HCI Group, Inc
(NYSE:HCI)

HCI Group, Inc., together with its subsidiaries, engages in the property and casualty insurance, reinsurance, real estate, and information technology businesses in Florida. It provides residential insurance products, such as homeowners insurance, flood insurance, and wind-only insurance to homeowner...

Website: http://www.hcigroup.com

Founded: 1921

Full Time Employees: 413

Sector: Financial Services

Industry: Insurance-Property & Casualty

Financial Services Insurance

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31

revenue
yoy
qoq
gross premiums earned	326,206,000	332,055,000	301,079,000	302,628,000	300,383,000	297,497,000	265,518,000	263,561,000	256,644,000	215,190,000	188,308,000	181,946,000	180,068,000	182,954,000	181,713,000	181,124,000	178,925,000	156,853,000	149,809,000	139,440,000	130,942,000	109,056,000	106,694,000	107,803,000	92,365,000	90,165,000	86,002,000	83,315,000	82,597,000	85,211,000	86,163,000	85,919,000	85,772,000	87,877,000	88,669,000	90,088,000	91,619,000	92,405,000	92,542,000	94,912,000	98,819,000	101,946,000	103,842,000	107,765,000	109,567,000	91,435,000	88,944,000	91,221,000	93,888,000	91,370,000	81,244,000	81,952,000	82,547,000	72,028,000	53,109,000	53,772,000	54,698,000	49,751,000	31,741,000	31,218,000	30,896,000	30,037,000	29,398,000	29,978,000	30,344,000
premiums ceded	-104,055,000	-106,234,000	-106,088,000	-102,522,000	-99,635,000	-151,146,000	-109,694,000	-76,713,000	-68,106,000	-66,576,000	-66,152,000	-66,390,000	-70,509,000	-77,036,000	-74,741,000	-56,205,000	-53,162,000	-54,629,000	-55,577,000	-46,436,000	-43,099,000	-44,154,000	-44,231,000	-34,354,000	-30,719,000	-31,467,000	-31,568,000	-31,317,000	-31,413,000	-32,453,000	-31,986,000	-32,954,000	-32,250,000	-32,106,000	-44,705,000	-28,241,000	-28,583,000	-29,053,000	-29,242,000	-36,384,000	-40,372,000	-40,320,000	-41,077,000	-31,378,000	-27,839,000	-29,659,000	-27,684,000	-28,572,000	-27,508,000	-27,942,000	-28,310,000	-24,617,000	-21,996,000	-22,464,000	-22,506,000	-17,497,000	-14,329,000	-14,058,000	-13,906,000	-14,174,000	-14,222,000	-14,572,000	-14,314,000		-14,103,000
net premiums earned	222,151,000	225,821,000	194,991,000	200,106,000	200,748,000	146,351,000	155,824,000	186,848,000	188,538,000	148,614,000	122,156,000	115,556,000	109,559,000	105,918,000	106,972,000	124,919,000	125,763,000	102,224,000	94,232,000	93,004,000	87,843,000	64,902,000	62,463,000	73,449,000	61,646,000	58,698,000	54,434,000	51,998,000	51,184,000	52,758,000	54,177,000	52,965,000	53,522,000	55,771,000	43,964,000	61,847,000	63,036,000	63,352,000	63,300,000	58,528,000	58,447,000	61,626,000	62,765,000	76,387,000	81,728,000	61,776,000	61,260,000	62,649,000	66,380,000	63,428,000	52,934,000	57,335,000	60,551,000	49,564,000	30,603,000	36,275,000	40,369,000	35,693,000	17,835,000	17,044,000	16,674,000	15,465,000	15,084,000	15,645,000	16,241,000	12,381,000	12,011,000	19,615,000	21,330,000
net investment income	17,301,000	17,686,000	17,529,000	16,445,000	13,751,000	14,486,000	13,714,000	16,881,000	14,067,000	10,341,000	9,384,000	8,794,000	17,715,000	7,365,000	18,530,000	3,684,000	2,868,000	2,586,000	2,520,000	2,635,000	4,594,000	1,320,000	1,832,000	1,604,000	-192,000	2,517,000	3,621,000	4,226,000	3,278,000	4,910,000	5,054,000	3,399,000	3,218,000	2,917,000	2,878,000	2,810,000	2,834,000	3,087,000	2,785,000	1,725,000	1,490,000	1,293,000	-519,000	1,795,000	1,409,000	1,028,000	1,213,000	1,481,000	1,059,000	655,000	380,000	295,000	139,000	109,000	47,000	302,000	522,000	578,000	529,000	509,000	564,000	390,000	473,000	569,000	531,000	557,000	516,000	361,000	358,000
net realized investment gains	534,000	813,000	618,000	155,000	1,167,000	326,000	2,846,000	212,000						17,000	-884,000	-6,000	-314,000	1,520,000	1,232,000	2,607,000	1,113,000	1,632,000	177,000	1,435,000		281,000	-30,000	-133,000	-372,000	-337,000	1,626,000	2,662,000	2,232,000			1,787,000		1,702,000	583,000	391,000		-45,000	-296,000	-74,000	-193,000	270,000	3,294,000	1,167,000	4,000	37,000	31,000	-8,000	20,000
net unrealized investment losses	-1,698,000													-2,039,250	-347,000		-3,576,000				-269,000											-1,557,000	-2,600,000
policy fee income	1,576,000	1,593,000	1,569,000	1,467,000	2,229,000	1,302,000	1,229,000	1,089,000	1,019,000	1,053,000	1,092,000	1,469,000	1,090,000	1,099,000	1,071,000	1,052,000	1,057,000	1,033,000	1,000,000	992,000	970,000	951,000	895,000	847,000	829,000	823,000	811,000	800,000	795,000	826,000	843,000	855,000	865,000	901,000	905,000	908,000	908,000	947,000	972,000	988,000	1,007,000	1,019,000	994,000	942,000	541,000	994,000	931,000	638,000	257,000	85,000	815,000	1,426,000	772,000	371,000	624,000	1,028,000	515,000	160,000	424,000
other	3,018,000	695,000	429,000	2,567,000	444,000	591,000	1,047,000	682,000	355,000	242,000	260,000	841,000	1,285,000	1,423,000	1,312,000	511,000	1,242,000	2,945,000	2,102,000	777,000	623,000	263,000	421,000	585,000	585,000	512,000	501,000	413,000	456,000	495,000	433,000	529,000	542,000	549,000	369,000	405,000	433,000	319,000	321,000	430,000	400,000	331,000	204,000	311,000	415,000	684,000	257,000	349,000	417,000	1,047,000	532,000	285,000	329,000	783,000	211,000	1,062,000	225,000	629,000	1,184,000	1,155,000	658,000	820,000	487,000	692,000	215,000	-16,000	254,000	376,000	635,000
total revenue	242,882,000	246,243,000	216,350,000	221,920,000	216,433,000	161,875,000	175,317,000	206,245,000	206,614,000	162,670,000	131,644,000	127,327,000	129,029,000	119,943,000	126,654,000	125,926,000	127,040,000	112,320,000	99,217,000	101,504,000	94,874,000	70,313,000	104,027,000	80,717,000	55,380,000	63,231,000	59,979,000	58,630,000	60,634,000	52,997,000	61,743,000	58,813,000	57,739,000	61,623,000	47,490,000	67,580,000	67,713,000	72,371,000	69,808,000	61,520,000	60,747,000	63,412,000	61,262,000	79,068,000	82,210,000	64,752,000	66,955,000	66,284,000	68,117,000	65,252,000	54,692,000	59,333,000	61,811,000	51,077,000	31,481,000	38,855,000	41,652,000	36,911,000	20,095,000	19,784,000	18,049,000	17,144,000	17,072,000	17,411,000	16,987,000	12,922,000	12,781,000	20,352,000	22,323,000
expenses
losses and loss adjustment expenses	65,600,000	51,926,000	66,153,000	64,457,000	59,291,000	110,726,000	105,736,000	78,324,000	79,922,000	65,398,000	66,726,000	61,890,000	60,565,000	72,135,000	139,794,000	86,830,000	72,704,000	63,193,000	62,664,000	55,917,000	45,751,000	40,372,000	51,743,000	39,843,000	28,078,000	28,898,000	27,327,000	24,293,000	26,996,000	42,101,000	25,769,000	21,803,000	19,655,000	23,204,000	89,231,000	27,665,000	25,529,000	45,406,000	25,909,000	26,272,000	27,080,000	21,420,000	26,200,000	20,565,000	19,039,000	20,529,000	21,991,000	18,383,000	18,565,000	17,348,000	14,489,000	17,414,000	15,872,000	15,928,000	15,017,000	16,197,000	19,168,000	16,886,000	10,431,000	10,523,000	10,403,000	8,208,000	8,783,000	10,863,000	9,813,000	5,953,000	6,650,000	12,605,000	10,022,000
policy acquisition and other underwriting expenses	31,770,000	32,936,000	31,652,000	30,551,000	27,287,000	27,707,000	26,104,000	23,452,000	22,139,000	22,716,000	22,768,000	22,618,000	22,720,000	24,028,000	24,678,000	26,863,000	29,408,000	24,158,000	23,340,000	23,169,000	23,065,000	14,832,000	14,210,000	12,991,000	11,826,000	11,759,000	10,988,000	10,077,000	9,673,000	9,795,000	9,829,000	9,959,000	9,360,000	10,018,000	9,926,000	10,070,000	9,649,000	10,117,000	10,536,000	10,879,000	11,110,000	11,067,000	10,675,000	10,443,000	9,799,000	9,278,000	9,986,000	9,559,000	9,129,000	9,456,000	8,887,000	7,308,000	5,968,000	6,240,000	6,611,000	5,915,000	6,585,000	7,557,000	3,529,000	2,780,000	4,263,000	4,189,000	3,730,000	2,668,000	4,292,000	3,941,000	3,430,000	1,553,000	1,100,000
general and administrative personnel expenses	22,353,000	10,851,000	20,806,000	19,985,000	20,483,000	10,232,000	19,175,000	17,471,000	16,274,000	12,230,000	13,864,000	14,272,000	13,502,000	11,328,000	15,848,000	15,301,000	14,034,000	13,695,000	11,537,000	10,546,000	9,650,000	5,860,000	9,871,000	9,731,000	8,367,000	7,799,000	7,951,000	7,998,000	7,364,000	5,004,000	6,781,000	7,840,000	6,283,000
interest expense	923,000	1,009,000	1,019,000	3,744,000	3,384,000	3,322,000	3,421,000	3,452,000	3,149,000	2,822,000	2,827,000	2,667,000	2,801,000	2,839,000	2,813,000	1,515,000	601,000	657,000	1,664,000	2,000,000	2,079,000	2,888,000	2,856,000	3,020,000	2,970,000	2,927,000	2,907,000	2,884,000	4,337,000	4,569,000	4,552,000	4,505,000	4,470,000	4,439,000	4,408,000	4,378,000	3,542,000	2,967,000	2,672,000	2,611,000	2,829,000	2,716,000	2,698,000	2,679,000	2,661,000	2,644,000	2,626,000	2,609,000	2,574,000	1,228,000	847,000	846,000	686,000
other operating expenses	6,852,000	5,521,000	6,121,000	8,791,000	5,649,000	3,997,000	6,801,000	7,520,000	7,700,000	5,344,000	5,371,000	5,614,000	6,305,000	4,586,000	7,123,000	6,977,000	6,292,000	7,598,000	5,243,000	4,775,000	4,227,000	3,449,000	3,713,000	3,159,000	3,482,000	3,072,000	3,087,000	3,063,000	2,981,000	2,873,000	2,889,000	3,186,000	3,167,000	-3,099,000	5,338,000	4,976,000	4,848,000	5,564,000	4,717,000	4,849,000	4,647,000	5,618,000	4,711,000	4,562,000	4,767,000	-7,676,000	9,577,000	9,350,000	9,539,000	11,988,000	8,825,000	7,358,000	6,115,000	7,683,000	4,728,000	4,734,000	4,518,000	4,445,000	2,829,000	2,660,000	2,128,000	1,880,000	2,021,000	1,886,000	1,696,000	1,664,000	1,365,000	1,282,000	1,064,000
total expenses	127,498,000	102,243,000	125,751,000	127,528,000	116,094,000	155,984,000	161,237,000	130,219,000	129,184,000	108,510,000	111,556,000	107,061,000	105,893,000	117,200,000	190,256,000	137,486,000	123,039,000	109,782,000	105,721,000	96,407,000	84,772,000	67,401,000	82,491,000	68,894,000	54,723,000	37,981,500	52,260,000	48,315,000	51,351,000	35,012,000	49,820,000	47,293,000	42,935,000				48,571,000				51,050,000	45,787,000	49,324,000	43,485,000	41,164,000	41,258,000	44,180,000	39,901,000	39,807,000	40,020,000	33,048,000	32,926,000	28,641,000	30,012,000	26,356,000	26,846,000	30,271,000	28,888,000	16,789,000	15,963,000	16,794,000	14,277,000	14,534,000	15,417,000	15,801,000	11,558,000	11,445,000	15,440,000	12,186,000
income before income taxes	115,384,000	144,000,000	90,599,000	94,392,000	100,339,000	5,891,000	14,080,000	76,026,000	77,430,000	54,160,000	20,088,000	20,266,000	23,136,000	2,743,000	-63,602,000	-11,560,000	4,001,000	2,538,000	-6,504,000	5,097,000	10,102,000	2,912,000	21,536,000	11,823,000	657,000	8,776,000	7,719,000	10,315,000	9,283,000	-11,345,000	11,923,000	11,520,000	14,804,000	16,947,000	-66,018,000	14,305,000	19,142,000	5,901,000	20,029,000	11,229,000	9,697,000	17,625,000	11,938,000	35,583,000	41,046,000	23,494,000	22,775,000	26,383,000	28,310,000	25,232,000	21,644,000	26,407,000	33,170,000	21,065,000	5,125,000	12,009,000	11,381,000	8,023,000	3,306,000	3,821,000	1,255,000	2,867,000	2,538,000	1,994,000	1,186,000	1,364,000	1,336,000	4,912,000	10,137,000
income tax expense	30,341,000	36,002,000	22,711,000	24,113,000	26,109,000	1,757,000	4,688,000	18,927,000	20,474,000				5,343,000				1,210,000			1,267,000	3,257,000	205,000	6,146,000	2,887,000	110,000	1,793,250	1,866,000	2,762,000	2,545,000	3,014,000	2,926,000	5,117,000	4,013,000	4,856,000	-25,472,000	4,763,000	7,122,000	1,293,000	8,696,000	4,205,000	3,641,000	6,535,000	4,567,000	13,561,000	15,668,000	8,932,000	8,723,000	9,953,000	10,690,000
net income	85,043,000	107,998,000	67,888,000	70,279,000	74,230,000	4,134,000	9,392,000	57,099,000	56,956,000	40,913,000	15,669,000	14,882,000	17,793,000	2,651,000	-51,503,000	-8,542,000	2,791,000	1,435,000	-4,868,000	3,830,000	6,845,000	2,707,000	15,390,000	8,936,000	547,000	6,432,000	5,853,000	7,553,000	6,738,000	-8,466,000	8,997,000	6,403,000	10,791,000	12,091,000	-40,546,000	9,542,000	12,020,000	4,608,000	11,333,000	7,024,000	6,056,000	11,090,000	7,371,000	22,022,000	25,378,000	14,562,000	14,052,000	16,430,000	17,620,000	15,562,000	13,378,000	16,235,000	20,387,000	13,101,000	2,826,000	7,262,000	6,968,000	4,796,000	2,074,000	2,301,000	793,000	1,784,000	1,657,000	1,282,000	698,000	807,000	815,000	3,005,000	6,284,000
