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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities available for sale, at fair value (amortized cost: $1,146,855 in 2025; $973,330 in 2024) $ 1,141,367 $ 939,046
Equity securities, at fair value (cost: $38,482 in 2025; $32,987 in 2024) 52,215 40,529
Equity method investment 0 2,277
Other investments 19,534 5,863
Total investments 1,213,116 987,715
Cash and cash equivalents 111,740 80,438
Restricted cash 20 101
Accrued investment income 10,725 8,440
Premiums receivable 463,230 305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees 125,076 94,881
Reinsurance recoverable on paid losses and loss adjustment expenses 36,907 47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses 440,559 348,083
Ceded unearned premiums 361,260 276,237
Prepaid expenses and other assets 113,143 91,086
Deferred tax assets, net 2,537 8,768
Property and equipment, net 2,695 429
Goodwill and intangible assets, net 62,538 13,242
Total assets 2,943,546 2,262,220
Liabilities:    
Accounts payable and other accrued liabilities 109,391 70,079
Reserve for losses and loss adjustment expenses 684,272 503,382
Unearned premiums 979,374 741,692
Ceded premium payable 253,446 190,168
Funds held under reinsurance treaty 37,204 27,869
Income taxes payable 1,749 0
Total liabilities 2,065,436 1,533,190
Stockholders' equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,494,524 and 26,529,402 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 3 3
Additional paid-in capital 516,355 493,656
Accumulated other comprehensive income (loss) (4,092) (26,845)
Retained earnings 365,844 262,216
Total stockholders' equity 878,110 729,030
Total liabilities and stockholders' equity $ 2,943,546 $ 2,262,220