15049\t19512\t(22.9\t%)\t58450\t52798\t10.7%\t\nOther income (loss)\t112\t(235)\t(147.7\t%)\t96\t(228)\t(142.1\t%)\nTotal revenues\t15161\t19277\t(21.4\t%)\t58546\t52570\t11.4%\t\nLosses and expenses:\t\t\t\t\t\t\t\t\nNet losses and loss adjustment expenses\t5190\t9258\t(43.9\t%)\t29584\t30434\t(2.8\t%)\nAcquisition costs and other underwriting expenses\t5518\t6199\t(11.0\t%)\t19762\t16555\t19.4%\t\nUnderwriting income\t4453\t3820\t16.6%\t\t9200\t5581\t64.8%\t\n", "q10k_tbl_90": "\tQuarters Ended September 30\t\t\tPoint\tNine Months Ended September 30\t\t\tPoint\n\t2020\t\t2019\tChange\t2020\t\t2019\tChange\nUnderwriting Ratios:\t\t\t\t\t\t\t\t\nLoss ratio:\t\t\t\t\t\t\t\t\nCurrent accident year (2)\t66.8%\t\t44.0%\t22.8\t59.4%\t\t51.0%\t8.4\nPrior accident year\t(32.3\t%)\t3.4%\t(35.7)\t(8.8\t%)\t6.7%\t(15.5)\nCalendar year loss ratio (3)\t34.5%\t\t47.4%\t(12.9)\t50.6%\t\t57.7%\t(7.1)\nExpense ratio\t36.7%\t\t31.8%\t4.9\t33.8%\t\t31.4%\t2.4\nCombined ratio\t71.2%\t\t79.2%\t(8.0)\t84.4%\t\t89.1%\t(4.7)\n", "q10k_tbl_91": "\tQuarters Ended September 30\t\t%\t\tNine Months Ended September 30\t\t%\t\n(Dollars in thousands)\t2020\t2019\tChange\t\t2020\t2019\tChange\t\nGross investment income (loss) (1)\t12556\t12162\t3.2%\t\t21662\t34712\t(37.6\t%)\nInvestment expenses\t(810)\t(814)\t(0.5\t%)\t(2146)\t(2319)\t(7.5\t%)\nNet investment income\t11746\t11348\t3.5%\t\t19516\t32393\t(39.8\t%)\n", "q10k_tbl_92": "\tQuarters Ended September 30\t\tNine Months Ended September 30\t\n(Dollars in thousands)\t2020\t2019\t2020\t2019\nEquity securities\t4887\t(1465)\t(17201)\t17860\nFixed maturities\t2276\t946\t17028\t4731\nDerivatives\t160\t(2171)\t(22159)\t(9404)\nOther than temporary impairment losses\t0\t0\t0\t(1897)\nNet realized investment gains (losses)\t7323\t(2690)\t(22332)\t11290\n", "q10k_tbl_93": "\tNine Months Ended September 30\t\t\n(Dollars in thousands)\t2020\t2019\tChange\nNet premiums collected\t418598\t417803\t795\nNet losses paid\t(231038)\t(220924)\t(10114)\nUnderwriting and corporate expenses\t(183883)\t(174526)\t(9357)\nNet investment income\t33428\t38700\t(5272)\nNet federal income taxes recovered (paid)\t10859\t(235)\t11094\nInterest paid\t(14028)\t(14888)\t860\nNet cash provided by (used for) operating activities\t33936\t45930\t(11994)\n", "q10k_tbl_94": "3.1\tShare Designation (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n3.2\tSecond Amended and Restated LLC Agreement of Global Indemnity Group LLC (incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n4.1\tFourth Supplemental Indenture dated as of August 28 2020 among Global Indemnity Limited GBLI Holdings LLC New CayCo Wells Fargo Bank National Association as trustee and U.S. Bank National Association as trustee to the Indenture dated as of August 12 2015. (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n4.2\tFifth Supplemental Indenture dated as of August 28 2020 among New CayCo GBLI Holdings LLC Global Indemnity Group LLC Wells Fargo Bank National Association as trustee and U.S. Bank National Association as trustee to the Indenture dated as of August 12 2015. (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.1\tPreferred Interest Purchase Agreement dated as of August 27 2020 by and between Global Indemnity Group LLC and Wyncote LLC (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.2\tThird Amended and Restated Management Agreement dated as of August 28 2020 by and between Global Indemnity Group LLC and Fox Paine & Company LLC (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.3\tAmendment to Executive Employment Agreement with Cynthia Y. Valko dated as of August 28 2020 (incorporated by reference to Exhibit 10.3 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.4\tExecutive Employment Term Sheet with Stephen Green dated effective as of January 1 2020 (incorporated by reference to Exhibit 10.4 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.5\tAmendment to Executive Employment Term Sheet with Stephen Green dated as of August 28 2020 (incorporated by reference to Exhibit 10.5 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.6\tAmendment to Executive Employment Agreement with Thomas M. McGeehan dated as of August 28 2020 (incorporated by reference to Exhibit 10.6 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.7\tAmended and Restated Global Indemnity Group LLC 2018 Share Incentive Plan dated as of August 28 2020 (incorporated by reference to Exhibit 10.7 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n10.8\tAmended and Restated Global Indemnity Group LLC Annual Incentive Awards Program dated as of August 28 2020 (incorporated by reference to Exhibit 10.8 of the Company's Current Report on Form 8-K12B dated August 28 2020 (File no. 001-34809)).