v3.26.1
Condensed 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: $607,737 in 2026 and $546,755 in 2025) $ 611,314 $ 558,428
Utility & Infrastructure Investments, at fair value (cost of $182,753 in 2026 and $172,753 in 2025) 227,267 189,859
Short-term investments 228,919 220,241
Loans to affiliates 106,500 106,500
Other invested assets 1,766 280
Total invested assets 1,175,766 1,075,308
Cash and cash equivalents 33,327 29,721
Investment income due and accrued 10,497 10,186
Premiums receivable, net of allowance for credit losses of $10,860 in 2026 and $8,754 in 2025 111,638 75,244
Deferred policy acquisition costs, net of ceding commissions 39,004 30,204
Prepaid reinsurance premiums 3,397 2,928
Deferred income tax asset, net 13,996 13,289
Reinsurance recoverable, net of allowance for credit losses of $0 in 2026 and 2025 188,156 150,386
Ceded unearned premiums 76,555 74,317
Other assets 11,265 12,730
Total assets 1,663,601 1,474,313
Liabilities:    
Reserves for unpaid losses and loss adjustment expenses 583,933 502,248
Unearned premiums 337,260 281,864
Payable to reinsurers 39,434 31,064
Accounts payable and accrued expenses 27,671 31,684
Funds held under reinsurance treaties 1,366 1,547
Income tax payable 1,406 8,414
Other liabilities 2,156 2,633
Total liabilities 993,226 859,454
Stockholders' equity:    
Preferred stock, $0.001 par value, 100,000,000 shares authorized and none issued or outstanding. 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized; 48,066,674 shares issued and 47,926,928 shares outstanding as of June 30, 2026; 48,066,674 shares issued and outstanding as of December 31, 2025. 48 48
Additional paid-in capital 496,861 496,470
Retained earnings 167,480 108,571
Accumulated other comprehensive income 2,809 9,220
Treasury stock, at cost (139,746 shares as of June 30, 2026 and 0 as of December 31, 2025) (2,804) 0
Total stockholders' equity 664,394 614,309
Non-controlling interest - General Partner 5,981 550
Total stockholders' equity and non-controlling interest 670,375 614,859
Total liabilities, stockholders' equity and non-controlling interest $ 1,663,601 $ 1,474,313