v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $881 and $631 (amortized cost: $1,553,900 and $1,466,145) $ 1,506,146 $ 1,431,028
Equity securities, at fair value (cost: $113,037 and $87,326) 111,829 85,420
Other investments, at fair value (cost: $5,000 and $5,000) 11,155 10,693
Investment real estate, net 5,367 5,463
Total invested assets 1,634,497 1,532,604
Cash and cash equivalents 532,160 408,868
Restricted cash and cash equivalents [1] 68,635 68,970
Prepaid reinsurance premiums 562,104 291,031
Reinsurance recoverables 176,889 232,918
Premiums receivable, net 85,537 75,721
Property and equipment, net 48,640 49,349
Deferred policy acquisition costs 135,222 128,564
Income taxes recoverable 16,407 0
Deferred income tax asset, net 14,238 27,658
Other assets 31,835 24,012
Total assets 3,306,164 2,839,695
LIABILITIES:    
Unpaid losses and loss adjustment expenses 633,613 680,712
Unearned premiums 1,143,593 1,091,959
Advance premium 84,860 61,847
Reinsurance payable, net 627,776 257,242
Commission payable 33,379 26,307
Income taxes payable 0 28,554
Other liabilities and accrued expenses 47,936 41,558
Debt, net of issuance costs 97,852 100,481
Total liabilities 2,669,009 2,288,660
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Cumulative convertible preferred stock 0 0
Common stock 483 482
Treasury shares, at cost - 20,558 and 20,226, respectively (316,751) (305,064)
Additional paid-in capital 127,300 124,319
Accumulated other comprehensive income (loss), net of taxes (35,520) (26,151)
Retained earnings 861,643 757,449
Total stockholders’ equity 637,155 551,035
Total liabilities and stockholders’ equity $ 3,306,164 $ 2,839,695
[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.