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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $829 and $1,018 (amortized cost: $1,392,573 and $1,353,532) $ 1,324,338 $ 1,269,079
Equity securities, at fair value (cost: $81,923 and $79,917) 79,983 77,752
Other investments, at fair value (cost: $8,794 and $8,794) 15,682 16,123
Investment in real estate, net 8,253 8,322
Total invested assets 1,428,256 1,371,276
Cash and cash equivalents 398,184 259,441
Restricted cash and cash equivalents [1] 2,635 2,635
Prepaid reinsurance premiums 105,480 262,716
Reinsurance recoverables 471,189 627,617
Premiums receivable, net 71,873 77,936
Property and equipment, net 48,258 48,653
Deferred policy acquisition costs 115,830 121,178
Deferred income tax asset, net 46,217 42,163
Other assets 26,794 28,246
Total assets 2,714,716 2,841,861
LIABILITIES:    
Unpaid losses and loss adjustment expenses 893,677 959,291
Unearned premiums 1,014,267 1,060,446
Advance premium 81,922 46,237
Book overdraft 1,967 0
Reinsurance payable, net 115,136 220,328
Commission payable 23,785 25,931
Income taxes payable 28,567 6,561
Other liabilities and accrued expenses 31,955 48,574
Long-term debt, net 101,053 101,243
Total liabilities 2,292,329 2,468,611
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 476 475
Treasury shares, at cost - 19,382 and 19,382 (282,693) (282,693)
Additional paid-in capital 121,875 121,781
Accumulated other comprehensive income (loss), net of taxes (51,072) (63,166)
Retained earnings 633,801 596,853
Total stockholders’ equity 422,387 373,250
Total liabilities and stockholders’ equity $ 2,714,716 $ 2,841,861
[1] See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.