CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments:
Debt securities, available-for-sale, at fair value (amortized cost of $452,698 and $433,664, respectively)	$ 468,130	$ 428,641
Debt securities, held-to-maturity, at amortized cost	4,369	5,126
Equity securities, at fair value	19,014	17,758
Total investments	491,513	451,525
Cash and cash equivalents	121,418	64,423
Prepaid reinsurance premiums	170,294	108,577
Premiums receivable, net of allowance of $117 and $77, respectively	39,932	29,791
Reinsurance recoverable, net	202,875	211,424
Deferred acquisition costs, net	48,539	39,436
Income taxes, net	1,056	5,220
Other assets	25,602	14,975
Total assets	1,101,229	925,371
LIABILITIES AND SHAREHOLDERS’ EQUITY
Loss and loss adjustment expense reserves	286,948	296,230
Unearned premiums	317,393	281,992
Reinsurance payable	122,802	63,599
Long-term debt, net of deferred financing costs of $1,518 and $596, respectively	98,482	44,404
Deferred revenue	6,239	4,585
Other liabilities	31,976	19,302
Total liabilities	863,840	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; 12,869,366 and 12,784,444 shares issued and outstanding, respectively	129	128
Additional paid-in capital	143,088	141,128
Accumulated other comprehensive income (loss)	11,648	(3,750)
Retained earnings	82,524	77,753
Total shareholders’ equity	237,389	215,259
Total liabilities and shareholders' equity	$ 1,101,229	$ 925,371