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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets    
Fixed-maturity securities, available for sale, at fair value (amortized cost: $643,892 and $387,687, respectively and allowance for credit losses: $0 and $0, respectively) $ 640,242 $ 383,238
Equity securities, at fair value (cost: $49,192 and $44,011 respectively) 53,886 45,537
Limited partnership investments 21,856 23,583
Real estate investments 73,507 67,893
Total investments 789,491 520,251
Cash and cash equivalents (a) [1] 445,829 536,478
Restricted cash (a) [1] 3,303 3,287
Receivable from maturities of fixed-maturity securities 500 91,085
Accrued interest and dividends receivable 7,067 3,507
Income taxes receivable (a) [1] 2,820 0
Deferred income taxes, net 0 512
Premiums receivable, net (allowance: $4,321 and $3,152, respectively) (a) [1] 58,114 38,037
Assumed premiums receivable (a) [1] 7,562 19,954
Prepaid reinsurance premiums (a) [1] 123,955 86,232
Reinsurance recoverable, net of allowance for credit losses:    
Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively) 23,367 19,690
Unpaid losses and loss adjustment expenses (allowance: $66 and $118, respectively) 279,795 330,604
Deferred policy acquisition costs (a) [1] 52,564 42,910
Property and equipment, net 29,449 29,251
Right-of-use assets - operating leases 1,296 1,407
Intangible assets, net 6,432 7,659
Funds withheld for assumed business 14,353 30,087
Other assets (a) [1] 65,484 50,365
Total assets 1,911,381 1,811,316
Liabilities and Equity    
Losses and loss adjustment expenses (a) [1] 571,646 585,073
Unearned premiums (a) [1] 542,839 501,157
Advance premiums (a) [1] 24,119 15,895
Reinsurance payable on paid losses and loss adjustment expenses 0 3,145
Ceded reinsurance premiums payable (a) [1] 7,950 8,921
Assumed premiums payable 0 850
Accrued expenses (a) [1] 27,860 19,722
Income tax payable 8,962 7,702
Deferred income taxes, net (a) [1] 4,328 0
Revolving credit facility 48,000 0
Long-term debt 184,912 208,495
Lease liabilities - operating leases 1,305 1,408
Other liabilities (a) [1] 35,426 35,623
Total liabilities 1,457,347 1,387,991
Commitments and contingencies (Note 21)
Redeemable noncontrolling interest (Note 18) 791 96,160
Equity:    
Common stock (no par value, 40,000,000 shares authorized, 10,472,741 and 9,738,183 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively) 0 0
Additional paid-in capital 117,968 89,568
Retained income 331,960 238,438
Accumulated other comprehensive loss, net of taxes (2,579) (3,163)
Total stockholders’ equity 447,349 324,843
Noncontrolling interests 5,894 2,322
Total equity 453,243 327,165
Total liabilities, redeemable noncontrolling interest and equity $ 1,911,381 $ 1,811,316
[1] See Note 13 for details of balances associated with consolidated variable interest entity.