December 31 (in thousands, except share and per-share amounts) 2001 2000 ASSETS Investments Fixed maturities held to maturity — at amortized cost (fair value $461,962 and $490,792) $ 442,198 $ 469,591 Fixed maturities available for sale — at fair value (amortized cost $2,552,930 and $1,087,191) 2,567,200 1,120,840 Trading securities — at fair value (amortized cost $22,599) 21,659 — Equity securities — at fair value (cost $116,978 and $58,877) 120,320 64,202 Short-term investments 210,788 95,824 Other invested assets 7,310 — Cash 60,159 2,424 Investment in affiliates 177,465 — Deferred policy acquisition costs 151,037 70,049 Prepaid federal income taxes 326,514 270,250 Provisional losses recoverable 47,229 43,740 Other assets 306,747 135,891 $4,438,626 $2,272,811 LIABILITIES AND STOCKHOLDERS’ EQUITY Unearned premiums $ 513,932 $ 77,241 Reserve for losses 588,643 390,021 Long-term debt 324,076 — Deferred federal income taxes 432,098 291,294 Accounts payable and accrued expenses 233,549 112,058 2,092,298 870,614 Redeemable preferred stock, par value $.001 per share; 800,000 shares issued and outstanding — at redemption value 40,000 40,000 Common stockholders’ equity Common stock, par value $.001 per share; 200,000,000 shares authorized; 94,170,300 and 37,945,483 shares issued in 2001 and 2000, respectively 94 38 Treasury stock; 188,092 and 37,706 shares in 2001 and 2000, respectively (7,874) (2,159) Additional paid-in capital 1,210,088 549,154 Retained earnings 1,093,580 789,831 Accumulated other comprehensive income 10,440 25,333 2,306,328 1,362,197 $4,438,626 $2,272,811 See notes to consolidated financial statements. >16 CONSOLIDATED BALANCE SHEETS