yoy	14.57%	2512.43%	622.83%	23.08%	30.33%	-89.90%	-40.06%	283.68%	220.10%	1443.30%	-130.42%	-274.22%	537.51%	84.74%	957.99%	-323.03%	-59.23%	-46.99%	-131.63%	-57.14%	1151.37%	-57.91%	162.94%	18.31%	-91.88%	-175.97%	-34.94%	17.96%	-37.56%	-170.02%	-122.19%	-32.90%	-10.22%	162.39%	-457.77%	35.85%	98.48%	-58.45%	53.75%	-68.10%	-76.14%	-23.84%	-47.54%	34.04%	44.03%	-6.43%	5.04%	1.20%	-13.57%	18.78%	373.39%	123.56%	192.58%	173.17%	36.26%	215.60%	778.69%	168.83%	25.17%	79.49%	13.61%	121.07%	103.31%	-57.34%	-88.89%
qoq	-21.26%	59.08%	-3.40%	-5.32%	1695.60%	-55.98%	-83.55%	0.25%	39.21%	161.11%	5.29%	-16.36%	571.18%	-105.15%	502.94%	-406.06%	94.49%	-129.48%	-227.10%	-44.05%	152.86%	-82.41%	72.22%	1533.64%	-91.50%	9.89%	-22.51%	12.10%	-179.59%	-194.10%	40.51%	-40.66%	-10.75%	-129.82%	-524.92%	-20.62%	160.85%	-59.34%	61.35%	15.98%	-45.39%	50.45%	-66.53%	-13.22%	74.28%	3.63%	-14.47%	-6.75%	13.22%	16.33%	-17.60%	-20.37%	55.61%	363.59%	-61.09%	4.22%	45.29%	131.24%	-9.87%	190.16%	-55.55%	7.66%	29.25%	83.67%	-13.51%	-0.98%	-72.88%	-52.18%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
net income attributable to noncontrolling interests	-11,636,000	-10,344,000	-2,381,000	-4,119,000		-1,482,250	-3,710,000	-3,023,000						1,180,000	2,829,000	829,000		299,000	833,000	266,000
net income after noncontrolling interests	73,407,000	97,654,000	65,507,000	66,160,000	69,684,000	2,584,000	5,682,000	54,076,000	47,611,000	38,096,000	13,157,000	12,443,000	15,338,000	1,526,000	-50,959,000	-9,981,000	903,000	28,000	-6,237,000	1,917,000
basic earnings per share	5.62	7.62	5.05	5.57	6.47	0.17	0.54	5.18	4.76	4.37	1.53	1.45	1.78	0.02	-5.66	-1.04	0.09		-0.72	0.25	0.82	0.34	1.97	1.16	0.07	0.83	0.73	0.93	0.82	-0.95	1.08	0.96	1.25	1.3	-4.44	1.05	1.27	0.62	1.17	0.71	0.6																					0.29	0.27	0.21	0.11	0.14	0.12	0.44	0.91
diluted earnings per share	5.45	7.25	4.9	5.18	5.35	0.3	0.52	4.24	3.81	3.46	1.34	1.28	1.54	0.02	-5.66	-1.04	0.09	-0.01	-0.72	0.24	0.75	0.46	1.7	1.08	0.07	0.82	0.73	0.9	0.82	-0.69	1	0.92	1.11	1.3	-4.44	0.93	1.15	0.603	1.1	0.71	0.6																					0.27	0.25	0.19	0.1	0.12	0.11	0.42	0.87
net unrealized investment gains		-365,000	1,214,000	1,180,000	-1,906,000	-1,181,000	657,000	533,000	2,635,000	2,830,000	-1,041,000	897,000	529,000			-4,234,000		2,012,000	-1,869,000	1,489,000		1,260,000	1,340,000	2,884,000	-4,805,000	689,000	642,000	1,326,000	5,293,000	-5,655,000	-390,000
net income attributable to redeemable noncontrolling interests
net loss attributable to noncontrolling interests					-4,546,000				804,000				-131,000				360,000				97,000
net realized investment losses										-396,500	-207,000	-230,000	-1,149,000												-2,244,000																-75,000
net income attributable to redeemable noncontrolling interest									-10,149,000	-2,360,000	-2,349,000	-2,337,000	-2,324,000	-2,305,000	-2,285,000	-2,268,000	-2,248,000	-2,224,000	-2,202,000	-2,179,000	-794,000
income tax benefit										13,247,000	4,419,000	5,384,000
net (income) loss attributable to noncontrolling interests										-457,000	-163,000	-102,000
debt conversion expense																		481,000	1,273,000
income tax (benefit) expense														92,000	-12,099,000	-3,018,000		722,000	-1,636,000
credit losses on investments																						-15,000	-70,000	-87,000	-439,000
gain on involuntary conversion																							36,969,000
loss on repurchases of convertible senior notes																								150,000
loss on extinguishment of debt																							98,000
net income attributable to hci																					6,148,000
net other-than-temporary impairment losses																																-40,000	-40,000	-603,000	-474,000	-177,000	-213,000	-1,041,000	-224,000	-542,000	-675,000	-812,000	-1,886,000
dividends per share																													0.4	0.375	0.375	0.375	0.35	0.35	0.35	0.35	0.35	0.225	0.3	0.3	0.3
impairment loss
loss on repurchases of senior notes																																				743,000
net realized and unrealized investment gains																																		587,500	-152,000
net other-than-temporary impairment losses recognized in income:
total other-than-temporary impairment losses																																		-252,000	-474,000	-177,000	-213,000	-1,041,000	-575,000	-228,000	-408,000	-810,000	-2,482,000
portion of loss recognized in other comprehensive income, before taxes																																							351,000	-314,000	-267,000	-2,000	596,000
gain on repurchases of convertible senior notes																																									153,000
gain on bargain purchase																																							2,071,000																	179,000				936,000
salaries and wages																																		3,762,750	4,605,000	5,443,000	5,003,000	2,028,000	5,945,000	5,680,000	5,384,000	4,966,000	5,040,000	5,236,000	4,898,000
total operating expenses																																		44,676,000	113,508,000	53,275,000		37,780,000	49,779,000	50,291,000
net realized investment income																																					715,000
preferred stock dividends																																																1,000	3,000	-16,000	-22,000	-32,000	-34,000	-36,000	-42,000	-63,000	-181,000	-219,000	-218,000	-361,000	-17,000
income available to common stockholders																																										11,090,000	7,371,000	22,022,000	25,378,000	14,562,000	14,052,000	16,431,000	17,623,000	15,546,000	13,356,000	16,203,000	20,353,000	13,065,000	2,784,000	7,199,000	6,787,000	4,577,000	1,856,000	1,940,000	776,000
basic earnings per common share																																										1,130	720	2,170	2,500	1,420	1,340	1,530	1,600	1,360	1,170	1,440	1,870	1,370	300	850	1,070	740	300	320	130
diluted earnings per common share																																										1,060	710	1,930	2,210	1,290	1,230	1,390	1,440	1,310	1,130	1,400	1,810	1,230	270	740	880	640	270	300	120
dividends per common share																																										300	300	300	300	270	280	270	280	270	220	230	230	330	200	200	150	230	100	100	100
other-than-temporary impairment losses																																												-293,000	-1,690,000
income taxes																																																		7,805,250	8,266,000	10,172,000	12,783,000	7,964,000	2,299,000	4,747,000	4,413,000	3,227,000	1,232,000	1,520,000	462,000	1,083,000	881,000	712,000	488,000	557,000	521,000	1,907,000	3,853,000
realized investment gains																																																						250,000	-4,000	9,000	21,000	-149,000	123,000	140,000	153,000	469,000	1,028,000	505,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30

assets
fixed-maturity securities, available-for-sale, at fair value	914,846,000	597,329,000				718,537,000					418,676,000																																								62,093,000	40,119,000	35,117,000	35,953,000	41,397,000	40,141,000	38,832,000
equity securities, at fair value	65,056,000	65,890,000	64,479,000	58,618,000	55,226,000	56,200,000	56,333,000	53,886,000	52,013,000		39,940,000	39,690,000	37,415,000		33,946,000	35,719,000	41,204,000	51,740,000	50,223,000	44,924,000	49,800,000	51,130,000	42,702,000	39,309,000	24,131,000	35,285,000	32,443,000	29,861,000	30,228,000	41,143,000	45,311,000	40,125,000	45,609,000
limited partnership investments	17,171,000	17,690,000	18,936,000	19,770,000	20,176,000	20,802,000	21,497,000	21,856,000	24,015,000		23,174,000	23,115,000	24,520,000		25,405,000	26,695,000	28,166,000	28,133,000	26,039,000	26,305,000	26,726,000		27,497,000	26,177,000	25,634,000
real estate investments	103,429,000	103,746,000	104,651,000	85,578,000	80,151,000	79,120,000	77,511,000	73,507,000	69,096,000		45,269,000	43,903,000	43,562,000		71,500,000	72,723,000	73,387,000	73,896,000	73,663,000	73,812,000	74,015,000	74,472,000	70,566,000	70,908,000	75,770,000	73,763,000	63,454,000	63,228,000	63,309,000	54,490,000	63,892,000	64,081,000	58,024,000	58,358,000	48,961,000	49,286,000	48,725,000	48,086,000	33,808,000	31,661,000	30,979,000	30,954,000	25,663,000	22,447,000	19,580,000	19,138,000	18,938,000	18,938,000
other investments	5,000,000	5,000,000	5,000,000																																														16,450,000	16,228,000	16,458,000	16,014,000	16,059,000	16,087,000	15,696,000	15,636,000	6,585,000	6,483,000
total investments	1,105,502,000	789,655,000	755,160,000	756,176,000	808,414,000	874,659,000	823,572,000	789,491,000	615,929,000	520,300	527,059,000	549,682,000	630,253,000	615,600	491,508,000	534,566,000	293,791,000	196,715,000	196,348,000	192,110,000	211,423,000	225,720,000	238,743,000	241,640,000	312,590,000	341,486,000	348,640,000	345,117,000	377,792,000	387,783,000	372,504,000	406,966,000	381,269,000	380,286,000	391,751,000	375,664,000	301,024,000	298,734,000	288,450,000	247,364,000	239,599,000	232,917,000	233,216,000	275,675,000	264,226,000	168,799,000	162,690,000	179,180,000	172,435,000	146,028,000	90,522,000	66,468,000	61,120,000	60,916,000	73,882,000	71,630,000	66,087,000	58,759,000	54,525,000	42,735,000	46,355,000	43,481,000	32,194,000	35,358,000	48,400,000	48,343,000
cash and cash equivalents	1,014,049,000	1,210,126,000	987,933,000	947,166,000	754,481,000	532,471,000	518,786,000	445,829,000	655,384,000	536,500	324,019,000	293,991,000	302,025,000	234,900	355,699,000	360,488,000	569,040,000	628,943,000	569,134,000	626,286,000	553,397,000	431,341,000	410,691,000	422,464,000	317,078,000	229,218,000	214,626,000	217,153,000	177,965,000	239,458,000	249,083,000	216,453,000	226,210,000	255,884,000	292,438,000	296,520,000	407,937,000	280,531,000	291,880,000	309,274,000	277,913,000	267,738,000	331,542,000	274,729,000	271,413,000	314,716,000	304,323,000	302,048,000	296,576,000	293,398,000	273,878,000	296,812,000	279,327,000	230,214,000	141,922,000	131,088,000	110,876,000	100,355,000	61,956,000	80,256,000	58,471,000	54,849,000	78,417,000	76,300,000	54,440,000	43,453,000	61,102,000	79,950,000	79,493,000	81,060,000	26,169,000	18,455,000
restricted cash	3,757,000	3,748,000	3,739,000	3,730,000	3,722,000	3,714,000	3,310,000	3,303,000	3,303,000		2,987,000	2,987,000	2,987,000		2,900,000	2,600,000	2,400,000	2,400,000	2,400,000	2,400,000	2,400,000	2,400,000	2,400,000	700,000	700,000	700,000	700,000	700,000	700,000	700,000	700,000	809,000	809,000
income taxes receivable	1,521,000	1,332,000	2,547,000	3,130,000		463,000	4,919,000	2,820,000	651,000		4,375,000		707,000		8,134,000	1,789,000		4,084,000			481,000	4,554,000	2,711,000	3,150,000	916,000	1,040,000	315,000	1,511,000		971,000	3,005,000	3,108,000	11,014,000	16,192,000	24,081,000	973,000		2,811,000		4,837,000		1,858,000				2,624,000	1,996,000								1,495,000	4,900,000			774,000	3,033,000							84,000				152,000
deferred income tax assets	21,000	2,237,000	619,000	361,000
premiums receivable	60,399,000	57,494,000	70,225,000	65,826,000	54,704,000	50,582,000	59,183,000	58,114,000	43,291,000		42,121,000	40,306,000	44,966,000		51,762,000	52,302,000	39,890,000	68,157,000	43,078,000	69,121,000	29,459,000	68,382,000	28,505,000	27,925,000	18,898,000	20,255,000	25,649,000	26,398,000	16,888,000	16,667,000	25,461,000	25,897,000	16,930,000	17,807,000	27,179,000	26,621,000	17,631,000	17,276,000	26,126,000	27,228,000	18,701,000	19,631,000	29,778,000	30,161,000	18,516,000	15,824,000	26,583,000	28,762,000	18,033,000	14,674,000					17,499,000	20,738,000	13,747,000	12,222,000	10,050,000	10,263,000	4,670,000	5,822,000	9,327,000	10,029,000	4,284,000	4,899,000	18,360,000	33,042,000	29,403,000	5,021,000	12,888,000	14,650,000
prepaid reinsurance premiums	20,948,000	50,127,000	65,593,000		38,009,000	92,060,000	105,092,000	123,955,000	34,125,000		97,225,000	114,662,000	27,063,000		104,539,000	81,023,000	11,561,000	26,355,000	47,968,000	762,000	14,974,000	36,376,000	42,170,000	27,150,000	7,620,000	17,983,000	32,758,000	29,543,000	7,364,000	17,932,000	27,458,000	29,580,000	8,100,000	22,286,000	28,352,000	36,032,000	12,393,000	24,554,000	29,699,000	35,793,000	16,923,000	40,747,000	26,590,000	33,418,000	16,072,000	34,096,000	30,965,000	33,277,000	15,217,000	28,066,000	32,535,000	31,236,000	16,035,000	9,112,000	21,781,000	26,484,000	3,094,000	14,169,000	17,228,000	8,866,000	9,638,000	17,787,000	16,224,000	7,693,000	9,402,000	7,205,000	1,867,000	76,000	5,393,000	7,122,000
