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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $672 and $489 (amortized cost: $1,138,190 and $1,061,192) $ 1,021,006 $ 1,040,455
Equity securities, at fair value (cost: $95,941 and $51,151) 79,844 47,334
Investment real estate, net 5,798 5,891
Total invested assets 1,106,648 1,093,680
Cash and cash equivalents 316,952 250,508
Restricted cash and cash equivalents [1] 20,125 2,635
Prepaid reinsurance premiums 590,093 240,993
Reinsurance recoverable 33,344 185,589
Premiums receivable, net 79,309 64,923
Property and equipment, net 54,027 53,682
Deferred policy acquisition costs 110,983 108,822
Income taxes recoverable 22,293 16,947
Deferred income tax asset, net 30,262 16,331
Other assets 18,732 22,031
Total assets 2,382,768 2,056,141
LIABILITIES:    
Unpaid losses and loss adjustment expenses 186,349 346,216
Unearned premiums 943,369 857,769
Advance premium 86,271 53,694
Book overdraft 0 26,759
Reinsurance payable, net 637,846 188,662
Commission payable 25,946 22,315
Other liabilities and accrued expenses 33,275 27,348
Total long-term debt, net 103,161 103,676
Total liabilities 2,016,217 1,626,439
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 471 470
Treasury shares, at cost - 16,400 and 15,797 (234,496) (227,115)
Additional paid-in capital 110,089 108,202
Accumulated other comprehensive income (loss), net of taxes (88,134) (15,568)
Retained earnings 578,621 563,713
Total stockholders’ equity 366,551 429,702
Total liabilities and stockholders’ equity $ 2,382,768 $ 2,056,141
[1] See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.