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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $558 and $566 (amortized cost: $1,337,397 and $1,162,919) $ 1,276,732 $ 1,064,330
Equity securities, at fair value (cost: $79,917 and $91,052) 79,470 80,495
Other investments, at fair value (cost: $4,794 and $4,794) 12,248 10,434
Investment real estate, net 5,618 5,525
Total invested assets 1,374,068 1,160,784
Cash and cash equivalents 333,678 397,306
Restricted cash and cash equivalents [1] 68,635 2,635
Prepaid reinsurance premiums 418,834 236,254
Reinsurance recoverable 130,124 219,102
Premiums receivable, net 92,400 77,064
Property and equipment, net 49,358 47,628
Deferred policy acquisition costs 125,305 109,985
Income taxes recoverable 7,480 0
Deferred income tax asset, net 23,683 43,175
Other assets 26,953 22,628
Total assets 2,650,518 2,316,561
LIABILITIES:    
Unpaid losses and loss adjustment expenses 460,437 510,117
Unearned premiums 1,108,890 990,559
Advance premium 71,700 48,660
Book overdraft 0 14,597
Reinsurance payable, net 420,282 191,850
Commission payable 25,763 20,989
Income taxes payable 0 5,886
Other liabilities and accrued expenses 61,767 90,600
Long-term debt, net 101,434 102,006
Total liabilities 2,250,273 1,975,264
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 472 472
Treasury shares, at cost - 19,012 and 18,303 (274,977) (260,779)
Additional paid-in capital 121,003 115,086
Accumulated other comprehensive income (loss), net of taxes (45,593) (74,172)
Retained earnings 599,340 560,690
Total stockholders’ equity 400,245 341,297
Total liabilities and stockholders’ equity $ 2,650,518 $ 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.