ST. PETERSBURG, Fla.--(BUSINESS WIRE)--United Insurance Holdings Corp. (NASDAQ:UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the second quarter ended June 30, 2016.
| ($ in thousands, except per share and ratios) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||||
| 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||||||
| Gross premiums written | $ | 210,756 | $ | 162,582 | 29.6 | % | $ | 346,712 | $ | 269,198 | 28.8 | % | |||||||||||||
| Gross premiums earned | $ | 164,585 | $ | 120,982 | 36.0 | % | $ | 311,087 | $ | 236,164 | 31.7 | % | |||||||||||||
| Ceded premiums earned | $ | (50,406 | ) | $ | (40,530 | ) | 24.4 | % | $ | (95,538 | ) | $ | (77,664 | ) | 23.0 | % | |||||||||
| Net premiums earned | $ | 114,179 | $ | 80,452 | 41.9 | % | $ | 215,549 | $ | 158,500 | 36.0 | % | |||||||||||||
| Total revenues | $ | 120,921 | $ | 85,340 | 41.7 | % | $ | 228,482 | $ | 167,736 | 36.2 | % | |||||||||||||
| Earnings before income tax | $ | 15,210 | $ | 8,187 | 85.8 | % | $ | 19,540 | $ | 8,525 | 129.2 | % | |||||||||||||
| Net income | $ | 9,841 | $ | 5,275 | 86.6 | % | $ | 12,792 | $ | 5,473 | 133.7 | % | |||||||||||||
| Net income per diluted share | $ | 0.45 | $ | 0.25 | 80.0 | % | $ | 0.59 | $ | 0.26 | 126.9 | % | |||||||||||||
| Book value per share | $ | 11.97 | $ | 10.19 | 17.5 | % | |||||||||||||||||||
| Return on average equity, ttm | 14.5 | % | 12.6 | % | 1.9 |
pts |
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| Loss ratio, net1 | 54.8 | % | 55.5 | % | (0.7 |
) pts |
58.9 | % | 60.9 | % | (2.0 | ) pts | |||||||||||||
| Expense ratio, net2 | 37.7 | % | 40.4 | % | (2.7 | ) pts | 38.0 | % | 39.5 | % | (1.5 | ) pts | |||||||||||||
| Combined ratio (CR)3 | 92.5 | % | 95.9 | % | (3.4 | ) pts | 96.9 | % | 100.4 | % | (3.5 | ) pts | |||||||||||||
| Effect of current year catastrophe losses on CR | 3.3 | % | 8.1 | % | (4.8 | ) pts | 8.7 | % | 13.7 | % | (5.0 | ) pts | |||||||||||||
| Effect of prior year (favorable) development on CR | 0.4 | % | (1.6 | )% |
2.0 |
pts |
1.7 | % | (0.2 | )% |
1.9 |
pts |
|||||||||||||
| Underlying combined ratio4 | 88.8 | % | 89.4 | % | (0.6 | ) pts | 86.5 | % | 86.9 | % | (0.4 | ) pts | |||||||||||||
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1 |
Loss ratio, net is calculated as losses and loss adjustment expenses (LAE) relative to net premiums earned. | |
| 2 | Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned. | |
| 3 | Combined ratio is the sum of the loss ratio, net and expense ratio, net. | |
| 4 |
Underlying combined ratio, a measure that is not based on U.S. generally accepted accounting principles (GAAP), is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release is in the "Definitions of Non-GAAP Measures" section of this document. |
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"Q2 was a quarter of terrific achievement for UPC Insurance," said John Forney, the Company's President and Chief Executive Officer. "During the quarter, we closed the purchase of Interboro Insurance Company, which brought us a new group of talented associates as well as a foothold in New York, which will be an important state for us. We also placed our hurricane reinsurance program, which provides us nearly $1.5 billion in coverage and included our first-ever capital markets placement. The quarter also saw continued sales momentum - the three months of Q2 were the first, second, and third largest new business production months in the company’s history. At the end of the quarter, we had over 400,000 policies in force, representing just under $700 million in annual premium. Over half of our policies and premium are now outside Florida. During the quarter, we experienced a very high level of weather-related losses, both catastrophe and non-catastrophe, but despite these headwinds we were able to produce solid profits and maintain a strong return on equity. As always, I’m grateful for the daily commitment to excellence shown by the many dedicated associates at UPC Insurance, and excited at the prospects that lay ahead for our company."
Quarterly Financial Results
Net income for the second quarter of 2016 was $9.8 million, or $0.45 per diluted share, compared to $5.3 million, or $0.25 per diluted share for the second quarter of 2015. The increase in net income was primarily due to increases in gross premiums earned for the second quarter of 2016 compared to the second quarter of 2015, combined with a lower ceding ratio and improved expense ratio.