reinsurance recoverable, net of allowance for credit losses
paid losses and loss adjustment expenses	23,093,000	27,855,000	34,442,000	62,727,000	46,335,000	36,062,000	27,518,000	23,367,000	25,452,000		29,425,000	45,674,000	36,896,000		14,592,000	11,134,000	14,720,000	11,985,000	9,658,000	13,166,000	10,652,000	14,127,000	20,240,000	12,397,000	16,766,000	16,155,000	20,321,000	19,183,000	19,432,000	11,151,000	22,200,000	12,903,000	28,760,000	2,344,000	17,000
unpaid losses and loss adjustment expenses	246,759,000	262,041,000	295,200,000	375,198,000	481,434,000	522,379,000	273,053,000	279,795,000	305,218,000		462,539,000	505,017,000	559,804,000		938,404,000	42,348,000	54,876,000	64,665,000	39,468,000	48,827,000	61,070,000	71,019,000	74,944,000	87,929,000	100,937,000	116,523,000	143,123,000	58,897,000	86,208,000	112,760,000	50,895,000	82,998,000	57,183,000	100,760,000	213,729,000
deferred policy acquisition costs	59,700,000	59,722,000	67,446,000	65,138,000	56,398,000	54,303,000	56,401,000	52,564,000	45,152,000		45,032,000	45,107,000	46,632,000		48,258,000	48,305,000	53,670,000	57,695,000	47,129,000	44,427,000	40,466,000	43,858,000	29,701,000	29,190,000	20,338,000	21,663,000	23,135,000	20,851,000	15,171,000	16,507,000	20,669,000	20,086,000	15,334,000	16,712,000	21,150,000	20,251,000	15,372,000	16,639,000	21,221,000	21,091,000	16,453,000	18,602,000	23,532,000	21,993,000	15,063,000	15,014,000	20,172,000	20,083,000	14,184,000	14,071,000	18,872,000	18,608,000	11,822,000	10,032,000	12,548,000	12,476,000	9,350,000	12,321,000	11,157,000	10,062,000	6,757,000	9,407,000	10,301,000	9,954,000	7,126,000	10,496,000	11,339,000	12,534,000	9,887,000	6,292,000	5,424,000	5,724,000
property and equipment	28,243,000	28,939,000	29,400,000	29,695,000	30,237,000	29,544,000	29,452,000	29,449,000	29,314,000		28,768,000	27,168,000	26,734,000		17,749,000	17,244,000	15,469,000	14,232,000	13,946,000	13,317,000	13,026,000	12,767,000	12,693,000	19,085,000	14,569,000	14,698,000	14,360,000	13,873,000	13,584,000	13,338,000	13,183,000	12,845,000	12,603,000	12,465,000	12,356,000	12,080,000	11,715,000	11,374,000	11,332,000	11,598,000	11,711,000	11,786,000	11,838,000	12,007,000	12,188,000	12,292,000	12,494,000	12,643,000	12,931,000	13,132,000	13,163,000	13,008,000	12,981,000	10,853,000	10,840,000	10,586,000	10,605,000	10,499,000	16,788,000	15,778,000	8,346,000	7,755,000	7,697,000	7,640,000	471,000	399,000	346,000	241,000	183,000	267,000
intangible assets	2,234,000	2,683,000	3,290,000	3,927,000	4,565,000	5,206,000	5,820,000	6,432,000	7,046,000		8,272,000	7,073,000	7,686,000		13,651,000	14,358,000	15,105,000	10,636,000	10,807,000	10,933,000	11,255,000	3,568,000	3,723,000	3,877,000	4,034,000	4,192,000	4,347,000	4,498,000	4,649,000	4,800,000	4,951,000	5,102,000	4,844,000	4,995,000	4,498,000	4,656,000	4,777,000	4,899,000	2,559,000
funds withheld for assumed business	5,299,000	5,254,000	7,496,000	8,538,000	8,451,000	11,690,000	14,527,000	14,353,000	14,181,000		44,761,000	45,767,000	45,274,000		67,313,000	82,468,000	84,068,000	73,716,000
other assets	39,556,000	27,715,000	15,112,000	24,121,000	9,642,000	9,818,000	58,119,000	65,484,000	57,184,000		48,698,000	45,745,000	36,104,000		26,605,000	28,796,000	17,313,000	14,717,000	13,174,000	55,585,000	63,784,000	22,611,000	20,376,000	11,965,000	19,969,000	17,080,000	13,451,000	12,734,000	11,198,000	9,004,000	24,701,000	23,493,000	8,580,000	10,550,000	11,461,000	17,840,000	15,477,000	11,342,000	7,358,000	10,780,000	44,720,000	39,128,000	38,440,000	48,151,000	41,195,000	35,287,000	32,545,000	22,399,000	19,101,000	15,814,000	8,548,000	6,934,000	3,957,000	2,296,000	1,849,000	2,220,000	2,604,000	1,869,000	1,378,000	1,665,000	6,193,000	1,057,000	1,167,000	1,421,000	1,869,000	958,000	335,000	408,000	184,000	412,000	223,000	709,000
total assets	2,611,081,000	2,528,928,000	2,346,779,000	2,353,106,000	2,306,668,000	2,230,213,000	1,987,374,000	1,911,381,000	1,841,634,000	1,811,300	1,723,632,000	1,726,837,000	1,771,122,000	1,803,300	2,144,743,000	1,280,703,000	1,175,250,000	1,176,857,000	1,076,114,000	1,080,210,000	1,016,553,000	941,313,000	887,813,000	888,385,000	836,339,000	802,609,000	843,499,000	752,140,000	733,407,000	832,863,000	816,337,000	841,712,000	773,224,000	842,264,000	1,029,253,000	792,718,000	788,141,000	670,064,000	684,292,000	670,471,000	629,927,000	636,986,000	702,862,000	701,730,000	642,344,000	602,210,000	595,624,000	599,655,000	549,815,000	526,316,000	468,354,000	461,781,000	407,560,000	338,288,000	282,311,000	280,829,000	221,109,000	214,818,000	174,163,000	172,844,000	142,284,000	140,948,000	156,668,000	150,613,000	128,175,000	137,892,000	145,885,000	166,408,000	161,816,000	131,989,000	76,018,000	69,884,000
liabilities, redeemable noncontrolling interests and equity
losses and loss adjustment expenses	566,839,000	576,495,000	615,635,000	696,892,000	798,146,000	845,900,000	612,354,000	571,646,000	578,712,000	254,600	709,089,000	748,955,000	806,308,000	371,500	1,201,842,000	238,824,000	234,792,000	237,165,000	203,177,000	203,785,000	205,773,000	212,169,000	219,345,000	211,162,000	207,108,000	214,697,000	237,921,000	154,242,000	184,661,000	207,586,000	138,414,000	172,387,000	148,586,000	198,578,000	344,672,000	73,089,000	69,911,000	70,492,000	57,195,000	54,727,000	53,271,000	51,690,000	57,217,000	54,329,000	51,177,000	48,908,000	47,654,000	43,044,000	43,597,000	43,686,000	43,524,000	44,749,000	41,751,000	41,168,000	38,726,000	37,313,000	33,476,000	27,424,000	23,693,000	24,973,000	24,050,000	22,146,000	22,711,000	23,117,000	20,805,000	19,178,000	21,732,000	23,290,000	18,659,000	14,763,000	7,323,000	5,569,000
unearned premiums	597,814,000	643,328,000	641,576,000	627,484,000	573,565,000	584,703,000	547,700,000	542,839,000	499,499,000		395,827,000	385,870,000	387,833,000		379,609,000	370,140,000	365,112,000	366,744,000	334,299,000	309,842,000	264,305,000	269,399,000	238,936,000	229,234,000	165,155,000	181,163,000	204,755,000	193,426,000	143,300,000	157,729,000	199,050,000	194,828,000	148,686,000	164,896,000	206,174,000	199,970,000	155,538,000	175,803,000	209,322,000	208,600,000	164,031,000	187,290,000	235,033,000	233,503,000	185,958,000	214,071,000	203,798,000	206,657,000	156,959,000	171,907,000	188,120,000	191,446,000	140,951,000	154,249,000	120,845,000	120,429,000	90,875,000	108,677,000	78,289,000	70,530,000	47,066,000	65,034,000	72,242,000	66,140,000	46,930,000	68,509,000	73,361,000	82,683,000	75,285,000	67,219,000	34,233,000	35,897,000
advance premiums	48,005,000	19,302,000	43,018,000	43,677,000	37,807,000	18,867,000	37,767,000	24,119,000	26,518,000		32,250,000	26,837,000	25,834,000		28,672,000	25,428,000	23,898,000	13,771,000	19,062,000	21,225,000	24,291,000	11,370,000	17,083,000	19,208,000	44,545,000	5,589,000	11,646,000	13,652,000	16,160,000	6,192,000	10,350,000	13,150,000	15,888,000	4,948,000	10,248,000	14,967,000	17,065,000	4,651,000	9,877,000	13,824,000	16,854,000	4,983,000	11,087,000	15,405,000	19,708,000	4,380,000	10,517,000	14,873,000	17,567,000	4,504,000	9,628,000	11,273,000	15,905,000	4,029,000	6,702,000	9,004,000	11,204,000	2,132,000	4,584,000	6,900,000	7,061,000	1,114,000	4,835,000	6,661,000	6,623,000
ceded reinsurance premiums payable	26,475,000	27,591,000	3,760,000	38,121,000	19,779,000	18,313,000	7,168,000	7,950,000	10,693,000		3,000	5,391,000	14,123,000			24,641,000	20,899,000	19,318,000
assumed premiums payable	3,056,000	1,744,000	613,000	375,000	3,582,000	2,176,000	315,000		2,681,000
income taxes payable	42,837,000	12,782,000	19,061,000	24,294,000																									1,429,000								4,929,000		891,000		2,259,000		2,261,000	5,947,000	13,507,000			103,000	8,592,000	543,000	1,260,000	124,000	13,802,000	8,813,000			5,097,000	4,956,000			1,336,000	310,000		624,000	80,000	167,000		1,649,000	7,986,000	4,704,000		2,358,000
deferred income tax liabilities		3,814,000	6,576,000	2,402,000
revolving credit facility	36,000,000	36,000,000	38,000,000	40,000,000	42,000,000	44,000,000	46,000,000	48,000,000	50,000,000								15,000,000	15,000,000				23,750,000	8,750,000	23,750,000	23,750,000	9,750,000	9,750,000	9,500,000	8,000,000
long-term debt	31,672,000	31,877,000	32,078,000	15,602,000	185,332,000	185,254,000	185,081,000	184,912,000	184,744,000		208,331,000	208,156,000	196,158,000		211,667,000	211,648,000	45,295,000	45,504,000	78,083,000	160,569,000	160,539,000	156,511,000	155,675,000	161,839,000	165,416,000	163,695,000	162,996,000	162,293,000	161,623,000	250,150,000	248,544,000	240,983,000	239,392,000	237,835,000	236,311,000	234,817,000	272,982,000	138,863,000	138,172,000	128,123,000	127,397,000	129,429,000	131,647,000	130,929,000	130,227,000	129,539,000	128,865,000	128,205,000	127,559,000	126,932,000	40,250,000	40,250,000	40,250,000
accrued expenses and other liabilities	80,683,000	61,351,000
total liabilities	1,433,381,000	1,414,284,000	1,491,210,000	1,566,017,000	1,762,199,000	1,761,172,000	1,519,214,000	1,457,347,000	1,443,764,000	1,388,000	1,428,774,000	1,443,001,000	1,498,400,000	1,548,500	1,880,321,000	948,805,000	763,527,000	762,399,000	695,855,000	774,090,000	713,053,000	740,177,000	688,081,000	703,300,000	657,083,000	617,066,000	659,294,000	565,646,000	546,367,000	651,422,000	624,202,000	650,691,000	580,322,000	648,289,000	836,197,000	554,293,000	555,971,000	426,318,000	439,780,000	430,714,000	392,690,000	399,264,000	473,722,000	475,983,000	436,328,000	419,625,000	416,051,000	423,562,000	381,103,000	365,795,000	301,821,000	308,196,000	267,832,000	217,035,000	181,224,000	182,828,000	151,311,000	150,988,000	114,984,000	114,811,000	84,874,000	94,319,000	109,625,000	104,811,000	83,470,000	92,514,000	99,897,000	120,049,000	118,031,000	94,596,000	44,000,000	48,593,000
commitments and contingencies
redeemable noncontrolling interests	4,211,000	3,359,000	3,223,000	2,405,000	1,637,000	1,691,000	1,491,000	791,000
equity:
common stock
additional paid-in capital	413,838,000	428,109,000	300,703,000	298,706,000	124,170,000	122,289,000	119,971,000	117,968,000	116,728,000		2,171,000	1,062,000	332,000		9,969,000	12,887,000	79,131,000	76,077,000	39,905,000										103,000									8,139,000	8,401,000	13,262,000	18,549,000	23,879,000	24,209,000	22,763,000	19,927,000	20,465,000	28,834,000	36,511,000	44,148,000	48,966,000	67,292,000	65,394,000	64,286,000	63,875,000	53,209,000	51,742,000	30,321,000	29,636,000	28,572,000	28,532,000	29,315,000	18,606,000	18,535,000	18,776,000	19,407,000	21,164,000	22,128,000	23,460,000	23,891,000	23,783,000	23,525,000	13,600,000
retained earnings	679,721,000	611,509,000	519,037,000	458,713,000																																																			46,045,000	45,179,000	38,499,000	33,986,000	30,803,000	29,559,000	28,242,000	28,065,000	28,158,000	26,500,000	25,218,000	24,520,000	23,713,000	22,899,000	19,894,000	13,610,000	8,493,000	7,691,000
accumulated other comprehensive income	-4,538,000	1,459,000	2,036,000	1,158,000																																															1,171,000	897,000	1,785,000	1,620,000	1,833,000	1,080,000	978,000	208,000					350,000	526,000	80,000		147,000
total stockholders’ equity	1,089,021,000	1,041,077,000	821,776,000	758,577,000	522,683,000	453,333,000	455,344,000	447,349,000	395,682,000		199,940,000	188,378,000	180,262,000		174,230,000	238,748,000	320,593,000	323,365,000	291,512,000	216,666,000	217,491,000	201,136,000	199,732,000	185,085,000	179,256,000	185,543,000	184,205,000	186,494,000	187,040,000	181,441,000	192,135,000	191,021,000	192,902,000	193,975,000	193,056,000	238,425,000	232,170,000	243,746,000	244,512,000	239,757,000	237,237,000	237,722,000	229,140,000	225,747,000	206,016,000	182,585,000	179,573,000	176,093,000	168,712,000	160,521,000	166,533,000	153,585,000	139,728,000	121,253,000	101,087,000	98,001,000	69,798,000	63,830,000	59,179,000	58,033,000	57,410,000	46,629,000	47,043,000	45,802,000	44,705,000	45,378,000	45,988,000	46,359,000	43,785,000	37,393,000	32,018,000	21,291,000
