Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

The table below summarizes the significant components of the Company’s net deferred tax assets:

	March 31, 2024		December 31, 2023
Deferred tax assets:	(in thousands)
Unearned premiums	$	25,816	$	18,507
Unearned commission		7,472		7,964
Net operating loss		1		436
Tax-related discount on loss reserve		4,530		5,162
Stock-based compensation		478		331
Accrued expenses		579		1,677
Leases		941		940
Unrealized losses		11,722		11,655
Other		257		473
Total deferred tax asset		51,796		47,145
Deferred tax liabilities:
Deferred acquisition costs	$	24,681	$	24,366
Prepaid expenses		380		189
Property and equipment		10		359
Note discount		112		152
Basis in purchased investments		8		8
Basis in purchased intangibles		8,993		9,327
Other		2,103		1,633
Total deferred tax liabilities		36,287		36,034
Net deferred tax assets	$	15,509	$	11,111