XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Gross written premiums $ 313,998 $ 253,128 $ 838,406 $ 642,751
Ceded written premiums (203,336) (161,930) (542,789) (374,109)
Net written premiums 110,662 91,198 295,617 268,642
Change in unearned premiums (24,845) (13,256) (43,453) (34,403)
Net earned premiums 85,817 77,942 252,164 234,239
Net investment income 6,029 3,744 16,690 9,462
Net realized and unrealized losses on investments (1,376) (2,356) (103) (8,369)
Commission and other income 465 1,362 1,781 3,129
Total revenues 90,935 80,692 270,532 238,461
Expenses:        
Losses and loss adjustment expenses 16,139 30,900 54,696 60,251
Acquisition expenses, net of ceding commissions and fronting fees 27,004 27,210 78,740 83,928
Other underwriting expenses 22,390 17,114 63,962 51,233
Interest expense 867 270 2,952 475
Total expenses 66,400 75,494 200,350 195,887
Income before income taxes 24,535 5,198 70,182 42,574
Income tax expense 6,103 912 16,877 9,163
Net income 18,432 4,286 53,305 33,411
Other comprehensive income (loss), net:        
Net unrealized losses on securities available for sale (8,494) (15,412) (6,706) (47,941)
Net comprehensive income (loss) $ 9,938 $ (11,126) $ 46,599 $ (14,530)
Per Share Data:        
Basic earnings per share (in dollars per share) $ 0.75 $ 0.17 $ 2.15 $ 1.32
Diluted earnings per share (in dollars per share) $ 0.73 $ 0.17 $ 2.1 $ 1.29
Weighted-average common shares outstanding:        
Basic (in shares) 24,740,455 25,209,368 24,847,164 25,258,333
Diluted (in shares) 25,244,828 25,787,625 25,340,602 25,808,387