noncontrolling interests	84,468,000	70,208,000	30,570,000	26,107,000	20,149,000	14,017,000	11,325,000	5,894,000	2,188,000		1,117,000	256,000	-405,000		-1,056,000	1,187,000	1,435,000	1,138,000	1,016,000	1,383,000	117,000
total equity	1,173,489,000	1,111,285,000	852,346,000	784,684,000	542,832,000	467,350,000	466,669,000	453,243,000	397,870,000	327,200	201,057,000	188,634,000	179,857,000	161,300	173,174,000	239,935,000	322,028,000	324,503,000	292,528,000	218,049,000	217,608,000
total liabilities, redeemable noncontrolling interests and equity	2,611,081,000	2,528,928,000	2,346,779,000	2,353,106,000	2,306,668,000		1,987,374,000	1,911,381,000
reinsurance payable on paid losses and loss adjustment expenses			1,369,000	127,000		2,496,000					7,043,000	7,043,000	7,043,000		3,046,000	4,302,000	6,657,000	4,017,000	4,727,000	7,398,000	2,317,000
fixed-maturity securities, available for sale, at fair value			562,094,000	592,210,000	652,861,000		668,231,000	640,242,000	470,805,000			442,974,000	524,756,000		360,639,000	398,571,000	150,684,000	42,583,000	46,053,000	46,414,000	60,202,000	71,722,000	92,743,000	99,993,000	185,845,000	202,839,000	210,753,000	209,914,000	210,728,000	182,723,000	145,719,000	165,133,000	195,703,000	237,484,000	256,102,000	248,646,000	172,774,000	166,248,000	170,016,000	135,707,000	130,373,000	125,009,000	127,104,000	165,435,000	158,325,000	97,084,000	100,177,000	122,430,000	133,113,000	112,151,000
accrued interest and dividends receivable			7,572,000	6,308,000	7,650,000	6,008,000	6,382,000	7,067,000	4,052,000		3,891,000	2,290,000	2,525,000		2,032,000	1,421,000	674,000	353,000	463,000	330,000	595,000	588,000	916,000	913,000	1,924,000	1,616,000	2,074,000	1,682,000	2,456,000	1,792,000	1,527,000	1,472,000	1,588,000	1,983,000	2,241,000	2,081,000	1,815,000	1,654,000	1,695,000	1,389,000	1,434,000	1,390,000	1,505,000	1,574,000	1,451,000	1,059,000	1,008,000	1,263,000	1,338,000	1,133,000	572,000	410,000	272,000	375,000	334,000	546,000	315,000	408,000	244,000	186,000	282,000	180,000	110,000	166,000	321,000	176,000	187,000	69,000	64,000	63,000	55,000	138,000
right-of-use assets – operating leases			1,005,000	1,065,000	1,124,000	1,182,000	1,240,000
accrued expenses			46,811,000	42,033,000	29,110,000	17,677,000	37,121,000	27,860,000	24,699,000		25,934,000	19,224,000	20,633,000		18,788,000	17,093,000	16,899,000	15,453,000	15,187,000	11,776,000	14,404,000	10,181,000	15,855,000	12,457,000	9,275,000	10,059,000	13,387,000	11,099,000	8,586,000	6,483,000	11,759,000	10,044,000	8,311,000	6,035,000	11,803,000	10,828,000	8,986,000	6,513,000	13,607,000	11,330,000	10,150,000	6,316,000	13,854,000	12,080,000	9,963,000	4,826,000	11,874,000	10,162,000	8,567,000	4,032,000	9,665,000	7,725,000	6,727,000	3,041,000	5,053,000	4,439,000	3,984,000	3,478,000	3,247,000	2,848,000	2,065,000	2,385,000	3,175,000	6,309,000	3,495,000	4,455,000	4,222,000	5,316,000	5,054,000	1,535,000	1,711,000	2,275,000
lease liabilities – operating leases			997,000	1,072,000	1,131,000	1,185,000	1,250,000	1,305,000	1,357,000
other liabilities			41,716,000	33,938,000	34,708,000	32,320,000	39,039,000	35,426,000	36,564,000		43,895,000	36,810,000	35,886,000		33,453,000	48,737,000	24,418,000	31,485,000	31,372,000	46,856,000	27,705,000	40,771,000	23,479,000	40,289,000	38,512,000	28,029,000	15,499,000	18,684,000	20,747,000	22,200,000	13,722,000	16,173,000	18,302,000	20,207,000	13,772,000	16,058,000	16,703,000	26,702,000	10,716,000	14,110,000	17,641,000	18,472,000	22,208,000	22,935,000	16,137,000	17,683,000	13,343,000	14,140,000	11,492,000	6,772,000	8,762,000	9,600,000	7,418,000	4,316,000	7,494,000	8,273,000	5,176,000	4,103,000	4,668,000	4,857,000	3,296,000	3,330,000	6,035,000	1,302,000	326,000	205,000	582,000	1,143,000	1,141,000	239,000	733,000	935,000
deferred income taxes					1,502,000	72,000					4,945,000	3,133,000	3,160,000		1,705,000	6,168,000	4,834,000	11,739,000	3,708,000	7,050,000	10,052,000	11,925,000	8,866,000	5,282,000	3,268,000	4,008,000	3,340,000	2,750,000	1,857,000	1,068,000	2,221,000	2,993,000	1,043,000					250,000	3,972,000	1,117,000	2,473,000	3,189,000	6,421,000	4,022,000	2,220,000	2,499,000	2,848,000	2,951,000	2,586,000		5,664,000		4,921,000	3,848,000			3,081,000	2,368,000			1,572,000	584,000		2,052,000	1,862,000	2,438,000	2,361,000	2,707,000	2,997,000	3,563,000	1,161,000	1,087,000
liabilities and equity
income tax payable					33,378,000	5,451,000		8,962,000	23,184,000			210,000					3,061,000		3,574,000	2,552,000
retained income					397,171,000	331,793,000	333,453,000	331,960,000	282,056,000		203,766,000	194,034,000	185,028,000		175,056,000	229,621,000	243,647,000	246,790,000	250,808,000	215,612,000	216,086,000	199,592,000	198,092,000	183,689,000	179,210,000	183,365,000	182,114,000	184,739,000	186,396,000	182,894,000	193,236,000	192,080,000	193,971,000	189,409,000	188,313,000	235,436,000	228,598,000	232,964,000	231,240,000	222,778,000	218,689,000	215,634,000	207,148,000	202,853,000	183,792,000	161,454,000	149,710,000	135,585,000	122,026,000	110,441,000	98,070,000	87,294,000	73,657,000	55,758,000
accumulated other comprehensive income, net of taxes					1,342,000		1,920,000								-10,795,000	-3,760,000	-2,185,000	498,000	799,000	1,054,000	1,405,000	1,544,000	1,640,000	1,396,000	46,000		2,091,000	1,755,000	541,000	-1,453,000	-1,101,000	-1,059,000	-1,069,000	4,566,000	4,743,000	2,989,000	3,572,000	2,643,000	4,871,000	3,717,000		-1,791,000	-2,217,000	131,000	2,297,000	666,000	1,029,000	3,997,000	2,538,000	1,114,000
receivable from maturities of fixed-maturity securities								500,000			53,000,000
assumed premiums receivable								7,562,000
accumulated other comprehensive loss, net of taxes						-749,000		-2,579,000	-3,102,000		-5,997,000	-6,718,000	-5,098,000																												-1,000
total liabilities, redeemable noncontrolling interest and equity						2,230,213,000			1,841,634,000		1,723,632,000	1,726,837,000	1,771,122,000		2,144,743,000	1,280,703,000	1,175,250,000	1,176,857,000	1,076,114,000	1,080,210,000	1,016,553,000
reinsurance recoverable, net of allowance for credit losses:
right-of-use assets - operating leases								1,296,000	1,352,000		1,460,000	1,368,000	1,466,000		1,597,000	1,861,000	2,673,000	2,204,000	2,576,000	2,946,000	3,571,000	4,002,000
redeemable noncontrolling interest										96,200	93,801,000	95,202,000	92,865,000	93,600	91,248,000	91,963,000	89,695,000	89,955,000	87,731,000	88,071,000	85,892,000
for the year ended december 31:
net premiums earned										495,900				463,600
total revenue										550,700				499,600
income before income taxes										117,700				-68,400
net income										89,300				-54,600
net income after noncontrolling interests										79,000				-58,500
earnings per share:
basic										9,130				-6,240
diluted										7,620				-6,240
dividends per share										1,600				1,600
net cash from operating activities										230,700
cash dividends paid on common stock*										13,700				15,200
at december 31:
common shares outstanding										9,700				8,600
investment in unconsolidated joint venture, at equity															18,000	858,000	350,000	363,000	370,000	655,000	680,000	705,000	716,000	734,000	746,000	762,000	774,000	791,000	812,000	845,000	860,000	1,634,000	1,253,000	1,304,000	1,664,000	1,680,000	1,710,000	2,102,000	4,940,000	5,015,000	5,074,000	4,787,000
reinsurance recovered in advance on unpaid losses																																		13,885,000	9,882,000
lease liabilities - operating leases											1,457,000	1,372,000	1,422,000		1,539,000	1,824,000	2,662,000	2,203,000	2,578,000	2,950,000	3,579,000	4,014,000
assumed reinsurance balances payable																			88,000	87,000	88,000	87,000	92,000	79,000	54,000	76,000			4,000	14,000	142,000	133,000	114,000	15,000	243,000	181,000	4,325,000	3,294,000			1,087,000	1,084,000	415,000	855,000	9,651,000	218,000		316,000	994,000	4,660,000	586,000	1,466,000	991,000	1,377,000	1,329,000	1,389,000				51,000			243,000	658,000	5,211,000
funds held in trust for assumed business																			79,965,000
short-term investments, at fair value																									464,000	491,000	495,000	508,000		66,479,000	87,778,000	110,042,000
limited partnership investments, at equity																						27,691,000				28,346,000	30,690,000	30,790,000	31,830,000	32,293,000	28,944,000	25,951,000	25,247,000	23,184,000	20,998,000	19,900,000	20,351,000	29,263,000	28,226,000	25,269,000	24,729,000	23,930,000	22,162,000	22,716,000	21,795,000
liabilities and stockholders’ equity
stockholders’ equity:
7% series a cumulative convertible preferred stock
series b junior participating preferred stock
preferred stock
total liabilities and stockholders’ equity																						941,313,000	887,813,000	888,385,000	836,339,000	802,609,000	843,499,000	752,140,000	733,407,000	832,863,000	816,337,000	841,712,000	773,224,000	842,264,000	1,029,253,000	792,718,000	788,141,000	670,064,000	684,292,000	670,471,000	629,927,000	636,986,000	702,862,000	701,730,000	642,344,000	602,210,000	595,624,000	599,655,000	549,815,000	526,316,000	468,354,000	461,781,000	407,560,000	338,288,000	282,311,000	280,829,000	221,109,000	214,818,000	174,163,000	172,844,000	142,284,000	140,948,000	156,668,000	150,613,000	128,175,000	137,892,000	145,885,000	166,408,000	161,816,000	131,989,000	76,018,000	69,884,000
assets held for sale																							4,519,000	4,519,000			10,031,000	10,025,000	9,810,000	9,810,000
stockholders' equity:
reinsurance recoverable:
accumulated other comprehensive income , net of taxes																										2,178,000
short-term investments																													31,075,000				55,433,000																														1,998,000	4,078,000	7,301,000	11,521,000	28,052,000	35,042,000	33,762,000	27,582,000	26,382,000	28,059,000
equity securities, available for sale, at fair value																																		58,911,000	63,023,000	56,152,000	57,464,000	53,035,000	51,460,000	49,712,000	48,444,000	48,237,000	53,536,000	60,331,000	59,779,000	45,550,000	39,097,000	37,812,000	22,872,000	17,649,000
equity securities, trading, at fair value																																		1,045,000	1,003,000
common stock,
investment in joint venture, at equity																																											4,751,000	4,746,000	4,747,000	4,477,000	4,478,000
limited partnership investment, at equity																																														2,550,000
dividends payable																																																3,111,000	3,190,000	19,000	26,000	34,000	37,000	42,000	98,000	104,000	1,499,000	218,000	218,000	218,000
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 0 and 110,684 shares issued and outstanding in 2014 and 2013, respectively
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 0 and 110,684 shares issued and outstanding at september 30, 2014 and december 31, 2013, respectively
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 0 and 110,684 shares issued and outstanding at june 30, 2014 and december 31, 2013, respectively
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 10,206 and 110,684 shares issued and outstanding in 2014 and 2013, respectively
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 110,684 and 241,182 shares issued and outstanding in 2013 and 2012, respectively
equity securities, available-for-sale, at fair value																																																			11,971,000	10,335,000	9,944,000	8,876,000	9,522,000	8,669,000	8,124,000	5,207,000	4,757,000	5,025,000	4,030,000	884,000	677,000
premiums and reinsurance receivable																																																			24,600,000	28,305,000	17,125,000	10,642,000
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 191,750 and 241,182 shares issued and outstanding in 2013 and 2012, respectively
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 210,555 and 241,182 shares issued and outstanding in 2013 and 2012, respectively
time deposits																																																							7,267,000	7,184,000	12,546,000	12,427,000	14,442,000	14,306,000	14,171,000	14,033,000	13,900,000	13,763,000	13,634,000	13,507,000
