v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $1,103,778 and $595,383, respectively and allowance for credit losses: $0 and $0, respectively) [1] $ 1,091,041 $ 597,329
Equity securities, at fair value (cost: $55,700 and $61,597, respectively) 59,038 65,890
Limited partnership investments 16,394 17,690
Real estate investments 102,669 103,746
Other investments 5,000 5,000
Total investments 1,274,142 789,655
Cash and cash equivalents [1] 872,336 1,210,126
Restricted cash [1] 4,378 3,748
Income taxes receivable [1] 1,277 1,332
Deferred income tax assets, net [1] 1,088 2,237
Premiums receivable, net (allowance: $5,363 and $4,469, respectively) [1] 77,607 57,494
Prepaid reinsurance premiums [1] 0 50,127
Reinsurance recoverable, net of allowance for credit losses:    
Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively) [1] 26,613 27,855
Unpaid losses and loss adjustment expenses (allowance: $73 and $97, respectively) [1] 229,131 262,041
Deferred policy acquisition costs [1] 68,206 59,722
Property and equipment, net 27,503 28,939
Intangible assets, net 1,924 2,683
Funds withheld for assumed business 5,346 5,254
Other assets [1] 58,908 27,715
Total assets 2,648,459 2,528,928
Liabilities, Redeemable Noncontrolling Interests and Equity    
Losses and loss adjustment expenses [2] 558,982 576,495
Unearned premiums [2] 659,335 643,328
Advance premiums [2] 44,440 19,302
Ceded reinsurance premiums payable [2] 34,772 27,591
Assumed premiums payable [2] 4,049 1,744
Income taxes payable [2] 16,467 12,782
Deferred income tax liabilities, net [2] 1,001 3,814
Revolving credit facility 36,000 36,000
Long-term debt 31,465 31,877
Accrued expenses and other liabilities [2] 82,887 61,351
Total liabilities 1,469,398 1,414,284
Commitments and contingencies (Note 19)
Redeemable noncontrolling interest (Note 16) 5,929 3,359
Equity:    
Common stock (no par value, 40,000,000 shares authorized, 12,469,972 and 12,992,147 shares issued and outstanding, respectively) 0 0
Additional paid-in capital 340,854 428,109
Retained earnings 748,437 611,509
Accumulated other comprehensive (loss) income (9,382) 1,459
Total stockholders’ equity 1,079,909 1,041,077
Noncontrolling interests 93,223 70,208
Total equity 1,173,132 1,111,285
Total liabilities, redeemable noncontrolling interest and equity $ 2,648,459 $ 2,528,928
[1] See Note 12 for details of balances associated with consolidated variable interest entities.
[2] See Note 12 for details of balances associated with consolidated variable interest entities.