XML 14 R2.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $722 and $1,018 (amortized cost: $1,454,822 and $1,353,532) $ 1,413,621 $ 1,269,079
Equity securities, at fair value (cost: $95,476 and $79,917) 95,992 77,752
Other investments, at fair value (cost: $4,000 and $8,794) 3,903 16,123
Investment in real estate, net 5,425 8,322
Total invested assets 1,518,941 1,371,276
Cash and cash equivalents 405,114 259,441
Restricted cash and cash equivalents [1] 69,110 2,635
Prepaid reinsurance premiums 465,016 262,716
Reinsurance recoverables 315,964 627,617
Premiums receivable, net 82,398 77,936
Property and equipment, net 49,931 48,653
Deferred policy acquisition costs 132,658 121,178
Deferred income tax asset, net 18,949 42,163
Other assets 31,564 28,246
Total assets 3,089,645 2,841,861
LIABILITIES:    
Unpaid losses and loss adjustment expenses 682,589 959,291
Unearned premiums 1,146,230 1,060,446
Advance premium 78,710 46,237
Book overdraft 6,617 0
Reinsurance payable, net 501,809 220,328
Commission payable 28,178 25,931
Income taxes payable 3,664 6,561
Other liabilities and accrued expenses 46,134 48,574
Long-term debt, net 100,671 101,243
Total liabilities 2,594,602 2,468,611
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 481 475
Treasury shares, at cost - 20,016 and 19,382, respectively (298,194) (282,693)
Additional paid-in capital 124,063 121,781
Accumulated other comprehensive income (loss), net of taxes (30,755) (63,166)
Retained earnings 699,448 596,853
Total stockholders’ equity 495,043 373,250
Total liabilities and stockholders’ equity $ 3,089,645 $ 2,841,861
Common stock, shares issued (in shares) 48,064 47,478
[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.