goodwill																																																							161,000	161,000	161,000	161,000
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 241,182 and 1,247,700 shares issued and outstanding in 2012 and 2011, respectively
assumed reinsurance balances receivable																																																									1,189,000	1,687,000	63,000			26,000				19,525,000					497,000	966,000
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 331,525 and 1,247,700 shares issued and outstanding in 2012 and 2011, respectively
investments:
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 592,324 and 1,247,700 shares issued and outstanding in 2012 and 2011, respectively
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 1,046,559 and 1,247,700 shares issued and outstanding in 2012 and 2011
fixed maturity securities, available-for-sale, at fair value																																																										34,642,000	35,326,000	23,404,000	28,154,000	28,564,000	15,619,000
7% series a cumulative convertible preferred stock (liquidation preference 10.00 per share), no par value, 1,500,000 shares authorized, 1,247,700 shares issued and outstanding in 2011
accumulated other comprehensive loss																																																											-196,000	-58,000	-147,000	-42,000				-306,000
payable for securities purchased																																																												3,002,000
fixed maturity securities, held-to-maturity, at amortized cost
income tax receivable																																																															1,231,000
investment in fixed maturity securities, held-to-maturity, at amortized cost																																																																	7,556,000	4,049,000	1,898,000	1,889,000
investments in fixed maturity securities, available-for-sale, at fair value																																																																17,517,000	19,909,000	19,266,000	19,954,000
note receivable																																																																				450,000	450,000	450,000
reinsurance balances receivable
reinsurance balances payable
ceded reinsurance balances receivable																																																																						157,000	2,830,000
ceded reinsurance balances payable																																																																				5,968,000	9,906,000	6,136,000		1,559,000
office equipment																																																																							237,000	96,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30

cash flows from operating activities:
net income after noncontrolling interests	73,407,000	97,654,000	65,507,000	66,160,000	69,684,000	2,584,000	5,682,000	54,076,000	47,611,000	38,096,000	13,157,000	12,443,000	15,338,000	1,526,000	-50,959,000	-9,981,000	903,000	28,000	-6,237,000
net income attributable to noncontrolling interests	11,636,000	10,344,000	2,381,000	4,119,000	4,546,000	1,550,000	3,710,000	3,023,000	9,345,000	2,817,000	2,512,000	2,439,000	2,455,000	1,125,000	-544,000	1,439,000	1,888,000	1,407,000	1,369,000	1,913,000	697,000
net income	85,043,000	107,998,000	67,888,000	70,279,000	74,230,000	4,134,000	9,392,000	57,099,000	56,956,000	40,913,000	15,669,000	14,882,000	17,793,000	2,651,000	-51,503,000	-8,542,000	2,791,000	1,435,000	-4,868,000	3,830,000	6,845,000	2,707,000	15,390,000	8,936,000	547,000	-20,117,400	5,853,000	7,553,000	6,738,000	-26,173,300	8,997,000	6,403,000	10,791,000	12,091,000	-40,546,000	9,542,000	12,020,000	4,608,000	11,333,000	7,024,000	6,056,000	11,090,000	7,371,000	22,022,000	25,378,000	-48,039,300	14,052,000	16,430,000	17,620,000	15,562,000	13,378,000	16,235,000	20,387,000	13,101,000	2,826,000	7,262,000	6,968,000	4,796,000	2,074,000	2,301,000	793,000	1,784,000	1,658,000	1,282,000	698,000	807,000	814,000	3,005,000	6,284,000	5,117,000	802,000
adjustments to reconcile net income to net cash from operating activities:
stock-based compensation expense	3,359,000	2,608,000	2,695,000	2,695,000	2,972,000	2,757,000	3,474,000	2,376,000	1,582,000	3,535,000	1,840,000	1,867,000	2,106,000	2,398,000	4,130,000	4,242,000	4,337,000
net accretion of discount on investments in available-for-sale fixed-maturity securities	-98,000	-541,000	-531,000
depreciation and amortization	2,240,000	2,339,000	2,318,000	4,541,000	2,019,000	2,185,000	2,160,000	-1,049,000	1,003,000	1,983,000	1,972,000	1,999,000	2,230,000	2,351,000	2,164,000	1,979,000	1,516,000	1,273,000	1,348,000	1,565,000	1,363,000	2,248,000	2,140,000	2,177,000	2,182,000		1,975,000	1,995,000	2,707,000		2,756,000	2,739,000	2,700,000	2,646,000	2,565,000	2,479,000	1,901,000	1,440,000	1,312,000	1,281,000	1,375,000	1,340,000	1,322,000	1,300,000	1,289,000		1,246,000	1,233,000	1,203,000	621,000	437,000	426,000	619,000	568,000	386,000	343,000	294,000	251,000	167,000	95,000	63,000	61,000	60,000	35,000	22,000	21,000	24,000	16,000	13,000	20,000	10,000
deferred income tax expense	423,000	-4,187,000	3,622,000	-56,000	-1,297,000	-1,769,000	-465,000	-964,000	5,604,000		1,557,000	544,000	3,266,000									3,091,000	3,505,000	1,574,000	-47,000		639,000	480,000	112,000		-759,000
net realized investment gains	-534,000		-618,000	-155,000	-1,167,000																										-1,626,000	-2,662,000	-2,232,000														-3,294,000	-1,167,000	-4,000	-37,000	-31,000	8,000	-20,000
net unrealized investment losses	1,698,000			-1,180,000	1,906,000									-1,004,000	347,000	4,234,000	3,576,000				269,000		-1,340,000	-2,884,000	4,805,000			-1,326,000	-5,293,000		390,000	1,557,000	2,600,000
credit loss expense - reinsurance recoverable	-9,000		-7,000	-14,000	-35,000	140,000	-20,000	-3,000	-49,000			-101,000	-1,000	3,000	389,000	-17,000	-11,000	46,000	-13,000	-16,000	-12,000
net loss from limited partnership investments	324,000	111,000	51,000
gain on sale of real estate investments	-354,000													0
foreign currency remeasurement loss	96,000	29,000	96,000			66,000	36,000	32,000	-1,000	11,000			1,000	17,000	41,000	31,000	19,000	16,000	-27,000	66,000	9,000				80,000		36,000	-6,000	1,000		85,000			-29,000	20,000			20,000	-10,000			12,000								-3,000	28,000	34,000	10,000
other non-cash items	-45,000	92,000	138,000	60,000	11,000	14,000	-38,000	351,000	-19,000	86,000	-15,000	16,000	71,000	-9,000	367,000	-416,000	11,000	24,000	16,000	0	21,000	352,000	-337,000	30,000	1,000
changes in operating assets and liabilities:
income taxes	29,866,000	-5,064,000	-4,650,000	-12,214,000	28,390,000	9,907,000	-11,061,000	-16,391,000	14,831,000	12,077,000	-4,585,000	917,000	2,100,000	5,327,000	-6,345,000	-4,850,000	7,145,000	-7,658,000	1,022,000	3,033,000	4,073,000	-1,843,000	439,000	-2,234,000	124,000		1,196,000	-2,940,000	2,400,000		103,000	7,906,000	5,178,000	7,889,000	-23,108,000	-5,902,000	7,740,000	-3,702,000	5,723,000	-7,188,000	3,975,000	-4,119,000	-3,686,000	-7,560,000	16,131,000
premiums receivable	-2,905,000	12,731,000	-4,399,000	-11,122,000	-4,122,000	8,601,000	-1,069,000	-14,823,000	-5,254,000	4,084,000	-1,815,000	4,660,000	-9,968,000	16,764,000	540,000	-12,412,000	28,267,000	-25,079,000	26,043,000	-39,662,000	38,923,000	-39,877,000	-580,000	-9,027,000	1,357,000		749,000	-9,510,000	-221,000		436,000	-8,967,000	877,000	9,372,000	-558,000	-8,990,000	-355,000	8,850,000	1,102,000	-8,527,000	930,000	10,147,000	383,000						-3,359,000						3,239,000	-6,991,000	-1,525,000	-2,172,000	213,000	-5,593,000	1,152,000	3,505,000			615,000	13,461,000	14,682,000	-3,639,000	-24,382,000	7,867,000	1,762,000
prepaid reinsurance premiums	29,179,000	15,466,000	-65,593,000	38,009,000	54,051,000	13,032,000	18,863,000	-89,830,000	52,107,000	10,993,000	17,437,000	-87,599,000	39,564,000	37,912,000	-23,516,000	-69,462,000	14,794,000	21,613,000	-47,206,000	14,212,000	21,402,000	5,794,000	-15,020,000	-19,530,000	10,363,000		-3,215,000	-22,179,000	10,568,000		2,122,000	-21,480,000	14,186,000	6,066,000	7,680,000	-23,639,000	12,161,000	5,145,000	6,094,000	-18,870,000	23,824,000	-14,157,000	6,828,000	-17,346,000	18,024,000		2,312,000	-18,060,000	12,849,000	4,469,000	-1,299,000	-15,201,000	-6,923,000	12,669,000	4,703,000	-23,390,000	11,075,000	3,059,000	-8,362,000	772,000	8,149,000	-1,563,000			-2,197,000	-5,338,000	-1,791,000	5,317,000	1,729,000
reinsurance recoverable	20,053,000	39,779,000	108,290,000	89,858,000	30,707,000	-258,010,000	2,611,000	27,511,000	19,673,000	141,871,000	58,760,000	46,110,000	91,660,000	264,634,000	-899,903,000	16,131,000	7,065,000	-27,570,000	12,880,000	9,745,000	13,436,000	10,043,000	5,156,000	17,702,000	14,546,000		-85,364,000	27,560,000	18,271,000		22,806,000	-9,958,000	17,161,000	110,642,000
deferred policy acquisition costs	22,000	7,724,000	-2,308,000	-8,740,000	-2,095,000	2,098,000	-3,837,000	-7,412,000	-2,242,000	2,122,000	75,000	1,525,000	-1,110,000	2,736,000	47,000	5,365,000	4,025,000	-10,566,000	-2,702,000	-3,961,000	3,392,000	-14,157,000	-511,000	-8,852,000	1,325,000		-2,284,000	-5,680,000	1,336,000		-583,000	-4,752,000	1,378,000	4,438,000	-899,000	-4,879,000	1,267,000	4,582,000	-130,000	-4,638,000	2,149,000	4,930,000	-1,539,000	-6,930,000	-49,000		-89,000	-5,899,000	-113,000	4,801,000	-264,000	-6,786,000	-1,790,000	2,516,000	-72,000	-3,126,000	2,971,000	-1,164,000	-1,095,000	-3,305,000	2,650,000	894,000	-347,000	-2,828,000	3,370,000	843,000	1,195,000	-2,647,000	-3,595,000	-868,000	300,000
funds withheld for assumed business	-45,000	2,242,000	1,042,000	-87,000	3,239,000	2,837,000	-174,000	-172,000	15,906,000	14,674,000	1,006,000	-493,000	3,498,000	18,541,000	15,155,000	1,600,000	-10,352,000
other assets	-11,814,000	-5,515,000	8,915,000	-14,495,000	208,000	48,325,000	7,245,000	-8,425,000	-6,657,000	-1,740,000	-3,539,000	-9,024,000	-5,590,000	-4,264,000	1,390,000	-9,605,000	-3,102,000	-1,240,000	39,349,000	12,186,000	-45,808,000	-1,026,000	-8,787,000	7,886,000	-2,651,000		-2,772,000	428,000	-1,821,000		309,000	572,000	948,000	-1,867,000	9,412,000	-2,488,000	-4,483,000	-3,019,000	3,631,000	34,034,000	-5,592,000	-4,508,000	10,220,000	-7,131,000	-5,811,000		-7,188,000	-3,421,000	-3,036,000	-4,637,000	-1,660,000	-2,999,000	-432,000	-654,000	296,000	365,000	-810,000	271,000	287,000	4,660,000	-5,136,000	110,000			-911,000	-623,000	73,000	-224,000	228,000	-189,000	486,000
losses and loss adjustment expenses	-9,656,000	-39,140,000	-81,257,000	-101,254,000	-47,754,000	233,546,000	40,708,000	-7,066,000	-6,361,000	-124,016,000	-39,866,000	-57,353,000	-57,457,000	-338,077,000	963,018,000	4,032,000	-2,373,000	33,988,000	-608,000	-1,988,000	-6,396,000	-7,176,000	8,183,000	4,054,000	-7,589,000	-30,227,500	83,679,000	-30,419,000	-22,925,000	60,273,300	-33,973,000	23,801,000	-49,992,000	-146,094,000	271,583,000	3,178,000	-581,000	13,297,000	2,468,000	1,456,000	1,581,000	-5,527,000	2,888,000	3,152,000	2,269,000	-3,888,500	4,610,000	-553,000	-89,000	162,000	-1,225,000	2,998,000	583,000	2,442,000	1,413,000	3,837,000	6,052,000	3,731,000	-1,280,000	923,000	1,904,000	-565,000	-406,000	2,312,000	1,627,000	-2,554,000	-1,558,000	4,631,000	3,896,000	7,440,000	1,754,000
unearned premiums	-45,514,000	1,752,000	14,092,000	53,919,000	-11,138,000	37,003,000	4,861,000	43,340,000	-1,658,000	105,330,000	9,957,000	-1,963,000	19,786,000	-11,562,000	9,469,000	5,028,000	-1,632,000	32,445,000	24,457,000	45,537,000	-5,094,000	30,463,000	9,702,000	64,079,000	-16,008,000		11,329,000	50,126,000	-14,429,000		4,222,000	46,142,000	-16,210,000	-41,278,000	6,204,000	44,432,000	-20,265,000	-33,519,000	722,000	44,569,000	-23,259,000	-47,743,000	1,530,000	47,545,000	-28,113,000		-2,859,000	49,698,000	-14,948,000	-16,213,000	-3,326,000	50,495,000	-13,298,000	33,404,000	416,000	29,554,000	-17,802,000	30,388,000	7,759,000	23,464,000	-17,968,000	-7,208,000			-21,579,000	-4,852,000	-9,322,000	7,398,000	8,066,000	32,986,000	-1,664,000
advance premiums	28,703,000	-23,716,000	-659,000	5,870,000	18,940,000	-18,900,000	13,648,000	-2,399,000	10,623,000	-16,355,000	5,413,000	1,003,000	7,247,000	-10,085,000	3,244,000	1,530,000	10,127,000	-5,291,000	-2,163,000	-3,066,000	12,921,000	-5,713,000	-2,125,000	-25,337,000	38,956,000		-2,006,000	-2,508,000	9,968,000		-2,800,000	-2,738,000	10,940,000	-5,300,000	-4,719,000	-2,098,000	12,414,000	-5,226,000	-3,947,000	-3,030,000	11,871,000	-6,104,000	-4,318,000	-4,303,000	15,328,000		-4,356,000	-2,694,000	13,063,000	-5,124,000	-1,645,000	-4,632,000	11,876,000	-2,673,000	-2,302,000	-2,200,000	9,072,000	-2,452,000	-2,316,000	-161,000	5,947,000	-3,721,000	-1,826,000	38,000	5,910,000
