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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $118 and $186 (amortized cost: $929,191 and $815,647) $ 921,800 $ 819,861
Equity securities, at fair value (cost: $94,778 and $84,667) 95,690 84,887
Assets held for sale 7,053 0
Investment real estate, net 5,981 15,176
Total invested assets 1,030,524 919,924
Cash and cash equivalents 286,493 167,156
Restricted cash and cash equivalents [1] 6,134 12,715
Prepaid reinsurance premiums 532,308 215,723
Reinsurance recoverable 196,294 160,417
Premiums receivable, net 74,072 66,883
Property and equipment, net 53,023 53,572
Deferred policy acquisition costs 115,971 110,614
Income taxes recoverable 24,733 30,576
Deferred income tax asset, net 0 6,284
Other assets 21,983 14,877
Total assets 2,341,535 1,758,741
LIABILITIES:    
Unpaid losses and loss adjustment expenses 278,658 322,465
Unearned premiums 853,896 783,135
Advance premium 68,287 49,562
Book overdraft 0 59,399
Reinsurance payable, net 581,818 10,312
Commission payable 28,710 23,809
Deferred income tax liability, net 4,494 0
Other liabilities and accrued expenses 37,109 52,341
Long-term debt 7,721 8,456
Total liabilities 1,860,693 1,309,479
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock, $0.01 par value 0 0
Common stock, $0.01 par value 470 468
Treasury shares, at cost - 15,695 and 15,680 (225,751) (225,506)
Additional paid-in capital 105,904 103,445
Accumulated other comprehensive income (loss), net of taxes (5,571) 3,343
Retained earnings 605,790 567,512
Total stockholders’ equity 480,842 449,262
Total liabilities and stockholders’ equity $ 2,341,535 $ 1,758,741
[1] See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and “—Note 14 (Variable Interest Entities)” for a discussion of restricted cash held in a trust account.