7 unchanged sentences
Conversely, lower interest rates at the time of maturity or refinancing may lower our overall interest expense.
−Removed: As of December 31, 2023, the Company’s insurance subsidiary had $125.0 million of general purpose fixed rate debt outstanding maturing in 2057.
+Added: As of December 31, 2024, the Company’s insurance subsidiary had $125.0 million and $150.0 million of general purpose fixed rate debt outstanding maturing in 2057 and 2064, respectively.
For general purpose floating rate debt, interest rate fluctuations primarily affect interest expense and cash flows.
38 unchanged sentences
These investments do not represent a credit risk and are excluded.
−Removed: (3) The Company also holds other investments of $4.3 million and $6.9 million as of December 31, 2023 and 2022, respectively, primarily comprised of vessels and other investments.
+Added: (3) The Company also holds other investments of $3.1 million and $4.3 million as of December 31, 2024 and 2023, respectively.
These investments do not represent a credit risk and are excluded.
Credit risk within the Company’s investments represents the exposure to the adverse changes in the creditworthiness of individual investment holdings, issuers, groups of issuers, industries, and countries.
+Added: Our policy is to invest in high-quality securities and to limit investments in the instruments that are either unrated or rated below investment grade.
As of December 31, 2024 and 2023, 84% and 72%, respectively, of the investments subject to credit risk had investment grade ratings.
−Removed: A widening of credit spreads by 100 bps for the investments subject to credit risk would result in a decrease of $8.2 million and $5.8 million to the fair value of the portfolio as of December 31, 2023 and 2022, respectively.
In addition, our mortgage business also underwrites mortgage loans for the purpose of selling them into the secondary market.
5 unchanged sentences
$ — $ — $ — $ 719 $ 3,442 $ 4,161
−Removed: Fixed income exchange traded fund 1,349 — 1,349 56,256 — 56,256
+Added: Exchange traded funds
+Added: 5,075 — 5,075 1,349 — 1,349
Other equity securities 99,393 4,152 103,545 25,045 37,753 62,798
1 unchanged sentence
A 10% increase or decrease in the fair value of such investments would result in $10.8 million and $6.8 million of unrealized gains and losses as of December 31, 2024 and 2023, respectively.
−Removed: As of December 31, 2023 and 2022, the Company owned 16.98 million shares of common stock, respectively, or approximately 30%, of Invesque, a real estate investment company that specializes in health care real estate and senior living property investment throughout North America.
−Removed: The value of our Invesque shares is reported at fair market value on a quarterly basis.
−Removed: Invesque historically paid monthly dividends until April 2020, when dividends were discontinued.
−Removed: the fair market value of our Invesque shares or a reduction or discontinuation in the dividends paid on our Invesque shares could have a material adverse effect on our financial condition and results of operations.
−Removed: As of December 31, 2023 and 2022, the fair value of the Invesque shares was based on the market price.
−Removed: See “Risk Factors — Risks Related to our Business - Our investment in Invesque shares is subject to market volatility and the risk that Invesque changes its dividend policy”.
Foreign Currency Exchange Rate Ris k
We have foreign currency exchange rate risk associated with certain assets and liabilities related to our foreign operations.
−Removed: At December 31, 2023 and 2022, 93% and 93%, respectively of our invested assets were denominated in United States (U.S.) Dollars.
+Added: At December 31, 2024 and 2023, 88% and 93%, respectively of our invested assets were denominated in United States (U.S.)
+Added: At that date, the largest foreign currency denominated asset balances were fixed income securities denominated in British Pound Sterling and Euros reported within available for sale securities, at fair value.
At December 31, 2024 and 2023, 87% and 92%, respectively, of our insurance subsidiary’s combined unpaid premiums and deferred revenue were denominated in U.S.
−Removed: At that date, the largest foreign currency denominated balance was a fixed income exchange traded fund in British Pound Sterling reported within equity securities.
Counterparty Risk
2 unchanged sentences
We generally manage our counterparty risk to derivative counterparties by entering into contracts with counterparties of high credit quality.
−Removed: Total reinsurance receivables and prepaid reinsurance premiums were $1,854.4 million and 1,176.1 million of December 31, 2023 and 2022, respectively.
+Added: Total reinsurance recoverables and prepaid reinsurance premiums were $2,039.1 million and $1,854.4 million of December 31, 2024 and 2023, respectively.
Of those amounts, $835.3 million and $870.5 million, respectively, related to contracts with third-party captives in which we hold collateral or receive letters of credit in excess of the reinsurance receivables.
1 unchanged sentence
As of December 31, 2024, the non-affiliated reinsurers from whom our insurance business has the largest reinsurance receivable balances represented $220.4 million, or 10.8% of the total, and included:
−Removed: Accelerant Specialty Insurance Company (A.M.
−Removed: A- rated), Allianz Global Corporate & Specialty SE (A.M.
−Removed: A+ rated), and Homesite Insurance Company (A.M.
−Removed: A majority of the related receivables from these reinsurers are collateralized by assets on hand and letters of credit;
−Removed: receivable balances from authorized reinsurers do not require collateral.
−Removed: Allianz Global Corporate & Specialty SE is an authorized reinsurer in the states in which Fortegra’s U.S.
−Removed: based insurance entities are domiciled.
−Removed: The Company monitors authorization status and A.M.
−Removed: Best ratings of its reinsurers periodically.
−Removed: As of December 31, 2023, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.
+Added: Allianz Global Risks US Insurance Company (AM Best Rating:
+Added: A+ rated), Allianz Reinsurance America, Inc.
+Added: (AM Best Rating:
+Added: A+ rated), and Ferian Re, LTD (AM Best Rating:
+Added: Receivable balances from authorized reinsurers, such as the Allianz companies noted above, do not require collateral based on the authorized status of the parties.
+Added: Receivable balances from unauthorized reinsurers are collateralized by assets on hand, assets held in trust accounts, and/or letters of credit.
+Added: The Company monitors collateral values, authorization status, financial statements and AM Best ratings of its reinsurers periodically.
+Added: As of December 31, 2024, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the related collateralization or reinsurer AM Best rating.
($ in thousands) As of December 31,
15 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.