reinsurance payable on paid losses and loss adjustment expenses		-1,369,000	1,242,000	127,000	-2,496,000	2,496,000	0	0	-3,145,000	-3,898,000	0	0	-1,563,000	5,560,000	-1,256,000	-2,355,000	2,640,000	-710,000	-2,671,000	5,081,000	2,317,000
ceded reinsurance premiums payable	-1,116,000	23,831,000	-34,361,000	18,342,000	1,466,000	11,145,000	-782,000	-2,743,000	1,772,000	8,918,000	-5,388,000	-8,732,000	-3,523,000	17,646,000	-24,641,000	3,742,000	1,581,000
assumed premiums payable	1,312,000
accrued expenses and other liabilities	18,583,000	-28,703,000	12,907,000	12,869,000	13,818,000	-26,222,000	12,841,000	5,119,000	11,056,000	-18,692,000	14,579,000	-1,292,000	19,669,000	-12,028,000	-12,584,000	22,357,000	-6,142,000	9,878,000	-12,219,000	15,673,000	-11,690,000	15,660,000	-13,212,000	14,495,000	-71,000		-928,000	432,000	631,000		-766,000	228,000	-256,000	3,694,000	-3,557,000	572,000	1,839,000	-1,043,000	-1,214,000	-2,535,000	2,569,000	-10,882,000	3,019,000	6,830,000	5,190,000		947,000	7,188,000	6,261,000	-7,643,000	1,214,000	3,055,000	6,755,000	-5,224,000	-165,000	3,552,000	1,579,000	-377,000	-2,792,000	4,922,000	-354,000	-3,495,000	1,599,000	3,790,000	-126,000	-144,000	-1,655,000	264,000	4,421,000	-670,000	-766,000
net cash from operating activities	148,811,000	110,770,000	26,674,000	144,999,000	162,006,000	74,687,000	104,144,000	-29,004,000	181,989,000	153,337,000	71,377,000	-93,165,000	99,109,000	18,249,000	-39,890,000	-35,720,000	57,349,000	47,832,000	-46,976,000	59,507,000	36,140,000	-219,000	-32,458,000	54,585,000	55,403,000	-38,040,000	9,260,000	18,239,000	10,595,000	-29,420,400	1,858,000	42,184,000	-14,593,000	-34,967,000	20,029,000	7,108,000	24,256,000	-3,490,000	21,074,000	43,100,000	27,291,000	-61,060,000	28,555,000	18,772,000	59,003,000	-63,792,300	3,951,000	24,862,000	35,068,000	8,852,000	4,079,000	27,264,000	15,277,000	68,944,000	13,348,000	6,474,000	17,500,000	37,525,000	-4,375,000	25,773,000	-2,890,000	-10,158,000	-1,429,000	15,421,000	12,297,000	-17,370,000	-4,992,000	4,251,000	4,637,000	56,454,000	-3,609,000
capital expenditures	-335,000	-585,000	-794,000	-522,000	-1,732,000	-1,061,000	-952,000	-1,093,000	-946,000	-1,318,000	-2,422,000	-1,293,000	-1,469,000	-910,000	-1,202,000	-2,368,000	-1,861,000	-735,000	-1,308,000	-578,000	-697,000	-509,000	-579,000	-4,996,000	-353,000	0	-853,000	-679,000	-634,000	0	-609,000	-574,000	-471,000	-468,000	-577,000	-655,000	-640,000	-322,000	-58,000	-213,000	-272,000	-275,000	-189,000	-149,000	-227,000	0	-159,000	-74,000	-92,000	-326,000	-415,000	-328,000	-2,364,000	-244,000	-472,000	-184,000	-296,000	-123,000	-1,178,000	-1,189,000	-654,000	-119,000	0	0	-94,000	-75,000	-154,000	-74,000	-11,000	0	0
free cash flows	148,476,000	110,185,000	25,880,000	144,477,000	160,274,000	73,626,000	103,192,000	-30,097,000	181,043,000	152,019,000	68,955,000	-94,458,000	97,640,000	17,339,000	-41,092,000	-38,088,000	55,488,000	47,097,000	-48,284,000	58,929,000	35,443,000	-728,000	-33,037,000	49,589,000	55,050,000	-38,040,000	8,407,000	17,560,000	9,961,000	-29,420,400	1,249,000	41,610,000	-15,064,000	-35,435,000	19,452,000	6,453,000	23,616,000	-3,812,000	21,016,000	42,887,000	27,019,000	-61,335,000	28,366,000	18,623,000	58,776,000	-63,792,300	3,792,000	24,788,000	34,976,000	8,526,000	3,664,000	26,936,000	12,913,000	68,700,000	12,876,000	6,290,000	17,204,000	37,402,000	-5,553,000	24,584,000	-3,544,000	-10,277,000	-1,429,000	15,421,000	12,203,000	-17,445,000	-5,146,000	4,177,000	4,626,000	56,454,000	-3,609,000
cash flows from investing activities:
investments in limited partnerships			-121,000
distributions of return of capital from limited partnership investments	195,000
purchase of property and equipment	-335,000	-585,000	-794,000	-522,000	-1,732,000	-1,061,000	-952,000	-1,093,000	-946,000	-1,318,000	-2,422,000	-1,293,000	-1,469,000	-910,000	-1,202,000	-2,368,000	-1,861,000	-735,000	-1,308,000	-578,000	-697,000	-509,000	-579,000	-4,996,000	-353,000		-853,000	-679,000	-634,000		-609,000	-574,000	-471,000	-468,000	-577,000	-655,000	-640,000	-322,000	-58,000	-213,000	-272,000	-275,000	-189,000	-149,000	-227,000		-159,000	-74,000	-92,000	-326,000	-415,000	-328,000	-2,364,000	-244,000	-472,000	-184,000	-296,000	-123,000	-1,178,000	-1,189,000	-654,000	-119,000			-94,000	-75,000	-154,000	-74,000	-11,000
purchase of real estate investments	-818,000	142,000	-19,666,000	-7,005,000	-1,857,000	-1,885,000	-4,272,000	-4,665,000	-5,244,000	-19,085,000	-1,576,000	-569,000	-175,000	-396,000	-334,000			-710,000	-326,000	-276,000	-55,000	32,000	-530,000	-70,000	-2,452,000		-583,000	-759,000	-9,133,000		-165,000	-6,453,000	-67,000	-9,783,000	-164,000	-812,000	-1,119,000	-739,000	-644,000	-740,000	-138,000	-4,578,000	-165,000	-83,000	-45,000		-40,000
purchase of available-for-sale fixed-maturity securities	-328,863,000	-224,517,000	-147,431,000
purchase of equity securities	-15,156,000	-8,085,000	-10,361,000	-13,966,000	-9,327,000	-6,746,000	-13,805,000	-4,369,000	-7,679,000	-4,512,000	-5,718,000	-3,799,000	-6,472,000	-1,966,000	-4,538,000	-4,897,000	-11,486,000	-30,094,000	-27,667,000	-17,912,000	-27,128,000	-41,048,000	-6,783,000	-15,844,000	-4,548,000		-3,500,000	-3,407,000	-12,371,000		-21,012,000	-10,523,000	-10,309,000			-12,113,000	-10,625,000	-9,175,000	-4,849,000	-4,338,000	-4,072,000	-4,783,000	-3,590,000	-5,304,000	-19,201,000		-8,467,000	-16,432,000	-7,709,000	-6,164,000	-2,562,000	-1,558,000	-1,024,000	-392,000	-1,174,000	-1,967,000	-2,877,000	-1,057,000	-238,000	-1,612,000	-3,718,000	-3,314,000
proceeds from sales of real estate investments	760,000	0	0	1,189,000	824,000					0	0	0	21,746,000	0	0																											0	0	0	5,000		0
proceeds from sales of available-for-sale fixed maturity securities	1,878,000
proceeds from calls, repayments and maturities of available-for-sale fixed-maturity securities	2,042,000	187,559,000	176,376,000
proceeds from sales of equity securities	15,074,000	7,287,000	6,115,000	12,079,000	9,542,000	6,026,000	13,217,000	3,037,000	3,516,000	1,817,000	4,108,000	2,523,000	3,754,000	2,289,000	4,889,000	6,058,000	18,369,000	31,018,000	24,781,000	22,133,000	34,378,000	29,927,000	4,930,000	3,448,000	9,007,000		1,504,000	4,967,000	27,874,000		15,443,000	16,003,000	24,433,000			13,631,000	7,271,000	8,972,000	5,000,000	4,801,000	4,354,000	11,584,000	6,117,000	3,239,000	4,755,000		3,302,000	3,166,000	2,764,000	788,000	708,000	952,000	361,000	-328,000	551,000	1,412,000	100,000	631,000	418,000	574,000	532,000	3,050,000
net cash from investing activities	-325,223,000	-35,548,000	2,801,000	53,748,000	66,271,000	-55,048,000	-25,629,000	-174,561,000	-4,872,000	-21,445,000	-33,961,000	77,432,000	-17,757,000	-123,185,000	48,743,000	-250,196,000	-109,899,000	1,765,000	-2,718,000	18,664,000	19,141,000	9,415,000	47,805,000	62,072,000	23,923,000		-1,325,000	30,547,000	15,289,000		34,346,000	-42,276,000	-4,502,000	10,795,000	-16,039,000	-74,119,000	-801,000	-2,581,000	-38,350,000	-2,511,000	-5,586,000	-589,000	31,181,000	-13,930,000	-97,024,000		11,159,000	-5,731,000	-22,338,000	-56,118,000	-24,340,000	-7,148,000	-2,434,000	12,477,000	-1,704,000	-5,547,000	-6,437,000	2,182,000	-13,132,000	-2,429,000	-3,572,000	-11,594,000	3,796,000	7,094,000	491,000	805,000	-12,402,000	-3,243,000	-6,191,000	-1,699,000	1,525,000
cash flows from financing activities:
common stock dividends	-5,195,000
proceeds from exercise of stock options	800,000
payment of other noncontrolling interests issuance costs	-57,000
repayment under revolving credit facility
subscriber surplus contributions	2,683,000
repayment of long-term debt	-220,000	-216,000	-162,000	-135,000	-133,000	-132,000	-131,000	-128,000	-128,000	-125,000	-109,000	-70,000	-258,000	-255,000	-253,000	-252,000	-249,000	-246,000	-244,000	-241,000	-239,000	-236,000	-7,316,000	-336,000	-9,160,000		-333,000	-329,000	-90,318,000		-284,000	-260,000	-260,000
payment of net share settlements and other	-81,000
repurchases of common stock	-17,501,000		-37,000	-48,000	-639,000	0	0	-480,000	-557,000	0	0	-479,000	-305,000	-3,139,000	0	-67,705,000	-398,000	-6,000	0	-1,288,000	-20,000	-209,000	-12,000	-1,309,000	-17,000		0	-1,005,000	-18,000		0	-730,000	-211,000	-82,000	0	-631,000	-30,005,000	0	-17,000	-235,000	-212,000	0	-20,000	-177,000	-595,000		-19,000	-244,000	-353,000									0	0	-1,194,000	-693,000	-751,000			-1,801,000	-1,044,000	-1,454,000	-576,000	-37,000
net cash from financing activities	-19,571,000	147,049,000	11,416,000	-6,020,000	-6,248,000	-5,473,000	-5,527,000	-5,975,000	-58,199,000	80,869,000	-7,350,000	7,698,000	-14,100,000	-15,888,000	-13,312,000	77,595,000	-7,328,000	10,224,000	-7,461,000	-5,246,000	66,784,000	11,446,000	-25,465,000	-11,271,000	8,585,000		-10,439,000	-9,631,000	-87,369,000		-3,599,000	-9,587,000	-10,545,000	-12,412,000	-8,053,000	-44,410,000	103,905,000	-5,289,000	-127,000	-9,210,000	-11,531,000		-2,888,000	-1,506,000	-4,986,000		-12,810,000	-13,654,000	-9,569,000	66,732,000	-2,656,000	-2,601,000	36,277,000	6,866,000	-810,000	19,285,000	-542,000	-1,308,000	-793,000	-1,559,000	10,084,000	-1,816,000			-1,801,000	-1,084,000	-1,454,000	-551,000	-13,000
effect of exchange rate changes on cash	-85,000	-69,000	-115,000	-34,000	-11,000	-77,000	-24,000	-15,000	4,000	-2,000	-38,000	1,000	-3,000	-12,000	-30,000	-31,000	-25,000	-12,000	3,000	-36,000	-9,000	8,000	45,000	0	-51,000		-23,000	33,000	-8,000		-84,000	-78,000	-34,000	30,000	-19,000	4,000	46,000	11,000	9,000	-18,000	1,000	-10,000	-35,000	-20,000	4,000		-25,000	-5,000	17,000		-17,000	-30,000	-7,000
net increase in cash and cash equivalents and restricted cash	-196,068,000	222,202,000	40,776,000
cash and cash equivalents and restricted cash at beginning of period	1,213,874,000		0
cash and cash equivalents and restricted cash at end of period	1,017,806,000		40,776,000
adjustments to reconcile net income to net cash provided by operating activities:
net realized investment losses						-329,000	-2,843,000			410,000	207,000	230,000	1,149,000	-17,000	884,000	6,000	314,000				-1,113,000		-177,000	-1,435,000	2,244,000		30,000	133,000	372,000								-715,000			-391,000	75,000	45,000	296,000	74,000	193,000
net unrealized investment gains		365,000					-657,000	-533,000	-2,635,000
distributions of return on investment from limited partnership investments
loss on extinguishment of debt										0	0	0	177,000									0
debt conversion expense		0	0															481,000
assumed premiums receivable						0	7,562,000	-7,562,000	19,954,000
reinsurance recovered in advance on unpaid losses										0	0	0	-19,863,000																		0	0	-13,885,000	4,003,000
distributions received from unconsolidated joint venture														0
purchase of intangible assets										0				0	0	0	-3,800,000														0
purchase of other investments		0																																															-320,000	101,000	-551,000	-63,000	-52,000	-481,000	-152,000	-836,000	-131,000
purchase of short-term and other investments										0	0	-71,000	-10,000	-10,000				-146,000	-103,000	-68,000	-990,000						-5,000	-502,000	-182,000
proceeds from sales of property and equipment						4,000
proceeds from sales of available-for-sale fixed-maturity securities
proceeds from sales, redemptions and maturities of short-term and other investments										19,000	0	20,000	14,000	74,000	229,000	75,000	192,000	1,215,000	388,000	926,000	1,100,000	522,000	15,000				5,000	31,043,000	35,854,000
(repayment) borrowing under revolving credit facility
proceeds from issuance of common stock, net of issuance costs
proceeds from issuance of noncontrolling interests, net of issuance costs
dividends paid to redeemable noncontrolling interests
proceeds from issuance of long-term debt		0								0	0			0	0								0	0	10,000,000										0	0	143,859,000		9,000,000	0	9,200,000
