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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $566 and $920 (amortized cost: $1,162,919 and $1,152,852) $ 1,064,330 $ 1,014,626
Equity securities, at fair value (cost: $91,052 and $102,431) 80,495 85,469
Other investments, at fair value (cost: $4,794 and $0) 10,434 0
Investment real estate, net 5,525 5,711
Total invested assets 1,160,784 1,105,806
Cash and cash equivalents 397,306 388,706
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 236,254 282,427
Reinsurance recoverable 219,102 808,850
Premiums receivable, net 77,064 69,574
Property and equipment, net 47,628 51,404
Deferred policy acquisition costs 109,985 103,654
Income taxes recoverable 0 1,528
Deferred income tax asset, net 43,175 57,258
Other assets 22,628 18,312
Total assets 2,316,561 2,890,154
LIABILITIES:    
Unpaid losses and loss adjustment expenses 510,117 1,038,790
Unearned premiums 990,559 943,854
Advance premium 48,660 54,964
Income taxes payable 5,886 0
Book overdraft 14,597 0
Reinsurance payable, net 191,850 384,504
Commission payable 20,989 18,541
Other liabilities and accrued expenses 90,600 58,836
Long-term debt, net 102,006 102,769
Total liabilities 1,975,264 2,602,258
Commitments and Contingencies (Note 15)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 472 472
Treasury shares, at cost - 18,303 and 16,790 (260,779) (238,758)
Additional paid-in capital 115,086 112,509
Accumulated other comprehensive income (loss), net of taxes (74,172) (103,782)
Retained earnings 560,690 517,455
Total stockholders’ equity 341,297 287,896
Total liabilities and stockholders’ equity $ 2,316,561 $ 2,890,154
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.