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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $811 and $920 (amortized cost: $1,146,378 and $1,152,852) $ 1,026,555 $ 1,014,626
Equity securities, at fair value (cost: $108,911 and $102,431) 92,906 85,469
Investment real estate, net 5,665 5,711
Total invested assets 1,125,126 1,105,806
Cash and cash equivalents 330,155 388,706
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 124,308 282,427
Reinsurance recoverable 678,094 808,850
Premiums receivable, net 64,844 69,574
Property and equipment, net 50,193 51,404
Deferred policy acquisition costs 97,893 103,654
Income taxes recoverable 0 1,528
Deferred income tax asset, net 58,804 57,258
Other assets 18,968 18,312
Total assets 2,551,020 2,890,154
LIABILITIES:    
Unpaid losses and loss adjustment expenses 870,407 1,038,790
Unearned premiums 898,588 943,854
Advance premium 92,235 54,964
Book overdraft 77,661 0
Reinsurance payable, net 91,932 384,504
Commission payable 19,644 18,541
Income taxes payable 13,138 0
Other liabilities and accrued expenses 63,031 58,836
Long-term debt, net 102,578 102,769
Total liabilities 2,229,214 2,602,258
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 472 472
Treasury shares, at cost - 16,790 and 16,790 (238,758) (238,758)
Additional paid-in capital 113,425 112,509
Accumulated other comprehensive income (loss), net of taxes (89,991) (103,782)
Retained earnings 536,658 517,455
Total stockholders’ equity 321,806 287,896
Total liabilities and stockholders’ equity $ 2,551,020 $ 2,890,154
[1] See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.