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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Net premiums written $ 245,566 $ 209,621 $ 484,106 $ 415,521
Decrease in unearned premiums 6,325 3,608 13,375 8,966
Net premiums earned 251,891 213,229 497,481 424,487
Net investment income 56,086 45,250 108,171 88,486
Realized investment losses, net (1,164) (1,589) (2,304) (2,077)
(Loss) income from other invested assets (419) (4,852) (2,334) (7,554)
Other income 6,548 8,090 10,285 13,032
Total revenues 312,942 260,128 611,299 516,374
Losses and expenses:        
Provision (benefit) for losses and LAE (334) 1,260 9,579 1,080
Other underwriting and operating expenses 55,987 42,174 113,336 90,369
Premiums retained by agents 10,215 0 19,706 0
Interest expense 7,849 7,394 15,711 14,330
Total losses and expenses 73,717 50,828 158,332 105,779
Income before income taxes 239,225 209,300 452,967 410,595
Income tax expense 35,616 37,067 67,639 67,535
Net income $ 203,609 $ 172,233 $ 385,328 $ 343,060
Earnings per share:        
Basic (in dollars per share) $ 1.93 $ 1.62 $ 3.65 $ 3.22
Diluted (in dollars per share) $ 1.91 $ 1.61 $ 3.61 $ 3.20
Weighted average shares outstanding:        
Basic (in shares) 105,657 106,249 105,677 106,594
Diluted (in shares) 106,778 107,093 106,774 107,338
Net income $ 203,609 $ 172,233 $ 385,328 $ 343,060
Other comprehensive income loss:        
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of ($1,592) and ($5,046) in the three months ended June 30, 2024 and 2023 and ($4,714) and $4,382 in the six months ended June 30, 2024 and 2023. (5,375) (36,098) (27,141) 22,655
Total other comprehensive income loss (5,375) (36,098) (27,141) 22,655
Comprehensive income $ 198,234 $ 136,135 $ 358,187 $ 365,715