Financial Strength

Condensed Consolidated Financial Report for 2023

Statements of Admitted Assets, Liabilities and Surplus as of	12/31/2023 (in 000’s)	12/31/2022 (in 000’s)
Bonds	$601,978	$639,514
Stocks – Common and Preferred	189,796	172,704
Real Estate	12,970	11,932
Cash and Short-Term Investments	108,359	61,190
Premiums and Agents’ Balances	122,759	106,751
Other Assets	26,987	22,434
Total Admitted Assets	$1,062,849	$1,014,525

Unpaid Losses & Loss Adjustment Expense	$413,364	$408,123
Unearned Premiums	186,748	161,456
Other Liabilities	45,326	40,577
Total Liabilities	645,438	610,156
Total Policyholders’ Surplus	417,411	404,369
Total Liabilities & Surplus	$1,062,849	$1,014,525

Statements of Income for the years ended	12/31/2023 (in 000’s)	12/31/2022 (in 000’s)
Net Premium Earned	$338,297	$308,470
Losses and Loss Adjustment Expenses	235,633	255,148
Other Underwriting Expenses	115,989	102,271
Net Underwriting Gain	(13,325)	(48,949)
Investment Income	23,876	21,519
Other Income / (Expense)	375	433
Income Tax (Expense)	(4,347)	4,516
Net Income (Loss)	$6,579	($22,481)

AM Best Financial Size IX (Surplus greater than $250 million)