CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments:
Debt securities, available-for-sale, at fair value (amortized cost of $439,254 and $433,664, respectively)	$ 443,458	$ 428,641
Debt securities, held-to-maturity, at amortized cost	4,552	5,126
Equity securities, at fair value	20,824	17,758
Total investments	468,834	451,525
Cash and cash equivalents	100,589	64,423
Prepaid reinsurance premiums	69,858	108,577
Premiums receivable, net of allowance of $67 and $77, respectively	22,684	29,791
Reinsurance recoverable, net	301,922	211,424
Deferred acquisition costs, net	40,232	39,436
Income taxes, net	4,027	5,220
Other assets	27,441	14,975
Total assets	1,035,587	925,371
LIABILITIES AND SHAREHOLDERS’ EQUITY
Loss and loss adjustment expense reserves	374,124	296,230
Unearned premiums	275,860	281,992
Reinsurance payable	31,399	63,599
Long-term debt, net of deferred financing costs of $1,599 and $596, respectively	98,401	44,404
Deferred revenue	4,567	4,585
Other liabilities	33,320	19,302
Total liabilities	817,671	710,112
Shareholders' Equity
Preferred stock, $0.01 par value: 1,000,000 shares authorized	0	0
Common stock, $0.01 par value: 25,000,000 shares authorized; 12,836,401 and 12,784,444 shares issued and outstanding, respectively	128	128
Additional paid-in capital	141,803	141,128
Accumulated other comprehensive income (loss)	3,138	(3,750)
Retained earnings	72,847	77,753
Total shareholders’ equity	217,916	215,259
Total liabilities and shareholders' equity	$ 1,035,587	$ 925,371