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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Investments:    
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $718,395 and $662,616, respectively) $ 673,137 $ 607,572
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $321 as of March 31, 2023) 48,216 52,467
Equity securities, at fair value 120,465 120,169
Mortgage loans (at fair value as of March 31, 2023; at amortized cost as of December 31, 2022) 42,335 51,859
Other long-term investments 118,784 129,142
Short-term investments, at fair value 287,351 121,158
Total investments 1,290,288 1,082,367
Cash and cash equivalents 41,200 45,438
Restricted cash 64,047 79,573
Premiums receivable, net 178,954 139,215
Reinsurance recoverables, net 570,504 581,359
Ceded unearned premium 197,044 157,645
Deferred policy acquisition costs 80,103 68,938
Deferred income taxes 30,572 36,188
Goodwill and intangible assets, net 89,503 89,870
Other assets 79,110 82,846
Total assets 2,621,325 2,363,439
Liabilities:    
Reserves for losses and loss adjustment expenses 1,173,176 1,141,757
Unearned premiums 501,218 442,509
Deferred ceding commission 40,824 29,849
Reinsurance and premium payables 185,748 113,696
Funds held for others 44,256 36,858
Accounts payable and accrued liabilities 40,328 48,499
Notes payable 50,000 50,000
Subordinated debt, net of debt issuance costs 78,629 78,609
Total liabilities 2,114,179 1,941,777
Stockholders’ equity    
Series A preferred stock, $0.01 par value; 10,000,000 and 2,000,000 shares authorized, 0 and 1,969,660 shares issued and outstanding, respectively 0 20
Common stock, $0.01 par value, 500,000,000 and 168,000,000 shares authorized, 37,658,111 and 16,832,955 shares issued, respectively 377 168
Treasury stock, $0.01 par value, 0 and 233,289 shares, respectively 0 (2)
Additional paid-in capital 641,368 577,289
Stock notes receivable (6,718) (6,911)
Accumulated other comprehensive loss (35,744) (43,485)
Accumulated deficit (92,137) (105,417)
Total stockholders’ equity 507,146 421,662
Total liabilities and stockholders’ equity $ 2,621,325 $ 2,363,439