The Company's total gross written premium increased by $48.2 million, or 29.6%, to $210.8 million for the second quarter of 2016 from $162.6 million for the second quarter of 2015, primarily due to the strong organic growth in new and renewal business generated outside of Florida. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by region is shown in the table below.
| ($ in thousands) |
Three Months Ended |
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| Direct Written and Assumed Premium By Region (1) | 2016 | 2015 | Change | Growth % | |||||||||||||
| Florida | $ | 110,381 | $ | 103,309 | $ | 7,072 | 6.8 | % | |||||||||
| Gulf | 42,991 | 22,478 | 20,513 | 91.3 | |||||||||||||
| Northeast | 32,103 | 18,955 | 13,148 | 69.4 | |||||||||||||
| Southeast | 24,240 | 18,084 | 6,156 | 34.0 | |||||||||||||
| Total direct written premium by region | 209,715 | 162,826 | 46,889 | 28.8 | |||||||||||||
| Assumed premium (2) | 1,041 | (244 | ) | 1,285 | 526.6 | ||||||||||||
| Total gross written premium | $ | 210,756 | $ | 162,582 | $ | 48,174 | 29.6 | % | |||||||||
| 1 Each region is comprised of the following states: Gulf includes Hawaii, Louisiana and Texas, Northeast includes Connecticut, Massachusetts, New Jersey, New York and Rhode Island, and Southeast includes Georgia, North Carolina and South Carolina. |
| 2 Assumed premiums written includes $1.6 million of homeowners premium assumed from Maidstone Insurance Company in conjunction with the Interboro Insurance Company acquisition. All remaining assumed premiums are written in Florida due to policy assumptions from Citizens Property Insurance Corporation. |
Loss and LAE increased $18.0 million, or 40.3%, to $62.6 million for the second quarter of 2016 from $44.6 million for the second quarter of 2015. Loss and LAE expense as a percentage of net earned premiums decreased 0.7 points resulting in a net loss ratio of 54.8% for the quarter, compared to a net loss ratio of 55.5% for the same period last year. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the quarter was 35.5%, an increase of 3.0 points from 32.5% during the second quarter of 2015 due primarily to an increase in weather related frequency. Retained catastrophe losses of $3.7 million during the second quarter of 2016 included losses from Tropical Storm Colin and certain other losses not covered by the Company's catastrophe aggregate reinsurance program.
Policy acquisition costs increased $4.5 million, or 21.3%, to $25.7 million for the second quarter of 2016 from $21.2 million for the second quarter of 2015. These costs vary directly with changes in gross premiums earned and were generally consistent with the Company's growth in premium production and higher average market commission rates outside of Florida.
Operating expenses increased by $1.0 million, or 20.9% for the second quarter of 2016 to $5.8 million from $4.8 million for the second quarter of 2015, primarily due to increased investments in information technology systems and equipment.
General and administrative expenses increased $5.0 million, or 76.6% for the second quarter of 2016 to $11.5 million from $6.5 million for the second quarter of 2015, primarily due to increases in personnel costs related to the Company's continued growth and higher depreciation and amortization costs resulting from the acquisition of Interboro Insurance Company during the second quarter of 2016.
Combined Ratio Analysis
The calculation of the Company's underlying loss and combined ratios is shown below.
