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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $572 and $489 (amortized cost: $1,092,438 and $1,061,192) $ 1,014,677 $ 1,040,455
Equity securities, at fair value (cost: $72,339 and $51,151) 65,126 47,334
Investment real estate, net 5,845 5,891
Total invested assets 1,085,648 1,093,680
Cash and cash equivalents 165,398 250,508
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 109,401 240,993
Reinsurance recoverable 104,660 185,589
Premiums receivable, net 61,670 64,923
Property and equipment, net 54,170 53,682
Deferred policy acquisition costs 103,622 108,822
Income taxes recoverable 2,262 16,947
Deferred income tax asset, net 40,072 16,331
Other assets 19,417 22,031
Total assets 1,748,955 2,056,141
LIABILITIES:    
Unpaid losses and loss adjustment expenses 244,482 346,216
Unearned premiums 839,647 857,769
Advance premium 85,120 53,694
Book overdraft 0 26,759
Reinsurance payable, net 12,723 188,662
Commission payable 23,484 22,315
Other liabilities and accrued expenses 43,774 27,348
Total long-term debt, net 103,384 103,676
Total liabilities 1,352,614 1,626,439
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 471 470
Treasury shares, at cost - 16,117 and 15,797 (230,994) (227,115)
Additional paid-in capital 109,099 108,202
Accumulated other comprehensive income (loss), net of taxes (58,478) (15,568)
Retained earnings 576,243 563,713
Total stockholders’ equity 396,341 429,702
Total liabilities and stockholders’ equity $ 1,748,955 $ 2,056,141
[1] See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.