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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $290 and $186 (amortized cost: $1,039,042 and $815,647) $ 1,029,157 $ 819,861
Equity securities, at fair value (cost: $79,947 and $84,667) 77,099 84,887
Assets held for sale 253 0
Investment real estate, net 5,934 15,176
Total invested assets 1,112,443 919,924
Cash and cash equivalents 224,822 167,156
Restricted cash and cash equivalents [1] 15,836 12,715
Prepaid reinsurance premiums 386,466 215,723
Reinsurance recoverable 134,935 160,417
Premiums receivable, net 71,132 66,883
Property and equipment, net 53,222 53,572
Deferred policy acquisition costs 113,979 110,614
Income taxes recoverable 9,209 30,576
Deferred income tax asset, net 5,249 6,284
Other assets 15,935 14,877
Total assets 2,143,228 1,758,741
LIABILITIES:    
Unpaid losses and loss adjustment expenses 212,488 322,465
Unearned premiums 876,259 783,135
Advance premium 71,069 49,562
Book overdraft 0 59,399
Reinsurance payable, net 399,905 10,312
Commission payable 23,857 23,809
Other liabilities and accrued expenses 58,022 52,341
Debt 7,353 8,456
Total liabilities 1,648,953 1,309,479
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 470 468
Treasury shares, at cost - 15,797 and 15,680 (227,115) (225,506)
Additional paid-in capital 107,382 103,445
Accumulated other comprehensive income (loss), net of taxes (7,398) 3,343
Retained earnings 620,936 567,512
Total stockholders’ equity 494,275 449,262
Total liabilities and stockholders’ equity $ 2,143,228 $ 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.