| ($ in thousands except ratios) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||||
| 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||||||
| Loss and LAE | $ | 62,611 | $ | 44,627 | $ | 17,984 | $ | 126,869 | $ | 96,598 | $ | 30,271 | ||||||||||||||
| % of Gross earned premiums | 38.0 | % | 36.9 | % | 1.1 | pts | 40.8 | % | 40.9 | % | (0.1 | ) pts | ||||||||||||||
| % of Net earned premiums | 54.8 | % | 55.5 | % | (0.7 | ) pts | 58.9 | % | 60.9 | % | (2.0 | ) pts | ||||||||||||||
| Less: | ||||||||||||||||||||||||||
| Current year catastrophe losses | $ | 3,720 | $ | 6,518 | $ | (2,798 | ) | $ | 18,776 | 21,777 | $ | (3,001 | ) | |||||||||||||
| Prior year reserve (favorable) development | 490 | (1,251 | ) | 1,741 | 3,676 | (306 | ) | 3,982 | ||||||||||||||||||
| Underlying Loss and LAE* | $ | 58,401 | $ | 39,360 | $ | 19,041 | $ | 104,417 | $ | 75,127 | $ | 29,290 | ||||||||||||||
| % of Gross earned premiums | 35.5 | % | 32.5 | % | 3.0 | pts | 33.6 | % | 31.8 | % | 1.8 | pts | ||||||||||||||
| % of Net earned premiums | 51.1 | % | 49.0 | % | 2.1 | pts | 48.5 | % | 47.4 | % | 1.1 | pts | ||||||||||||||
| Policy acquisition costs | $ | 25,721 | $ | 21,198 | $ | 4,523 | $ | 52,753 | $ | 40,384 | $ | 12,369 | ||||||||||||||
| Operating and underwriting | 5,814 | 4,809 | 1,005 | 9,768 | 8,350 | 1,418 | ||||||||||||||||||||
| General and administrative | 11,497 | 6,512 | 4,985 | 19,430 | 13,913 | 5,517 | ||||||||||||||||||||
| Total Operating Expenses | $ | 43,032 | $ | 32,519 | $ | 10,513 | $ | 81,951 | $ | 62,647 | $ | 19,304 | ||||||||||||||
| % of Gross earned premiums | 26.1 | % | 26.9 | % | (0.8 | ) pts | 26.3 | % | 26.5 | % | (0.2 | ) pts | ||||||||||||||
| % of Net earned premiums | 37.7 | % | 40.4 | % | (2.7 | ) pts | 38.0 | % | 39.5 | % | (1.5 | ) pts | ||||||||||||||
| Combined Ratio - as % of gross earned premiums | 64.1 | % | 63.8 | % | 0.3 | pts | 67.1 | % | 67.4 | % | (0.3 | ) pts | ||||||||||||||
| Underlying Combined Ratio - as % of gross earned premiums | 61.6 | % | 59.4 | % | 2.2 | pts | 59.9 | % | 58.3 | % | 1.6 | pts | ||||||||||||||
| Combined Ratio - as % of net earned premiums | 92.5 | % | 95.9 | % | (3.4 | ) pts | 96.9 | % | 100.4 | % | (3.5 | ) pts | ||||||||||||||
| Underlying Combined Ratio - as % of net earned premiums | 88.8 | % | 89.4 | % | (0.6 | ) pts | 86.5 | % | 86.9 | % | (0.4 | ) pts | ||||||||||||||
| * |
Underlying Loss and LAE is a non-GAAP financial measure and is reconciled above to Net Loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release is in the "Definitions of Non-GAAP Measures" section of this document. |
|
Reinsurance Costs as a % of Earned Premium
Excluding the Company's flood business, for which it cedes 100% of the risk of loss, reinsurance costs in the second quarter of 2016 were 27.8% of gross premiums earned compared to 30.4% of gross premiums earned for the second quarter of 2015. Reinsurance costs for the six months ended June 30, 2016 were 27.9% of gross premiums earned compared to 29.7% for the same period last year.
Investment Portfolio Highlights
UPC Insurance's cash and investment holdings totaled $635.4 million at June 30, 2016 compared to $537.5 million at December 31, 2015. UPC Insurance's cash and investment holdings consist of investments in U.S. Government and agency securities, corporate debt and 100% investment grade money market instruments. Fixed maturities represented approximately 93.3% of total investments at June 30, 2016 with a modified duration of 3.8 years compared to 87.6% at December 31, 2015 and a modified duration of 3.9 years.
Book Value Analysis
Book value per share increased 7.7% from $11.11 at December 31, 2015, to $11.97 at June 30, 2016 and underlying book value per share increased 4.3% from $11.04 at December 31, 2015 to $11.51 at June 30, 2016. The increase in the Company's book value per share and underlying book value per share was driven primarily by retained earnings during 2016. The Company's underlying book value per share growth was impacted by the increase in accumulated other comprehensive income as shown in the table below.
| ($ in thousands, except for per share data) | June 30, | December 31, | |||||||
| 2016 | 2015 | ||||||||
| Book Value per Common Share | |||||||||
| Numerator: | |||||||||
| Common shareholders' equity | $ | 259,156 | $ | 239,211 | |||||
| Denominator: | |||||||||
| Total Shares Outstanding | 21,642,514 | 21,524,348 | |||||||
| Book Value Per Common Share | $ | 11.97 | $ | 11.11 | |||||
|
Book Value per Common Share, Excluding the Impact of
Accumulated Other |
|||||||||
| Numerator: | |||||||||
| Common shareholders' equity | $ | 259,156 | $ | 239,211 | |||||
| Accumulated other comprehensive income | 9,974 | 1,620 | |||||||
| Shareholders' Equity, excluding AOCI | $ | 249,182 | $ | 237,591 | |||||
| Denominator: | |||||||||
| Total Shares Outstanding | 21,642,514 | 21,524,348 | |||||||
| Underlying Book Value Per Common Share* | $ | 11.51 | $ | 11.04 | |||||
| * |
Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release is in the "Definitions of Non-GAAP Measures" section of this document. |
|
Definitions of Non-GAAP Measures
We believe that investors' understanding of UPC Insurance's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.
