XML 14 R2.htm IDEA: XBRL DOCUMENT v3.19.1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
ASSETS    
Available-for-sale debt securities, at fair value (amortized cost: $834,817 and $831,127) $ 840,028 $ 820,438
Equity securities, at fair value (amortized cost: $58,137 and $86,271) 53,175 63,277
Investment real estate, net 25,070 24,439
Total invested assets 918,273 908,154
Cash and cash equivalents 185,061 166,428
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 57,100 142,750
Reinsurance recoverable 323,294 418,603
Premium receivable, net 58,346 59,858
Property and equipment, net 40,102 34,991
Deferred policy acquisition costs 83,284 84,686
Income taxes recoverable 0 11,159
Deferred income tax asset, net 14,417 14,586
Other assets 15,357 14,540
Total assets 1,697,869 1,858,390
LIABILITIES:    
Unpaid losses and loss adjustment expenses 366,356 472,829
Unearned premiums 595,536 601,679
Advance premium 44,545 26,222
Accounts payable 2,692 3,059
Book overdraft 43,305 102,843
Reinsurance payable, net 48,171 93,306
Income taxes payable 6,183 0
Other liabilities and accrued expenses 41,002 45,422
Long-term debt 11,029 11,397
Total liabilities 1,158,819 1,356,757
Commitments and Contingencies (Note 12)
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 - 46,674 and 46,514 Outstanding shares - 34,622 and 34,783 467 465
Treasury shares, at cost - 12,052 and 11,731 (140,516) (130,399)
Additional paid-in capital 87,328 86,353
Accumulated other comprehensive income (loss), net of taxes 3,974 (8,010)
Retained earnings 587,797 553,224
Total stockholders’ equity 539,050 501,633
Total liabilities and stockholders’ equity $ 1,697,869 $ 1,858,390
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.