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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Net premiums written $ 240,574 $ 209,230 $ 656,095 $ 619,303
Decrease in unearned premiums 6,231 (1,296) 15,197 15,972
Net premiums earned 246,805 207,934 671,292 635,275
Net investment income 47,072 32,594 135,558 86,613
Realized investment losses, net (235) 175 (2,312) (7,648)
(Loss) income from other invested assets (3,143) 9,617 (10,697) 36,275
Other income 5,609 11,447 18,641 20,272
Total revenues 296,108 261,767 812,482 770,787
Losses and expenses:        
Provision (benefit) for losses and LAE 10,822 4,252 11,902 (178,805)
Other underwriting and operating expenses 54,814 42,144 145,183 124,838
Premiums retained by agents 13,175 0 13,175 0
Interest expense 7,854 4,450 22,184 9,563
Total losses and expenses 86,665 50,846 192,444 (44,404)
Income before income taxes 209,443 210,921 620,038 815,191
Income tax expense 31,484 32,870 99,019 131,204
Net income $ 177,959 $ 178,051 $ 521,019 $ 683,987
Earnings per share:        
Basic (in dollars per share) $ 1.68 $ 1.67 $ 4.90 $ 6.37
Diluted (in dollars per share) $ 1.66 $ 1.66 $ 4.86 $ 6.35
Weighted average shares outstanding:        
Basic (in shares) 105,979 106,870 106,387 107,314
Diluted (in shares) 107,025 107,337 107,232 107,732
Net income $ 177,959 $ 178,051 $ 521,019 $ 683,987
Other comprehensive income loss:        
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of ($12,800) and ($22,000) in the three months ended September 30, 2023 and 2022 and $(8,418) and ($82,132) in the nine months ended September 30, 2023 and 2022. (76,248) (137,010) (53,593) (474,284)
Total other comprehensive income loss (76,248) (137,010) (53,593) (474,284)
Comprehensive income $ 101,711 $ 41,041 $ 467,426 $ 209,703