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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Debt Securities, Available-for-Sale $ 1,014,626 $ 1,040,455
Equity securities, at fair value (cost: $102,431 and $51,151) 85,469 47,334
Investment real estate, net 5,711 5,891
Total invested assets 1,105,806 1,093,680
Cash and cash equivalents 388,706 250,508
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 282,427 240,993
Reinsurance recoverable 808,850 185,589
Premiums receivable, net 69,574 64,923
Property and equipment, net 51,404 53,682
Deferred policy acquisition costs 103,654 108,822
Income taxes recoverable 1,528 16,947
Deferred income tax asset, net 57,258 16,331
Other assets 18,312 22,031
Total assets 2,890,154 2,056,141
LIABILITIES:    
Unpaid losses and loss adjustment expenses 1,038,790 346,216
Unearned premiums 943,854 857,769
Advance premium 54,964 53,694
Book overdraft 0 26,759
Reinsurance payable, net 384,504 188,662
Commission payable 18,541 22,315
Other liabilities and accrued expenses 58,836 27,348
Long-term debt, net 102,769 103,676
Total liabilities 2,602,258 1,626,439
Commitments and Contingencies (Note 15)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 472 470
Treasury shares, at cost - 16,790 and 15,797 (238,758) (227,115)
Additional paid-in capital 112,509 108,202
Accumulated other comprehensive income (loss), net of taxes (103,782) (15,568)
Retained earnings 517,455 563,713
Total stockholders’ equity 287,896 429,702
Total liabilities and stockholders’ equity $ 2,890,154 $ 2,056,141
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.