Fixed-maturity securities available-for-sale, at fair value (amortized cost 607,737 in 2026 and 546,755 in 2025)
611,314
574,396
514,899
419,247
Utility & infrastructure investments, at fair value (cost of 182,753 in 2026 and 172,753 in 2025)
227,267
198,314
185,574
176,332
Short-term investments
228,919
219,865
223,005
251,906
Loans to affiliates
106,500
106,500
106,500
107,501
Other invested assets
1,766
280
280
280
Total invested assets
1,175,766
1,099,355
1,030,258
955,266
Cash and cash equivalents
33,327
47,477
34,319
23,529
Due from broker
-
-
27
2,035
Investment income due and accrued
10,497
9,586
11,739
6,539
Premiums receivable, net of allowance for credit losses of 10,860 in 2026 and 8,754 in 2025
111,638
80,297
77,943
89,156
Deferred policy acquisition costs, net of ceding commissions
39,004
33,835
30,066
27,583
Prepaid reinsurance premiums
3,397
5,115
7,482
6,679
Deferred income tax asset, net
13,996
15,381
9,227
10,322
Reinsurance recoverable, net of allowance for credit losses of 0 in 2026 and 2025
188,156
157,778
165,230
155,432
Due from the absolute return utility & infrastructure fund
-
-
514
744
Ceded unearned premiums
76,555
60,917
70,467
73,163
Other assets
11,265
11,242
9,155
12,704
Total assets
1,663,601
1,520,983
1,446,427
1,363,152
Reserves for unpaid losses and loss adjustment expenses
583,933
538,249
487,198
451,466
Unearned premiums
337,260
281,960
270,803
259,700
Securities sold, not yet purchased, at fair value (cost of 0 in 2025 and 932 in 2024)
-
-
0
0
Payable to reinsurers
39,434
21,614
25,040
38,124
Due to broker
-
-
0
0
Accounts payable and accrued expenses
27,671
28,783
50,658
31,067
Funds held under reinsurance treaties
1,366
1,486
1,682
1,982
Income tax payable
1,406
13,169
17,855
17,249
Other liabilities
2,156
2,438
3,195
3,391
Total liabilities
993,226
887,699
856,431
802,979
Common stock, 0.001 par value, 500,000,000 shares authorized 48,066,674 shares issued and 47,926,928 shares outstanding as of june 30, 2026 48,066,674 shares issued and outstanding as of december 31, 2025
48
48
48
48
Additional paid-in capital
496,861
496,689
496,222
495,954
Retained earnings
167,480
134,038
83,316
60,652
Accumulated other comprehensive income
2,809
249
8,974
3,035
Treasury stock, at cost (139,746 shares as of june 30, 2026 and 0 as of december 31, 2025)
2,804
-
-
-
Total stockholders' equity
664,394
631,024
588,560
559,689
Non-controlling interest - general partner
5,981
2,260
1,436
484
Total stockholders' equity and non-controlling interest
670,375
633,284
589,996
560,173
Total liabilities, stockholders' equity and non-controlling interest
1,663,601
1,520,983
1,446,427
1,363,152
Unit: Thousand (K) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.
Time Plot
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