XML 23 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
ASSETS    
Available-for-sale debt securities, at fair value (amortized cost: $831,127 and $643,715) $ 820,438 $ 639,334
Available-for-sale short-term investments, at fair value (amortized cost: $10,000) 0 10,000
Equity securities, at fair value (cost: $86,271 and $68,040) 63,277 62,215
Investment real estate, net 24,439 18,474
Total invested assets 908,154 730,023
Cash and cash equivalents 166,428 213,486
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 142,750 132,806
Reinsurance recoverable 418,603 182,405
Premiums receivable, net 59,858 56,500
Property and equipment, net 34,991 32,866
Deferred policy acquisition costs 84,686 73,059
Income taxes recoverable 11,159 9,472
Deferred income tax asset, net 14,586 9,286
Other assets 14,540 12,461
Total assets 1,858,390 1,454,999
LIABILITIES:    
Unpaid losses and loss adjustment expenses 472,829 248,425
Unearned premiums 601,679 532,444
Advance premium 26,222 26,216
Accounts payable 3,059 2,866
Book overdraft 102,843 36,715
Reinsurance payable, net 93,306 110,381
Other liabilities and accrued expenses 45,422 45,096
Long-term debt 11,397 12,868
Total liabilities 1,356,757 1,015,011
Commitments and Contingencies (Note 15)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock, $.01 par value Authorized shares - 1,000 Issued shares - 10 and 10 Outstanding shares - 10 and 10 Minimum liquidation preference - 9.99 and $9.99 per share 0 0
Common stock, $.01 par value Authorized shares - 55,000 Issued shares – 46,514 and 45,778 Outstanding shares – 34,783 and 34,735 465 458
Treasury shares, at cost - 11,731 and 11,043 (130,399) (105,123)
Additional paid-in capital 86,353 86,186
Accumulated other comprehensive income (loss), net of taxes (8,010) (6,281)
Retained earnings 553,224 464,748
Total stockholders’ equity 501,633 439,988
Total liabilities and stockholders’ equity $ 1,858,390 $ 1,454,999
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.