v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $827 and $1,018 (amortized cost: $1,449,624 and $1,353,532) $ 1,395,029 $ 1,269,079
Equity securities, at fair value (cost: $93,781 and $79,917) 92,866 77,752
Other investments, at fair value (cost: $4,000 and $8,794) 3,932 16,123
Investment in real estate, net 8,179 8,322
Total invested assets 1,500,006 1,371,276
Cash and cash equivalents 367,108 259,441
Restricted cash and cash equivalents [1] 68,635 2,635
Prepaid reinsurance premiums 639,022 262,716
Reinsurance recoverables 381,989 627,617
Premiums receivable, net 83,593 77,936
Property and equipment, net 47,679 48,653
Deferred policy acquisition costs 125,221 121,178
Income taxes recoverable 9,018 0
Deferred income tax asset, net 15,093 42,163
Other assets 38,454 28,246
Total assets 3,275,818 2,841,861
LIABILITIES:    
Unpaid losses and loss adjustment expenses 765,855 959,291
Unearned premiums 1,087,562 1,060,446
Advance premium 83,812 46,237
Reinsurance payable, net 709,453 220,328
Commission payable 29,383 25,931
Income taxes payable 0 6,561
Other liabilities and accrued expenses 41,083 48,574
Long-term debt, net 100,862 101,243
Total liabilities 2,818,010 2,468,611
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock $ 476 $ 475
Common stock, shares issued (in shares) 27,927 28,096
Treasury shares, at cost - 19,669 and 19,382, respectively $ (290,120) $ (282,693)
Additional paid-in capital 123,919 121,781
Accumulated other comprehensive income (loss), net of taxes (40,782) (63,166)
Retained earnings 664,315 596,853
Total stockholders’ equity 457,808 373,250
Total liabilities and stockholders’ equity $ 3,275,818 $ 2,841,861
Common stock, shares outstanding (in shares) 27,927 28,096
[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.