v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $920,973 and $595,383, respectively and allowance for credit losses: $0 and $0, respectively) $ 914,846 $ 597,329
Equity securities, at fair value (cost: $62,461 and $61,597, respectively) 65,056 65,890
Limited partnership investments 17,171 17,690
Real estate investments 103,429 103,746
Other investments 5,000 5,000
Total investments 1,105,502 789,655
Cash and cash equivalents [1] 1,014,049 1,210,126
Restricted cash [1] 3,757 3,748
Income taxes receivable [1] 1,521 1,332
Deferred income tax assets, net [1] 21 2,237
Premiums receivable, net (allowance: $5,192 and $4,469, respectively) (a) [1] 60,399 57,494
Prepaid reinsurance premiums [1] 20,948 50,127
Reinsurance recoverable, net of allowance for credit losses:    
Paid losses and loss adjustment expenses 23,093 27,855
Unpaid losses and loss adjustment expenses (allowance: $88 and $97, respectively) 246,759 262,041
Deferred policy acquisition costs [1] 59,700 59,722
Property and equipment, net 28,243 28,939
Intangible assets, net 2,234 2,683
Funds withheld for assumed business 5,299 5,254
Other assets [1] 39,556 27,715
Total assets 2,611,081 2,528,928
Liabilities, Redeemable Noncontrolling Interests and Equity    
Losses and loss adjustment expenses [1] 566,839 576,495
Unearned premiums [1] 597,814 643,328
Advance premiums [1] 48,005 19,302
Ceded reinsurance premiums payable 26,475 27,591
Assumed premiums payable [1] 3,056 1,744
Income taxes payable [1] 42,837 12,782
Deferred income tax liabilities, net [1] 0 3,814
Revolving credit facility 36,000 36,000
Long-term debt 31,672 31,877
Other liabilities [1] 80,683 61,351
Total liabilities 1,433,381 1,414,284
Commitments and contingencies (Note 19)
Redeemable noncontrolling interest (Note 16) 4,211 3,359
Equity:    
Common stock (no par value, 40,000,000 shares authorized, 12,900,905 and 12,992,147 shares issued and outstanding, respectively) 0 0
Additional paid-in capital 413,838 428,109
Retained earnings 679,721 611,509
Accumulated other comprehensive income (loss) (4,538) 1,459
Total stockholders’ equity 1,089,021 1,041,077
Noncontrolling interests 84,468 70,208
Total equity 1,173,489 1,111,285
Total liabilities, redeemable noncontrolling interest and equity $ 2,611,081 $ 2,528,928
[1] See Note 12 for details of balances associated with consolidated variable interest entities.