Combined ratio excluding the effects of current year catastrophe losses and reserve development (underlying combined ratio) is a non-GAAP ratio, which is computed as the difference between four GAAP operating ratios: the combined ratio, the effect of current year catastrophe losses on the combined ratio and prior year development on the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our business that may be obscured by current year catastrophe losses, losses from lines in run-off and prior year development. Current year catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. The most direct comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of our business.
Net Loss and LAE excluding the effects of current year catastrophe losses and reserve development (underlying Loss and LAE) is a non-GAAP measure which is computed as the difference between loss and LAE, current year catastrophe losses and prior year reserve development. We use underlying loss and LAE figures to analyze our loss trends that may be impacted by current year catastrophe losses and prior year development on our reserves. As discussed previously, these three items can have a significant impact on our loss trend in a given period. The most direct comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net losses and LAE and does not reflect the overall profitability of our business.
Consolidated net loss ratio excluding the effects of current year catastrophe losses, reserve development (underlying loss ratio) is a non-GAAP ratio, which is computed as the difference between three GAAP operating ratios: the consolidated net loss ratio, the effect of current year catastrophe losses on the loss ratio, and the effect of prior year development on the loss ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our consolidated net loss ratio that may be obscured by current year catastrophe losses and prior year development. As discussed previously, these two items can have a significant impact on our consolidated net loss ratio in a given period. The most direct comparable GAAP ratio is our net consolidated Loss and LAE ratio. The underlying loss ratio should not be considered as a substitute for net consolidated loss ratio and does not reflect the overall profitability of our business.
Book value per common share, excluding the impact of accumulated other comprehensive income, is a ratio that uses a non-GAAP measure. It is calculated by dividing common shareholders' equity after excluding accumulated other comprehensive income by total common shares outstanding plus dilutive potential common shares outstanding. We use the trend in book value per common share, excluding the impact of accumulated other comprehensive income, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. We believe the non-GAAP ratio is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors which are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive income, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business.
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Conference Call Details |
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Date and Time: |
August 3, 2016 - 9:00 A.M. ET | |
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Participant Dial-In: |
(United States): 877-407-8829 | |
| (International): 201-493-6724 | ||
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Webcast: |
To listen to the live webcast, please go to www.upcinsurance.com (Investor Relations) and click on the conference call link, or go to: http://upcinsurance.equisolvewebcast.com/q2-2016 |
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About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential and commercial property and casualty insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries. Our insurance affiliates write and service property and casualty insurance in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas and are licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire, and Virginia. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims.
Forward-Looking Statements
Statements in this press release, conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “or “continue” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and quarterly report on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
| Consolidated Statements of Comprehensive Income | ||||||||||||||||||
|
In thousands, except share and per share amounts |
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| Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | June 30, | |||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||||
| REVENUE: | ||||||||||||||||||
