v3.26.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $1,295,000 and $595,383, respectively, and allowance for credit losses: $0 and $0, respectively) [1] $ 1,241,444 $ 597,329
Equity securities, at fair value (cost: $57,091 and $61,597, respectively) 59,244 65,890
Limited partnership investments 16,076 17,690
Real estate investments 102,683 103,746
Other investments 5,000 5,000
Total investments 1,424,447 789,655
Cash and cash equivalents [1] 743,527 1,210,126
Restricted cash [1] 4,600 3,748
Income taxes receivable [1] 2,612 1,332
Deferred income tax assets, net [1] 9,817 2,237
Premiums receivable, net (allowance: $5,271 and $4,469, respectively) [1] 81,265 57,494
Prepaid reinsurance premiums [1] 49,860 50,127
Reinsurance recoverable, net of allowance for credit losses:    
Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively) [1] 24,835 27,855
Unpaid losses and loss adjustment expenses (allowance: $62 and $97, respectively) [1] 211,187 262,041
Deferred policy acquisition costs [1] 72,892 59,722
Property and equipment, net 26,861 28,939
Intangible assets, net 1,864 2,683
Funds withheld for assumed business 4,512 5,254
Other assets [1] 55,483 27,715
Total assets 2,713,762 2,528,928
Liabilities, Redeemable Noncontrolling Interests and Equity    
Losses and loss adjustment expenses [2] 549,607 576,495
Unearned premiums [2] 696,313 643,328
Advance premiums [2] 38,263 19,302
Ceded reinsurance premiums payable [2] 10,467 27,591
Assumed premiums payable [2] 941 1,744
Income taxes payable [2] 27,067 12,782
Deferred income tax liabilities, net [2] 247 3,814
Revolving credit facility 36,000 36,000
Long-term debt 31,255 31,877
Accrued expenses and other liabilities [2] 97,617 61,351
Total liabilities 1,487,777 1,414,284
Commitments and contingencies (Note 19)
Redeemable noncontrolling interest (Note 16) 8,362 3,359
Equity:    
Common stock (no par value, 40,000,000 shares authorized, 12,437,958 and 12,992,147 shares issued and outstanding, respectively) 0 0
Additional paid-in capital 332,903 428,109
Retained earnings 826,963 611,509
Accumulated other comprehensive (loss) income (38,586) 1,459
Total stockholders’ equity 1,121,280 1,041,077
Noncontrolling interests 96,343 70,208
Total equity 1,217,623 1,111,285
Total liabilities, redeemable noncontrolling interest and equity $ 2,713,762 $ 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.