redemption of long-term debt						0	0	0	-466,000	0	0	0	-6,895,000
debt conversion costs paid		0	0
redemption of redeemable noncontrolling interests						0	0
payment of net share settlements of noncontrolling interests and other
debt issuance costs paid
cash and cash equivalents and restricted cash at beginning of year
cash and cash equivalents and restricted cash at end of year
distributions received from limited partnership investments
gains on sales of real estate investments			0
accrued interest and dividends receivable			-1,264,000	1,342,000	-1,642,000	374,000	685,000	-3,015,000	-545,000	384,000	-1,601,000	235,000	-573,000	80,000	-611,000	-747,000	-321,000	110,000	-133,000	265,000	-7,000	328,000	-3,000	1,011,000	-308,000		-392,000	774,000	-664,000		-55,000	116,000	395,000	258,000	-160,000	-266,000	-161,000	5,000	-306,000	45,000	-44,000	115,000	69,000	-123,000	-392,000		255,000	75,000	-205,000	-561,000	-162,000	-138,000	103,000	-41,000	212,000	-231,000	93,000	-164,000	-58,000	96,000	-102,000	-70,000	56,000	155,000	-145,000	11,000	-118,000	-5,000	-1,000	-8,000	83,000
assumed reinsurance balances payable			238,000	-3,207,000	1,406,000		315,000	-2,681,000	1,831,000									-88,000			1,000	-5,000	13,000	25,000	-22,000		0	-4,000	-10,000		9,000	19,000	99,000	-228,000	62,000	-4,144,000	1,031,000	3,294,000	0	-1,087,000	3,000	669,000	-440,000	-8,796,000	9,433,000		-316,000	-678,000	-3,666,000	4,074,000	-880,000	475,000	-386,000	48,000	-60,000								-415,000	-4,553,000	5,211,000
cash dividends paid			-5,183,000	-4,618,000	-4,306,000	-4,244,000	-4,189,000	-4,172,000	-3,993,000	-3,424,000	-3,426,000	-3,437,000	-3,432,000	-3,459,000	-3,606,000	-4,045,000	-4,123,000	-4,122,000	-3,338,000	-3,736,000	-2,869,000	-3,186,000	-3,193,000	-3,143,000	-3,172,000		-3,248,000	-3,268,000	-3,313,000		-3,360,000	-1,728,000	-3,283,000	-3,394,000	-3,486,000	-3,430,000	-3,596,000	-3,070,000	-3,058,000	-3,122,000	-3,188,000	-2,790,000	-3,263,000	-3,148,000	-3,227,000		-3,038,000	-3,113,000	-3,206,000	-3,198,000	-2,610,000	-2,601,000	-2,493,000	-3,443,000	-1,967,000	-1,977,000	-1,174,000	-1,613,000	-830,000	-766,000	-616,000
cash dividends paid to redeemable noncontrolling interests						0	0	0	-2,923,000
net (repayment) borrowing under revolving credit facility			-2,000,000	-2,000,000	-2,000,000															0	-23,750,000
net surplus contribution from subscribers			2,173,000	1,906,000	830,000	904,000	1,181,000
purchase of noncontrolling interests						-1,000	-388,000	-59,000	-33,000	-54,000	-63,000	-39,000	-198,000	0	-17,000	-262,000	-127,000	3,000	0
debt issuance costs						0	0	0	-99,000	-99,000	-2,000			-27,000	-257,000			0	0	0	-152,000	0	0	0	-165,000		0	0	-459,000					0	0	-169,000	-4,806,000	0	-162,000	0	-177,000						0	0	-234,000	-3,245,000	0	-23,000	-1,502,000
net accretion of discount on investments in fixed-maturity securities					-336,000	-1,678,000	700,000	-288,000	-2,148,000		-1,661,000	174,000	-1,845,000
amortization of debt issuance costs					472,000
net loss from limited partnership interests					626,000																-787,000				2,935,000				211,000							-560,000	-772,000			196,000	869,000
gain on sales of real estate investments					-370,000						0	0	-8,936,000
foreign currency remeasurement gain					-3,000																												35,000				-47,000				-1,000			21,000	-4,000
investments in limited partnership interests					-95,000	-29,000	-98,000	-707,000	-399,000	-727,000			-170,000	-610,000	-213,000			-2,919,000	-137,000	-428,000	-272,000	-1,290,000	-1,481,000	-551,000	-919,000		-148,000	-990,000	-761,000		-2,185,000	-1,052,000	-1,586,000	-1,603,000	-1,134,000	857,000	-2,346,000	0	-2,222,000	-780,000	-1,668,000		-1,858,000	-1,118,000	-19,510,000
distributions received from limited partnership interests					95,000	326,000	68,000			304,000	423,000	118,000	303,000	584,000	371,000	1,235,000	811,000	1,259,000	553,000	1,314,000	478,000	565,000	72,000	196,000	382,000		31,000	2,603,000	1,013,000		886,000	481,000	128,000	27,000	428,000	154,000	272,000
purchase of fixed-maturity securities					-15,000,000	-101,115,000	-208,532,000	-322,054,000	-172,336,000	-67,648,000	-36,964,000	-67,388,000	-160,152,000	-221,698,000	-15,507,000	-255,081,000	-122,557,000	-7,799,000	-4,166,000	-5,075,000	-1,263,000	-4,751,000	-1,919,000	-19,192,000	-9,089,000		-3,628,000	-6,055,000	-69,672,000		-7,122,000	-6,502,000	-44,474,000			-81,018,000	-10,336,000	-6,298,000	-39,559,000	-34,743,000	-4,930,000	-5,420,000	-15,830,000	-11,980,000	-65,271,000		-27,847,000	-9,076,000	-19,306,000	-51,598,000	-22,708,000	-6,972,000	-1,629,000	-527,000	-2,891,000	-2,374,000	-4,336,000
proceeds from sales of fixed-maturity securities					2,610,000	2,032,000	101,696,000	1,616,000	6,030,000	4,917,000	5,326,000	1,023,000	11,060,000	22,000	200,000	2,436,000	9,058,000	4,217,000	4,158,000	14,644,000	36,000	2,149,000	1,098,000	74,137,000	4,049,000		2,240,000	74,000	2,911,000		771,000	559,000	77,210,000			2,434,000	4,439,000	3,039,000	3,891,000	32,424,000	1,100,000	2,201,000	48,225,000	1,051,000	2,234,000		47,557,000	18,271,000	1,691,000	0	390,000	322,000	1,037,000
proceeds from calls, repayments and maturities of fixed-maturity securities					81,211,000	46,895,000	86,639,000	151,544,000	172,024,000	65,065,000	5,447,000	145,710,000	112,497,000	99,392,000	48,003,000	2,770,000	1,250,000	6,696,000	57,000	4,191,000	12,486,000	23,589,000	8,276,000	24,680,000	27,914,000		2,950,000	6,385,000	41,403,000		25,636,000	21,012,000	6,195,000			3,557,000	380,000	2,055,000	1,563,000	1,034,000	40,000	3,689,000	1,450,000	3,220,000	985,000		1,330,000	997,000	633,000	1,073,000	798,000	499,000	1,237,000
net increase in cash, cash equivalents, and restricted cash					222,018,000	14,089,000	72,964,000	-209,555,000	118,922,000	212,759,000	30,028,000	-8,034,000	67,249,000	-120,836,000	-4,489,000	-208,352,000	-59,903,000	59,809,000	-57,152,000	72,889,000	122,056,000		-10,073,000	105,386,000	87,860,000						32,521,000	-9,757,000	-29,674,000
cash, cash equivalents, and restricted cash at beginning of period					536,185,000		0	0	539,765,000		0	0	237,763,000		0	0	631,343,000		0	0	433,741,000		0	0	229,918,000		0	0	240,158,000		0	0	256,693,000
cash, cash equivalents, and restricted cash at end of period					758,203,000		72,964,000	-209,555,000	658,687,000		30,028,000	-8,034,000	305,012,000		-4,489,000	-208,352,000	571,440,000		-57,152,000	72,889,000	555,797,000		-10,073,000	105,386,000	317,778,000		-2,527,000	39,188,000	178,665,000		32,521,000	-9,757,000	227,019,000
adjustments to reconcile net income to net cash provided by (used in) operating activities:
net income from unconsolidated joint venture
net income from limited partnership interests						-433,000	-79,000	110,000	-195,000	-13,000	-106,000	11,000	-553,000		-1,265,000	-19,000	-1,780,000										-476,000				-1,964,000	-247,000	-605,000
impairment loss
gain on involuntary conversion														0								0
gain from remeasurement of contingent liabilities
compensation received for property relinquished through eminent domain														0
cash dividends received under share repurchase forward contract														-1,000	0	0	77,000	76,000	77,000	77,000	76,000	77,000	76,000	76,000	77,000		77,000	76,000	77,000		306,000	305,000	285,000	285,000	285,000	285,000	218,000	186,000	187,000	187,000	187,000	186,000	187,000	187,000	187,000		172,000	171,000	171,000
net borrowing (repayment) under revolving credit facility
net proceeds from issuance of common stock
repurchases of common stock under share repurchase plan														-9,007,000	-6,179,000							0	-20,000	-2,100,000	-3,041,000		-7,185,000	-6,668,000	-1,338,000		-6,156,000	-7,174,000	-6,537,000	-8,965,000	-4,599,000	-40,000	-1,550,000	-2,003,000	-6,008,000	-6,008,000	-6,007,000	0	0	0	-1,610,000		-10,005,000	-10,823,000	-6,987,000
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
distribution received from unconsolidated joint venture												0	18,000					0																0	0	0	147,000
net borrowing under revolving credit facility							-2,000,000	-2,000,000	50,000,000
return of excess investments in limited partnership interests																	151,000
redemption of redeemable noncontrolling interest									-100,000,000
net (accretion of discount) amortization of premiums on investments in fixed-maturity securities														-39,000	-733,000	-186,000	-3,000
deferred income tax (benefit) expense																			-3,257,000
net unrealized investment (gains) losses										-2,830,000	1,041,000	-897,000	-529,000
net repayment under revolving credit facility															0
proceeds from issuance of redeemable noncontrolling interest and warrants																		0	0
issuance costs - redeemable noncontrolling interest																		0	0	0	-6,262,000
cash dividends paid to redeemable noncontrolling interest										-1,000	-3,750,000	0	-3,012,000	0	-3,000,000	0	-2,508,000	0
debt conversion expense paid																		-481,000
credit loss (recovery) expense - reinsurance recoverable
foreign currency remeasurement (gain) loss																																																3,000	-15,000
income from unconsolidated joint venture																															10,000				16,000	30,000	-172,000
credit loss expense - investments
net (income) income from unconsolidated joint venture
net (income) income from limited partnership interests																			-1,132,000
loss on repurchases of convertible senior notes																						0	0
proceeds from exercise of common stock options																						0	0	0	63,000		0								0
repurchases of convertible senior notes																						0	0															0	0	0	-11,347,000
deferred income tax benefit															-5,800,000	1,887,000	-5,967,000				-847,000												-15,000				-646,000				-408,000				-746,000																									-2,402,000	-74,000
loss from unconsolidated joint venture																	13,000				25,000				16,000			21,000	33,000
net amortization of premiums (accretion of discount) on investments in fixed-maturity securities
other-than-temporary impairment losses																															0	40,000	40,000	603,000	474,000	177,000	213,000	1,041,000	224,000	542,000	675,000	812,000	1,886,000	293,000	1,690,000
net loss from unconsolidated joint venture
stock-based compensation																			2,732,000	4,155,000	2,342,000	2,111,000	2,162,000	2,019,000	1,841,000		1,746,000	1,489,000	1,459,000		1,369,000	1,033,000	872,000	1,161,000	1,223,000	1,037,000	1,102,000	1,126,000	1,124,000	967,000	981,000	1,165,000	1,258,000	1,381,000	1,408,000		2,267,000	2,248,000	2,085,000	1,947,000	1,944,000	1,085,000	389,000	322,000	310,000	159,000	53,000	5,000	3,000	10,000	9,000	10,000	9,000	24,000	44,000	120,000	122,000	120,000	121,000	122,000	127,000
net amortization of premiums (accretion of discounts) on investments in fixed-maturity securities																			36,000	67,000	77,000
net realized investment (gains) losses																			-1,232,000
funds held in trust for assumed business
net income attributable to hci																					6,148,000
proceeds from issuance of redeemable noncontrolling interest																					100,000,000
loss (income) from unconsolidated joint venture																																	51,000
net income (income) from limited partnership interests
distribution from unconsolidated joint venture																																		0	0	0	417,000
compensation received for property relinquished through eminent domain proceedings
proceeds from the issuance of long-term debt																																																		103,000,000	0	0	40,250,000
purchase of non-controlling interest																															0	0	-539,000
net increase in cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
net (accretion of discounts) amortization of premiums on investments in fixed-maturity securities																							39,000	-40,000	-20,000
credit loss expense																							419,000	-238,000	415,000
foreign currency remeasurement loss.