| Gross premiums written | $ | 210,756 | $ | 162,582 | $ | 346,712 | $ | 269,198 | ||||||||||
| Increase in gross unearned premiums | (46,171 | ) | (41,600 | ) | (35,625 | ) | (33,034 | ) | ||||||||||
| Gross premiums earned | 164,585 | 120,982 | 311,087 | 236,164 | ||||||||||||||
| Ceded premiums earned | (50,406 | ) | (40,530 | ) | (95,538 | ) | (77,664 | ) | ||||||||||
| Net premiums earned | 114,179 | 80,452 | 215,549 | 158,500 | ||||||||||||||
| Investment income | 2,727 | 2,239 | 5,123 | 4,312 | ||||||||||||||
| Net realized gains (losses) | 102 | (133 | ) | 372 | (11 | ) | ||||||||||||
| Other revenue | 3,913 | 2,782 | 7,438 | 4,935 | ||||||||||||||
| Total revenues | $ | 120,921 | $ | 85,340 | $ | 228,482 | $ | 167,736 | ||||||||||
| EXPENSES: | ||||||||||||||||||
| Losses and loss adjustment expenses | 62,611 | 44,627 | 126,869 | 96,598 | ||||||||||||||
| Policy acquisition costs | 25,721 | 21,198 | 52,753 | 40,384 | ||||||||||||||
| Operating expenses | 5,814 | 4,809 | 9,768 | 8,350 | ||||||||||||||
| General and administrative expenses | 11,497 | 6,512 | 19,430 | 13,913 | ||||||||||||||
| Interest expense | 116 | 68 | 191 | 151 | ||||||||||||||
| Total expenses | 105,759 | 77,214 | 209,011 | 159,396 | ||||||||||||||
| Income before other income | 15,162 | 8,126 | 19,471 | 8,340 | ||||||||||||||
| Other income | 48 | 61 | 69 | 185 | ||||||||||||||
| Income before income taxes | 15,210 | 8,187 | 19,540 | 8,525 | ||||||||||||||
| Provision for income taxes | 5,369 | 2,912 | 6,748 | 3,052 | ||||||||||||||
| Net income | $ | 9,841 | $ | 5,275 | $ | 12,792 | $ | 5,473 | ||||||||||
| OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||
| Change in net unrealized gains (losses) on investments | 7,420 | (4,892 | ) | 13,800 | (2,363 | ) | ||||||||||||
| Reclassification adjustment for net realized investment (gains) losses | (102 | ) | 133 | (372 | ) | 11 | ||||||||||||
| Income tax benefit (expense) related to items of other comprehensive income | (2,713 | ) | 1,839 | (5,074 | ) | 909 | ||||||||||||
| Total comprehensive income | $ | 14,446 | $ | 2,355 | $ | 21,146 | $ | 4,030 | ||||||||||
| Weighted average shares outstanding | ||||||||||||||||||
| Basic | 21,423,739 | 21,255,496 | 21,385,220 | 21,145,624 | ||||||||||||||
| Diluted | 21,631,077 | 21,508,511 | 21,584,287 | 21,376,540 | ||||||||||||||
| Earnings per share | ||||||||||||||||||
| Basic | $ | 0.46 | $ | 0.25 | $ | 0.60 | $ | 0.26 | ||||||||||
| Diluted | $ | 0.45 | $ | 0.25 | $ | 0.59 | $ | 0.26 | ||||||||||
|
Dividends declared per share |
$ |
0.06 |
$ |
0.05 |
$ |
0.11 |
$ |
0.10 |
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| Consolidated Balance Sheets | ||||||||||
|
In thousands, except share amounts |
||||||||||
| June 30, 2016 | December 31, 2015 | |||||||||
| ASSETS | ||||||||||
| Investments available for sale, at fair value: | ||||||||||
| Fixed maturities | $ | 465,725 | $ | 396,698 | ||||||
| Equity securities - common and preferred | 27,752 | 50,806 | ||||||||
| Other investments | 5,679 | 5,210 | ||||||||
| Total investments | $ | 499,156 | $ | 452,714 | ||||||
| Cash and cash equivalents | 136,209 | 84,786 | ||||||||
| Accrued investment income | 3,639 | 2,915 | ||||||||
| Property and equipment, net | 18,299 | 17,135 | ||||||||
| Premiums receivable, net | 44,414 | 41,170 | ||||||||
| Reinsurance recoverable on paid and unpaid losses | 22,852 | 2,961 | ||||||||
| Prepaid reinsurance premiums | 180,747 | 79,399 | ||||||||
| Goodwill | 15,544 | 3,413 | ||||||||
| Deferred policy acquisition costs | 58,786 | 46,732 | ||||||||
| Other assets | 17,114 | 8,796 | ||||||||
| Total Assets | $ | 996,760 | $ | 740,021 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Liabilities: | ||||||||||
| Unpaid losses and loss adjustment expenses | $ | 117,013 | $ | 76,792 | ||||||
| Unearned premiums | 366,521 | 304,653 | ||||||||
| Reinsurance payable | 170,426 | 64,542 | ||||||||
| Other liabilities | 58,158 | 42,470 | ||||||||
| Notes payable | 25,486 | 12,353 | ||||||||
| Total Liabilities | $ | 737,604 | $ | 500,810 | ||||||
| Commitments and contingencies | ||||||||||
| Stockholders' Equity: | ||||||||||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | — | — | ||||||||
|
Common stock, $0.0001 par value; 50,000,000 shares authorized;
21,854,597 and |
2 | 2 | ||||||||
| Additional paid-in capital | 98,338 | 97,163 | ||||||||
| Treasury shares, at cost; 212,083 shares | (431 | ) | (431 | ) | ||||||
| Accumulated other comprehensive income | 9,974 | 1,620 | ||||||||
| Retained earnings | 151,273 | 140,857 | ||||||||
| Total Stockholders' Equity | $ | 259,156 | $ | 239,211 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 996,760 | $ | 740,021 | ||||||
