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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $716 and $566 (amortized cost: $1,316,419 and $1,162,919) $ 1,215,630 $ 1,064,330
Equity securities, at fair value (cost: $81,881 and $91,052) 75,834 80,495
Other investments, at fair value (cost: $4,794 and $4,794) 10,434 10,434
Investment real estate, net 5,523 5,525
Total invested assets 1,307,421 1,160,784
Cash and cash equivalents 283,264 397,306
Restricted cash and cash equivalents [1] 68,635 2,635
Prepaid reinsurance premiums 575,620 236,254
Reinsurance recoverable 130,900 219,102
Premiums receivable, net 87,169 77,064
Property and equipment, net 49,306 47,628
Deferred policy acquisition costs 117,144 109,985
Income taxes recoverable 5,542 0
Deferred income tax asset, net 24,687 43,175
Other assets 28,847 22,628
Total assets 2,678,535 2,316,561
LIABILITIES:    
Unpaid losses and loss adjustment expenses 344,648 510,117
Unearned premiums 1,042,283 990,559
Advance premium 73,402 48,660
Book overdraft 0 14,597
Reinsurance payable, net 648,961 191,850
Commission payable 27,087 20,989
Income taxes payable 0 5,886
Other liabilities and accrued expenses 47,292 90,600
Long-term debt, net 101,625 102,006
Total liabilities 2,285,298 1,975,264
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 472 472
Treasury shares, at cost - 18,785 and 18,303 (270,542) (260,779)
Additional paid-in capital 118,795 115,086
Accumulated other comprehensive income (loss), net of taxes (75,718) (74,172)
Retained earnings 620,230 560,690
Total stockholders’ equity 393,237 341,297
Total liabilities and stockholders’ equity $ 2,678,535 $ 2,316,561
[1] See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and "—Note 14
(Variable Interest Entities)” for a discussion of restricted cash held in a trust account.