v3.26.1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments    
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,009,589 – June 30, 2026, $1,054,347 – December 31, 2025) $ 1,003,767 $ 1,064,267
Fixed maturity securities held to maturity 1,994 1,994
Equity securities, at fair value (cost: $25,887 – June 30, 2026, $16,086 – December 31, 2025) 31,297 20,936
Other investments, at fair value (cost: $13,016 – June 30, 2026, $12,028 – December 31, 2025) 14,515 13,710
Short-term investments 37,673 31,170
Equity-method investments measured at fair value 2,416 2,408
Total investments 1,091,662 1,134,485
Cash and cash equivalents 197,156 186,183
Accrued investment income 16,241 15,328
Premiums receivable, net of allowance for expected credit losses ($14,029 – June 30, 2026, $13,595 – December 31, 2025) 354,502 274,312
Reinsurance recoverables, net of allowance for expected credit losses ($920 – June 30, 2026, $900 – December 31, 2025) 245,050 233,650
Ceded unearned premiums 110,881 114,169
Deferred policy acquisition costs, net of ceding commission 79,564 70,623
Deferred tax assets, net 5,459 4,890
Other assets 76,298 67,149
TOTAL ASSETS 2,176,813 2,100,789
LIABILITIES    
Reserve for unpaid loss and loss adjustment expenses 842,888 798,339
Unearned premiums 533,922 469,897
Insurance and reinsurance payables 103,857 95,869
Other liabilities 27,202 26,536
TOTAL LIABILITIES 1,507,869 1,390,641
SHAREHOLDERS’ EQUITY    
Common shares (authorized: 750,000,000 shares at $0.01 par value per share; issued and outstanding: 42,466,701 shares – June 30, 2026, 42,842,216 shares – December 31, 2025) 427 428
Additional paid-in capital 77,438 86,856
Treasury shares (187,497 shares –June 30, 2026, 1,407 shares – December 31, 2025) (4,655) (35)
Accumulated other comprehensive (loss) income, net of taxes (4,714) 10,273
Retained earnings 600,448 612,626
TOTAL SHAREHOLDERS’ EQUITY 668,944 710,148
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,176,813 $ 2,100,789