v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Investments    
Fixed maturity securities, available for sale, at fair value (amortized cost of $1,039,579 and $894,145, respectively) $ 1,034,837 $ 879,989
Short-term investments, at amortized cost, which approximates fair value 9,999 9,997
Total investments 1,044,836 889,986
Cash and cash equivalents 88,050 97,476
Restricted cash and cash equivalents 35,401 124,582
Accrued investment income 7,675 7,520
Premium balances receivable 73,230 63,672
Reinsurance recoverable, net 284,873 255,072
Prepaid reinsurance premiums 151,609 152,567
Deferred policy acquisition costs 28,153 27,625
Property and equipment, net 7,677 6,845
Income taxes receivable 610 586
Deferred tax assets, net 19,356 20,340
Other assets 11,602 7,971
Total assets 1,753,072 1,654,242
Liabilities    
Reserve for losses and loss adjustment expenses 845,224 756,859
Unearned premiums 452,845 446,850
Reinsurance balances payable 42,847 51,856
Income taxes payable 5,603 1,571
Accrued expenses 5,783 18,010
Other liabilities 9,407 8,654
Total liabilities 1,361,709 1,283,800
Commitments and contingencies (Note 12)
Mezzanine equity    
Performance stock units 409 265
Stockholders' equity    
Common stock 327 327
Additional paid-in capital 320,029 318,095
Accumulated other comprehensive loss (3,736) (11,154)
Retained earnings 74,334 62,909
Total stockholders' equity 390,954 370,177
Total mezzanine equity and stockholders' equity 391,363 370,442
Total liabilities, mezzanine equity and stockholders' equity $ 1,753,072 $ 1,654,242

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