v3.25.2
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments    
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,010,543 – June 30, 2025, $1,023,866 – December 31, 2024) $ 1,008,317 $ 1,002,103
Equity securities, at fair value (cost: $18,299 – June 30, 2025, $25,334 – December 31, 2024) 23,573 28,973
Other investments, at fair value (cost: $12,841 – June 30, 2025, $12,500 – December 31, 2024) 13,096 12,289
Short-term investments 51,335 89,478
Term deposits 0 670
Equity-method investments measured at fair value 2,125 1,955
Fixed maturity securities held to maturity 1,994 1,994
Total investments 1,100,440 1,137,462
Cash and cash equivalents 164,848 155,245
Accrued investment income 15,674 15,295
Premiums receivable, net of allowance for credit losses ($14,056 – June 30, 2025, $12,756 – December 31, 2024) 329,990 256,050
Reinsurance recoverables, net of allowance for credit losses ($1,370 – June 30, 2025, $885 – December 31, 2024) 250,727 225,697
Ceded unearned premiums 119,294 113,313
Deferred policy acquisition costs, net of ceding commission 73,220 67,055
Deferred tax assets, net 3,596 6,951
Other assets 66,301 60,470
TOTAL ASSETS 2,124,090 2,037,538
LIABILITIES    
Reserve for unpaid loss and loss adjustment expenses 801,496 794,243
Unearned premiums 521,687 465,244
Insurance and reinsurance payables 115,455 90,049
Other liabilities 23,136 33,170
TOTAL LIABILITIES 1,461,774 1,382,706
SHAREHOLDERS’ EQUITY    
Common shares (authorized: 750,000,000 shares at $0.01 par value per share; issued and outstanding: 43,958,733 shares – June 30, 2025, 45,108,936 shares – December 31, 2024) 446 453
Additional paid-in capital 125,367 144,936
Treasury shares (671,709 shares –June 30, 2025, 154,011 shares – December 31, 2024) (15,556) (3,677)
Accumulated other comprehensive loss, net of taxes 831 (18,553)
Retained earnings 551,228 531,673
TOTAL SHAREHOLDERS’ EQUITY 662,316 654,832
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,124,090 $ 2,037,538