compensation received for property condemned through eminent domain
supplemental disclosure of cash flow information:
cash paid for income taxes																							2,235,000	3,869,000	33,000		31,000	5,221,000	33,000		3,582,000	15,000	28,000		30,000	11,447,000	29,000	33,000	6,509,000	12,292,000	23,000	9,185,000	9,032,000				14,786,000	18,550,000	2,500,000	8,100,000	13,800,000	16,585,000	8,950,000								321,000	0	190,000	360,000	240,000	100,000	2,000,000			1,050,000	3,109,000
cash paid for interest																							3,400,000	388,000	3,349,000		3,451,000	342,000	5,111,000		5,094,000	255,000	5,054,000		5,027,000	791,000	2,829,000	805,000	2,671,000	896,000	2,850,000	805,000	2,800,000	805,000	2,801,000		2,801,000	805,000	1,847,000	805,000	805,000
non-cash investing and financing activities:
unrealized gain on investments in available-for-sale securities, net of tax																							244,000	1,350,000	-2,132,000		336,000	1,214,000	1,994,000		-42,000	10,000	-2,451,000		1,754,000	-583,000	929,000	-2,228,000	1,154,000	3,718,000	1,790,000			-2,166,000	1,631,000			1,459,000	1,424,000	-57,000	274,000	-888,000	165,000
addition to property and equipment under capital lease
proceeds from revolving credit facility																								0	14,000,000		250,000	1,500,000	8,000,000
receivable from sales of equity securities																								171,000	61,000						1,448,000	487,000	43,000
receivable from maturities of fixed-maturity securities																									219,000
payable on purchases of equity securities																								61,000	142,000								633,000
payable on purchases of fixed-maturity securities																									9,616,000
for the year ended december 31:
net premium earned
total revenue
income before income taxes
earnings per share:
basic
diluted
dividends per share
cash dividends paid on common stock*
at december 31:
total investments
cash and cash equivalents
total assets
total stockholders’ equity
common shares outstanding
*
net amortization of premiums on investments in fixed-maturity securities																											44,000	37,000	90,000				223,000	368,000	349,000	305,000	230,000		220,000	153,000	102,000		75,000	300,000	230,000		214,000					58,000	76,000	57,000	111,000	53,000	58,000
net decrease in cash, cash equivalents, and restricted cash																											-2,527,000	39,188,000	-61,493,000
other																												223,000	48,000					-38,000	56,000	0	116,000
net amortization of debt securities																															-184,000
loss on repurchases of senior notes																																		0	0
purchase of short-term investments																															-30,251,000																																				6,990,000	-1,280,000	-6,180,000	-1,200,000	1,677,000
proceeds from sales, redemptions and maturities of short-term investments																															52,774,000
proceeds from sales of derivative instruments																															100,000
repurchases of senior notes																																		0	0
conversion of revolving credit facility to long-term debt																																			0	0	9,441,000
receivable from sales and maturities of fixed-maturity securities
purchases of short-term investments																																	-55,433,000
income from real estate investment under acquisition, development and construction arrangement
gain on repurchases of convertible senior notes																																						0	0	0	-153,000
gain on bargain purchase																																						0																0	0			0	0
gain on remeasurement of previously held investment
investment in real estate under acquisition, development, and construction arrangement																																										-692,000	-2,991,000	-2,806,000	-479,000		-17,000
proceeds from investment in real estate under acquisition, development and construction arrangement																																						0
acquisition of real estate business, net of cash acquired																																						405,000
investment in unconsolidated joint venture
purchase of equity securities—available for sale
purchase of equity securities—trading
proceeds from sales of equity securities—available for sale
proceeds from sales of equity securities—trading
proceeds from the exercise of common stock options																																										0	63,000				0	0	125,000									176,000	25,000	313,000	50,000	550,000	0			0	0	20,000	20,000
tax benefits on stock-based compensation																																						465,000	45,000	81,000	50,000	459,000	145,000	1,432,000	259,000		80,000	389,000	915,000
net increase in cash and cash equivalents																																		-36,554,000	-4,082,000	-111,417,000	127,406,000	-11,349,000	-17,394,000	31,361,000	10,175,000	-63,804,000	56,813,000	3,316,000	-43,003,000		2,275,000	5,472,000	3,178,000	19,520,000	-22,934,000	17,485,000	49,113,000	88,292,000	10,834,000	20,212,000	10,521,000	38,399,000	-18,300,000	21,785,000	3,622,000	-23,568,000	2,117,000	21,860,000	10,987,000	-17,649,000	-18,848,000	457,000	-1,567,000	54,891,000	7,714,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
deferred income tax benefits																																			-2,392,000				-3,579,000				-923,000						-832,000				-1,178,000
net realized and unrealized investment gains
purchase of fixed-maturity securities - available for sale
purchase of equity securities - available for sale
purchase of equity securities - trading
proceeds from sales of fixed-maturity securities - available for sale
proceeds from calls, repayments and maturities of fixed-maturity securities - available for sale
proceeds from sales of equity securities - available for sale
proceeds from sales of equity securities - trading
repayment of debt																																			-253,000	-250,000	-215,000	-191,000	-114,000	-113,000	-37,000
cash and cash equivalents at beginning of period																																			0	0	280,531,000		0	0	267,738,000		0	0	314,416,000		0	0	293,398,000		0	0	230,214,000		0	0	100,355,000		0	0	54,849,000		0	0	43,453,000		0	0	81,060,000		0
cash and cash equivalents at end of period																																			-4,082,000	-111,417,000	407,937,000		-17,394,000	31,361,000	277,913,000		56,813,000	3,316,000	271,413,000		2,275,000	5,472,000	296,576,000		-22,934,000	17,485,000	279,327,000		10,834,000	20,212,000	110,876,000		-18,300,000	21,785,000	58,471,000		2,117,000	21,860,000	54,440,000		-18,848,000	457,000	79,493,000		7,714,000
details of business acquisition:
fair value of assets acquired																																						17,892,000
less: purchase price																																						-2,264,000
liabilities assumed																																						8,764,000
receivable from sales of available-for-sale securities																																						80,000
payable on purchases of available-for-sale securities																																			2,320,000			-338,000
net amortization of discounts and premiums on investments in fixed-maturity securities																																																		145,000
redemption of series a preferred stock																																															0
conversion of series a preferred stock to common stock																																															0	81,000	910,000	356,000	379,000	157,000	278,000
carrying value of previously held interest
gain on remeasurement of previously held interest
income from real estate investments																																									-287,000	-116,000	-116,000	-68,000	-44,000		-39,000
net income on disposal of property and equipment
net income on disposal or sale of real estate investments
distribution from limited partnership interests																																							384,000			0
net loss on disposal or sale of real estate investments																																													26,000
loss from joint venture
net loss on disposal of property and equipment
investment in limited partnership interests
net cash (used) provided by financing activities
unrealized loss on investments in available-for-sale securities, net of tax																																										426,000
(income) income from joint venture
income from limited partnership interest																																											2,400,000
net gain on disposal or sale of real estate investments																																											-2,000
investment in joint venture																																											0	0	-270,000
income from joint venture
loss from limited partnership interest																																													265,000
premiums and reinsurance receivable																																													-2,692,000		2,179,000			9,926,000	3,705,000	-11,180,000	-6,483,000
income available to common stockholders
earnings per share of common stock:
dividends per common share
cash dividends paid on common stock
•
deferred income benefits
(gain) loss on sale of real estate investment
deferred income taxes																																																			-7,330,000			-4,690,000	-1,374,000	4,894,000	-1,196,000	-2,959,000	-1,051,000	2,948,000	-922,000	-720,000			334,000	206,000	254,000	290,000	566,000
gain on sale of real estate investment
income taxes payable																																																-8,489,000	8,049,000	-717,000	1,136,000	-13,678,000	4,989,000	8,813,000	0	-5,097,000	141,000	4,956,000	0	-1,336,000	1,026,000	310,000	-624,000	544,000	-87,000	251,000	-1,733,000	-6,337,000	3,282,000	4,856,000	-2,510,000
net amortization of discount and premiums on investments in fixed-maturity securities																																																	206,000
gain on sale of other investment																																																	-1,000
proceeds from sales of other investments																																																	1,000
goodwill impairment loss
loss on sale of other investment
loss on disposal of other investment
cash consideration paid for acquired business, net of cash acquired																																																						0	0
proceeds from sales of other investment
time deposits
net proceeds from the issuance of common stock																																																						0	0
net proceeds from the issuance of preferred stock																																																										0	0	0	11,307,000
proceeds from the exercise of common stock warrants																																																						9,345,000	1,149,000	1,180,000	195,000
common stock warrants issued for outside services
loss on sale of other investments
income taxes receivable																																																							3,405,000				2,259,000
decrease in time deposits
repurchase of common stock																																																			-658,000
tax benefits related to stock-based compensation																																																			612,000
increase in time deposits																																																									-119,000		-136,000	-135,000	-138,000	-133,000			-127,000
tax benefit from restricted stock dividends																																																					22,000
excess tax benefit from common stock options exercised																																																						716,000	8,000	0	437,000	129,000	12,000	88,000	36,000	262,000	0				0	5,000	4,000
decrease in short-term investments
decrease (increase) in time deposits																																																						7,267,000	-83,000
transfer of securities held-to-maturity to securities available-for-sale
realized gains on sales of investments																																																							4,000	-9,000	-21,000	149,000	-123,000	-140,000	-153,000	-469,000
assumed reinsurance balances receivable																																																							0	1,189,000	498,000	-1,624,000	-63,000	0	26,000	-26,000	0	0	19,525,000						469,000
proceeds from sales, calls and repayments of fixed-maturity securities																																																							2,517,000	1,197,000	1,222,000
amortization of premiums (discounts) on investments in fixed maturity securities
cash consideration paid for acquired business																																																										-199,000	0
purchase of fixed maturity securities																																																										-1,774,000	-15,231,000	-6,873,000	-7,292,000	-17,190,000			-3,508,000	-2,145,000	-20,550,000
proceeds from sales of fixed maturity securities																																																										2,894,000	3,233,000	11,916,000	7,698,000	4,114,000
redemption of time deposits
net amortization of premiums (discounts) on investments in fixed maturity securities																																																											54,000	35,000	26,000
non-cash investing activity -
unrealized (loss)/gain on investments, available for sale, net of tax																																																													-105,000
amortization of discounts on investments in fixed maturity securities																																																														17,000			-14,000	-55,000
loss on disposal of property and equipment																																																																		1,000	25,000	0	82,000
reinsurance balances receivable																																																																		0
repayment of note receivable
repurchases of common stock warrants
unrealized gain/(loss) on investments, available for sale, net of tax
decrease (increase) in short-term investments																																																															2,080,000	3,223,000	4,220,000
unrealized gain on investments, available for sale, net of tax
ceded reinsurance balances payable																																																																				-3,938,000	3,770,000
proceeds from sales of investments
unrealized gain on investments in fixed maturity securities, available for sale, net of tax																																																																446,000	386,000
see accompanying notes to consolidated financial statements.
excess tax benefit from stock options exercised
proceeds from sale of fixed maturity securities																																																																		1,000
repayment (issuance) of note receivable
purchase of time deposits
redemption (purchase) of short-term investments
net proceeds from sale of common stock and warrants																																																																						0
unrealized loss on investments in fixed maturity securities, available for sale, net of tax
reinsurance balances payable																																																																						6,136,000	-1,559,000
proceeds from sale of office equipment
ceded reinsurance balances receivable																																																																				0	157,000
issuance of note receivable
proceeds from the exercise of stock options
loss on sale of office equipment
purchase of office equipment																																																																							-154,000
cash flows from financing activity-
proceeds from sale of common stock

HCI Group, Inc(NYSE:HCI)

HCI Group, Inc
(NYSE:HCI)