\n31.1+\tCertification of Chief Executive Officer pursuant to Rule 13a-14 (a) / 15d-14 (a) of the Securities Exchange Act of 1934 as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n31.2+\tCertification of Chief Financial Officer pursuant to Rule 13a-14 (a) / 15d-14 (a) of the Securities Exchange Act of 1934 as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n", "q10k_tbl_95": "32.1+\tCertification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n32.2+\tCertification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101.INS\tInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Taxonomy Extension Schema Document\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document\n104\tCover Page Interactive Data File (embedded within the Inline XBRL document)\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_38", "cf": "q10k_tbl_6"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
001-34809
Commission File Number
GLOBAL INDEMNITY GROUP, LLC
(Exact name of registrant as specified in its charter)
Delaware
85-2619578
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
Three Bala Plaza East, Suite 300
Bala Cynwyd, PA
19004
(Address of principal executive office including zip code)
Registrant's telephone number, including area code: (610) 664-1500
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit such files.). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filer
☐;
Accelerated filer
☒;
Non-accelerated filer
☐;
Smaller reporting company
☐;
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Shares
GBLI
NASDAQ Global Select Market
7.875% Subordinated Notes due 2047
GBLIL
NASDAQ Global Select Market
As of October 29, 2020, the registrant had outstanding 10,242,703 Class A Common Shares, 4,133,366 Class B Common Shares, and 4,000 Series A Cumulative Fixed Rate Preferred Shares.
Available for sale, at fair value (amortized cost: $1,260,439 and $1,231,568; net of allowance of: 2020 - $0)
$
1,303,775
$
1,253,159
Equity securities, at fair value
75,941
263,104
Other invested assets
37,749
47,279
Total investments
1,417,465
1,563,542
Cash and cash equivalents
37,211
44,271
Premiums receivable, net of allowance for credit losses of $2,869 at September 30, 2020
109,820
118,035
Reinsurance receivables, net of allowance for credit losses of $8,992 at September 30, 2020
112,633
83,938
Funds held by ceding insurers
46,894
48,580
Federal income taxes receivable
—
10,989
Deferred federal income taxes
35,300
31,077
Deferred acquisition costs
67,470
70,677
Intangible assets
21,094
21,491
Goodwill
6,521
6,521
Prepaid reinsurance premiums
15,558
16,716
Other assets
69,791
60,048
Total assets
$
1,939,757
$
2,075,885
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses
$
669,930
$
630,181
Unearned premiums
304,074
314,861
Ceded balances payable
9,576
20,404
Payable for securities purchased
5,630
850
Contingent commissions
11,329
11,928
Debt
126,253
296,640
Other liabilities
92,252
74,212
Total liabilities
$
1,219,044
$
1,349,076
Commitments and contingencies (Note 11)
—
—
Shareholders’ equity:
Series A cumulative fixed rate preferred shares, $1,000 par value; 100,000,000 shares authorized, shares issued and outstanding: 4,000 and 0 shares, respectively, liquidation preference: $1,000 per share and $0, respectively
4,000
—
Common shares, par value: no par at September 30, 2020 and $0.0001 at December 31, 2019, 900,000,000 common shares authorized; class A common shares issued: 10,242,703 and 10,282,277 respectively; class A common shares outstanding: 10,242,703 and 10,167,056, respectively; class B common shares issued and outstanding: 4,133,366 and 4,133,366, respectively
—
2
Additional paid-in capital
443,437
442,403
Accumulated other comprehensive income, net of taxes
35,720
17,609
Retained earnings
237,556
270,768
Class A common shares in treasury, at cost: 0 and 115,221 shares, respectively
—
(3,973
)
Total shareholders’ equity
720,713
726,809
Total liabilities and shareholders’ equity
$
1,939,757
$
2,075,885
See accompanying notes to consolidated financial statements.
3
GLOBAL INDEMNITY GROUP, LLC
Consolidated Statements of Operations
(In thousands, except shares and per share data)
(Unaudited)
Quarters Ended September 30,
(Unaudited)
Nine Months Ended September 30,
2020
2019
2020
2019
Revenues:
Gross written premiums
$
143,749
$
157,177
$
464,022
$
478,699
Net written premiums
$
130,611
$
138,836
$
416,987
$
421,321
Net earned premiums
$
140,302
$
133,312
$
426,617
$
383,602
Net investment income
11,746
11,348
19,516
32,393
Net realized investment gains (losses):
Other than temporary impairment losses on investments