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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $600 and $566 (amortized cost: $1,209,054 and $1,162,919) $ 1,107,058 $ 1,064,330
Equity securities, at fair value (cost: $89,110 and $91,052) 81,659 80,495
Other investments, at fair value (cost: $4,794 and $4,794) 10,434 10,434
Investment real estate, net 5,479 5,525
Total invested assets 1,204,630 1,160,784
Cash and cash equivalents 396,323 397,306
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 88,499 236,254
Reinsurance recoverable 124,646 219,102
Premiums receivable, net 73,974 77,064
Property and equipment, net 49,416 47,628
Deferred policy acquisition costs 106,632 109,985
Deferred income tax asset, net 49,277 43,175
Other assets 24,112 22,628
Total assets 2,120,144 2,316,561
LIABILITIES:    
Unpaid losses and loss adjustment expenses 429,629 510,117
Unearned premiums 954,666 990,559
Advance premium 74,370 48,660
Book overdraft 0 14,597
Reinsurance payable, net 97,871 191,850
Commission payable 22,661 20,989
Income taxes payable 24,984 5,886
Other liabilities and accrued expenses 49,484 90,600
Long-term debt, net 101,815 102,006
Total liabilities 1,755,480 1,975,264
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 472 472
Treasury shares, at cost - 18,511 and 18,303 (264,918) (260,779)
Additional paid-in capital 116,239 115,086
Accumulated other comprehensive income (loss), net of taxes (76,714) (74,172)
Retained earnings 589,585 560,690
Total stockholders’ equity 364,664 341,297
Total liabilities and stockholders’ equity $ 2,120,144 $ 2,316,561
[1] See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.