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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturity securities available for sale, at fair value (amortized cost: $697,505 in 2024; $675,130 in 2023) $ 662,992 $ 643,799
Equity securities, at fair value (cost: $32,785 in 2024; $43,003 in 2023) 37,171 43,160
Equity method investment 2,597 2,617
Other investments 1,871 0
Total investments 704,631 689,576
Cash and cash equivalents 61,387 51,546
Restricted cash 377 306
Accrued investment income 5,192 5,282
Premiums receivable 322,723 261,972
Deferred policy acquisition costs, net of ceding commissions and fronting fees 66,508 60,990
Reinsurance recoverable on paid losses and loss adjustment expenses 28,542 32,172
Reinsurance recoverable on unpaid losses and loss adjustment expenses 292,024 244,622
Ceded unearned premiums 298,975 265,808
Prepaid expenses and other assets 82,679 72,941
Deferred tax assets, net 9,408 10,119
Property and equipment, net 312 373
Goodwill and intangible assets, net 11,926 12,315
Total assets 1,884,684 1,708,022
Liabilities:    
Accounts payable and other accrued liabilities 39,637 42,376
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period 402,187 342,275
Unearned premiums 662,307 597,103
Ceded premium payable 215,329 181,742
Funds held under reinsurance treaty 13,716 13,419
Income taxes payable 6,850 7,255
Borrowings from credit agreements 43,000 52,600
Total liabilities 1,383,026 1,236,770
Stockholders' equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,921,060 and 24,772,987 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 3 3
Additional paid-in capital 357,135 350,597
Accumulated other comprehensive loss (26,505) (23,991)
Retained earnings 171,025 144,643
Total stockholders' equity 501,658 471,252
Total liabilities and stockholders' equity $ 1,884,684 $ 1,708,022