v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $724 and $489 (amortized cost: $1,150,524 and $1,061,192) $ 996,783 $ 1,040,455
Equity securities, at fair value (cost: $102,630 and $51,151) 82,387 47,334
Investment real estate, net 5,752 5,891
Total invested assets 1,084,922 1,093,680
Cash and cash equivalents 307,435 250,508
Restricted cash and cash equivalents [1] 2,703 2,635
Prepaid reinsurance premiums 452,230 240,993
Reinsurance recoverable 935,810 185,589
Premiums receivable, net 79,621 64,923
Property and equipment, net 52,769 53,682
Deferred policy acquisition costs 111,861 108,822
Income taxes recoverable 32,823 16,947
Deferred income tax asset, net 49,668 16,331
Other assets 17,052 22,031
Total assets 3,126,894 2,056,141
LIABILITIES:    
Unpaid losses and loss adjustment expenses 1,153,627 346,216
Unearned premiums 991,596 857,769
Advance premium 78,269 53,694
Book overdraft 3,102 26,759
Reinsurance payable, net 458,865 188,662
Commission payable 21,777 22,315
Other liabilities and accrued expenses 56,053 27,348
Long-term debt, net 102,968 103,676
Total liabilities 2,866,257 1,626,439
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 471 470
Treasury shares, at cost - 16,603 and 15,797 (236,915) (227,115)
Additional paid-in capital 111,397 108,202
Accumulated other comprehensive income (loss), net of taxes (115,665) (15,568)
Retained earnings 501,349 563,713
Total stockholders’ equity 260,637 429,702
Total liabilities and stockholders’ equity $ 3,126,894 $ 2,056,141
[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.