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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $1,018 and $566 (amortized cost: $1,353,532 and $1,162,919) $ 1,269,079 $ 1,064,330
Equity securities, at fair value (cost: $79,917 and $91,052) 77,752 80,495
Other investments, at fair value (cost: $8,794 and $4,794) 16,123 10,434
Investment real estate, net 8,322 5,525
Total invested assets 1,371,276 1,160,784
Cash and cash equivalents 259,441 397,306
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 262,716 236,254
Reinsurance recoverable 627,617 219,102
Premiums receivable, net 77,936 77,064
Property and equipment, net 48,653 47,628
Deferred policy acquisition costs 121,178 109,985
Deferred income tax asset, net 42,163 43,175
Other assets 28,246 22,628
Total assets 2,841,861 2,316,561
LIABILITIES:    
Unpaid losses and loss adjustment expenses 959,291 510,117
Unearned premiums 1,060,446 990,559
Advance premium 46,237 48,660
Income taxes payable 6,561 5,886
Book overdraft 0 14,597
Reinsurance payable, net 220,328 191,850
Commission payable 25,931 20,989
Other liabilities and accrued expenses 48,574 90,600
Long-term debt, net 101,243 102,006
Total liabilities 2,468,611 1,975,264
Commitments and Contingencies (Note 15)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 475 472
Treasury shares, at cost - 19,382 and 18,303 (282,693) (260,779)
Additional paid-in capital 121,781 115,086
Accumulated other comprehensive income (loss), net of taxes (63,166) (74,172)
Retained earnings 596,853 560,690
Total stockholders’ equity 373,250 341,297
Total liabilities and stockholders’ equity $ 2,841,861 $ 2,316,561
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.